Money’s hidden meanings in a contactless age

The Bank of England Museum reveals the symbolism, morality and power woven into the history of money

Susan Gray

Susan is a writer specialising in visual arts and contributes to Art Quarterly, The Tablet, Church Times and Discover Britain.

The Bank of England vaults.

Bank of England.

Our era of contactless payments obscures the symbolism once lavished on money. But the rich history of meaning, morality and power, layered into everyday transactions, is uncovered at an exhibition at the Bank of England Museum

Building the Bank celebrates 100 years of the current Bank of England building, on the site of Sir John Soane’s original structure, completed in 1827. Surveying a century makes past practices seem quaint: until 1973 the institution was guarded by the Bank Piquet military guard. A 1961 photo shows 12 Guardsmen with bearskin hats and bayonets, together with a drummer or piper, a sergeant and an officer, marching into the Threadneedle Streer entrance. Even now, when the wealth of most people in developed countries is contained in data warehouses, 400,000 gold bars are held in vaults deep beneath the Bank.

Faiths have grappled with money’s impact for millennia. Christianity’s relationship with money is tinged with unease, as St Paul’s oft misquoted letter to Timothy illustrates: “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.” Personally, the immobilising feeling of envy, particularly if it is towards friends, does feel exactly like being pierced with blinding toxicity.

Contrastingly, in Hinduism pursuing wealth is one of four pillars of faith, called Artha. In Hinduism attempting to attain material wealth is part of attempting to attain salvation.

Herbert Baker, architect of the Bank of England, embodies moral ambiguity around faith and money. Buried in Westminster Abbey, and architect of Church House next door, Baker established his reputation working for Cecil Rhodes, prime minister of the Cape Colony 1890- 96. Vicar’s son Rhodes is now seen as paving the way for apartheid in southern Africa, and imposing an economically exploitive, racist, and imperialist system on the region. Baker also worked with better- known Edwin Lutyens on government buildings in New Delhi from 1912, declaring of the British Raj’s new seat of power “it must not be Indian, nor English, nor Roman, but it must be Imperial”.

After World War One, Soane’s bank was too small to house the increased staff numbers needed to service the ballooning national debt and financial complexity of the Roaring Twenties. Bordered by major roads at the heart of the City of London, the institution’s footprint could not expand, so Herbert created a design incorporating some of Soane’s classical aspects, but with floors at a greater depth and height than its processor.

From grand gestures to tiny details, classical mythology is a key element of the Bank’s design. Sculptor Charles Wheeler modelled doorknobs showing the face of Mercury. Mercury is the patron deity of finance and communication. Tiles for an officials’ lunchroom show a caduceus, with two bright blue snakes, tails entwined, framing Mercury’s face. Caducei are the symbol of commerce, representing reciprocity and mutually beneficial transactions.

Forty caryatids, the classical female form used in place of a pillar in Greek architecture, were salvaged from Soane’s building and reused. Some caryatids are in the area where old banknotes can be exchanged, besides the museum, now the only part of the Bank open to the public.

Outside, on the dome at the northwest corner of the bank, a gilt bronze statue of Ariel, named after the spirit of the air in The Tempest, represents “the dynamic spirit of the Bank which carries Credit and Trust over the wide world.”

The image of banks as depositories of trust and positive relationships took a pasting worldwide during the 2008 Credit Crisis and lean years that followed. But in 2015 former Archbishop of Canterbury, Justin Welby, argues that banking services are a key part of functioning communities, and banks should be able to put people before profit. “At the heart of both these expectations is the value of the person as sacred, and all other things as secondary to human dignity. It is a value rooted in many faiths and especially in our Judaeo-Christian tradition. Of course profits have to be made, but they need to be measured not only in terms of their absolute return on capital employed, but also in terms of the human cost of achieving that return.

“Large institutions with adequate balance sheets working to maximise returns from those who can most afford it do not produce a sustainable society in the long term. Such an approach is narrow-minded and short-termist, because sustainable societies are essential to the large companies within them. It is also an immoral approach.”

Mosaics created by Boris Anrep idealise the Bank’ of England’s sunnier intentions towards the wider community. Anrep also designed mosaics for Westminster Cathedral, Tate Britain and the National Gallery. For the Bank, a tiny coin from the reign of Henry VIII known as the George Noble, the first time St George and the dragon appeared on English coinage, was magnified into a roundel showing the galloping saint, visor up, lancing the prostate dragon at the base. The George Noble was one of 50 designs, based on advances in coinage, gracing the Bank’s corridors.

At the main entrance, a mosaic showing a pillar, representing the Bank, is guarded by two lions, referencing the sculpture from Mycenae. The Bank’s global role, and place at the centre of the then British Empire is shown by the constellations of the Plough and Southern Cross, representing the southern and northern hemispheres.

An image of the Empire Clock Baker made for the Bank, - now disassembled - shows an ornate dial, marked in 24 sections, with the sun representing India and an anchor symbolising the port cities of Singapore and Hong Kong.

In 1946 the Bank of England was nationalised, formalising its role as a public institution, operating in a post war decolonialising world, totally different to the one its building had been designed for just 20 years before.

Systems and symbols around money mutate with the times. Money’s intangibility in our time of app and tap payment, makes its power less distinct than in the days of gold sovereigns. But we fool ourselves if we say money is unimportant, because all of history says otherwise.

Building the Bank, Bank of England Museum, until 2026

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Article

Art

Culture

13 August 2025

5 min read

Emily Young: the sculptor listening as the still stones speak

Unlocking the stillness, from underwater sculpture to St Paul's Cathedral

Jonathan Evens

Jonathan is Team Rector for Wickford and Runwell. He is co-author of The Secret Chord, and writes on the arts.

A sculptor works on a carved face emerging from a stone larger than her

Young creating.

Emilyyoung.com

As a painter, Emily Young says she worked relatively quickly in her distinctive surreal style featuring penguins and figures with penguin heads. When she came to sculpture in the 1980s, what she most appreciated was the resistance she felt as she worked, meaning that she ‘had to slow down’ and ‘be super careful’. Right from her first works as a sculptor, the stone was speaking to her, teaching her the value of stillness.

The stones with which she works still speak to her. The stone ‘tells me what it is willing to do’ and ‘lets me know exactly what it can and cannot do, and I work with that’. ‘The stone’, she says, ‘leads me through into this zone where we’re working together’. Ultimately, she says, ‘what I’m showing is that the relationship between a human and the planet can be very, very respectful, and very, very beautiful’. In this way, she uses the beauty, history, and energy of stone to connect people to the natural world.

Her respect for the stones is, in part, because she moves ‘through layers of history in the stones’. Because of their age, stones bring ‘messages to us from a time before culture’; ‘nature has been making stones’ for millions of years meaning that ‘they are from deep time’. This is the ‘stillness of stone compared to me as a short-lived human being’. Her work, therefore, involves ‘throwing something out there that is more enduring than soft humans’.

Her most recent exhibition was entitled ‘Comparative Stillness’. This title was chosen because the way the faces and the bodies she carves ‘always come out, there’s peacefulness there, there’s stillness’. ‘If you sit in this stillness of the stone’, she says, ‘you can find a great joy and a great peace’. She has asked herself, ‘What is it that I’m doing when I’m carving a human head out of stone?’ Her answer is that she is ‘finding an essential core of being alive that has in it, stillness’. ‘It’s the stillness that I’m after’, she says, and ‘out of that stillness come good actions.’ As a result, she says, ‘what I’m completely dedicated to now is to show that we do have access to that stillness and it could be our saving grace’. Everyone, she thinks, ‘should have quiet, kind symbols of internality around them’.

Describing her symbols, she says that: her discs are translucent, holding light within while symbolising the wholeness of the universe; her heads are never of particular people and are embodied consciousnesses with a sweetness to their closed eyes; and her torsos show the beauty and vulnerability of the female form which holds the capacity to create life.

The ‘quietness inherent in stone can also found in our consciousnesses’, which is why she speaks of her stone heads as ‘embodied consciousnesses’. She thinks that religion leads towards this same stillness and, therefore, thinks her art is doing a similar job to that which religion does, ‘trying to give value to people’s lives, what you can and can’t do’. Christ, she says, ‘is a particularly fine example of a teacher’. Her works ‘seem at home within the quietness of churches’ because ‘churches are places that have something of time, deep time’. She has made many sculptures for ecclesiastical settings, including St Paul’s Churchyard and Salisbury Cathedral, while exhibitions of her work have been held at St James Piccadilly and St Pancras New Church.

When I met her, she was in London for the McDonald Agape Lecture in Theology and the Visual Arts 2025. ‘Theology and the Visual Arts: Firming Foundations; Firing Imaginations’ is a five-year project to strengthen the foundations of Theology and the Visual Arts as a discipline within academic Theology, and help to shape its future. The project’s work is showcased to a public audience through major public lectures in an internationally renowned arts venue.

This year’s lecture put Young in dialogue with US painter, Genesis Tramaine, an expressionist devotional painter deeply inspired by biblical texts. Like Young, Tramaine also creates monumental heads, and both speak of being led as they create their works; Young, by the stories in the stones, and Tramaine, by the Holy Spirit following prayer, worship and study of scripture. By being led in their work, both essentially agreed that, as Tramaine put it, you can't be present when creating, instead you ‘have to trust yourself to the process, surrender, and play in the space’. Whether creating the heads of angels or of saints, both are depicting ‘messengers from heaven’.

The good actions that have arisen out of stillness for Young include a project to re-diversify the Maremma seabed in Casa dei Pesci. The seabed in this area, as also in many other places, is being destroyed through illegal fishing by dredger trawlers which destroy the seagrass meadows that are the breeding grounds for marine life. A local fisherman Paolo Fanciulli decided to address the problem by asking artists, including Young, to sculpt huge blocks of Carrara marble as, once these lie on the seabed, they make it impossible for the dredger trawlers to operate in the area. 29 sculptures, including four Stone Guardians by Young, form the Talamone Underwater Museum, which has seen ‘the trawlers go away’ and ‘the seabed diversify’ once again.

Young also creates large sculptures in the grounds of Convento di Santa Croce, the ruined monastery in Tuscany where she now lives. She says she has ‘been quiet’ and ‘become reclusive’ living there because the place itself is ‘really peaceful and quiet’ with a ‘handmade stillness to everything’. When the rains come, ‘bits of the steep hills fall away’ revealing ancient stones formed of volcanic materials, while caves which had fallen in on themselves have filled up with rainwater creating over time ‘a layered geology’. In this way in this area, ‘the earth is giving great stones to work with’.

In this delightful, giving place of stillness, she can sit quietly, prayerfully. She notes ‘how difficult it is to find a place of stillness today because of the ‘cacophony of distraction’ we all experience. Her aim is to show the way we are ‘wasting the gift of life’ and to reveal ‘our one consciousness’ in the stillness of stone.

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