Review

Culture

Economics

Trust

21 November 2025

5 min read

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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Review

Books

Culture

War & peace

6 August 2025

5 min read

Nuclear War A Scenario: the book that imagines the inconceivable

It's the most depressing book that you really need to read

Simon Burton-Jones

Simon is Bishop of Tonbridge in the Diocese of Rochester. He writes regularly round social, cultural and political issues.

A nuclear explosion glows red and orange against the night sky.

A test explosion, 1956.

Nuclear War A Scenario (Torva, 2024) by Annie Jacobsen is about the most depressing book you could ever read and, perversely, all the more reason to read it. Collectively, the human race has buried its head in the sand over the existence, power and proliferation of nuclear weapons. We are understandably focussed on the lasting impacts of climate change; however, nuclear war promises planetary destruction and the risks surrounding it have grown, rather than lessened, since the end of the Cold War.

To help us focus on what we would rather not, Annie Jacobsen gives her book a plausible but hypothetical scenario. It starts with North Korea, for there we have an unbalanced, remote individual; an empathy free despot with unfettered power and unimaginable weapons at his disposal that now have the capacity to reach the east coast of the United States.

We do not learn his reasons for launching missiles against the US in the scenario and never would, were it to happen, because Armageddon takes only minutes to unfold. Jacobsen is deeply informed round nuclear war, having talked to many highly placed American officials. One recurring anxiety she meets is that the decision to launch nuclear missiles is in the hands of the President alone and the US still operates on the so-called Launch on Warning doctrine.

Launch on Warning means America will fire its nuclear weapons once its early warning sensor systems merely warn of an impending nuclear attack. These systems are sophisticated, but they can also be wrong, as the US discovered in 1979 when it briefly believed it was under attack from the Soviet Union. In Jacobsen’s scenario, the President has six minutes to decide what measures to take and has something approximating a menu to assist with this. Ronald Reagan observed:

Six minutes to decide how to respond to a blip on a radar scope and decide whether to release Armageddon! How could anyone apply reason at a time like that?

The menu, a little like ordering pizza with preferred toppings, is supposed to help with that moment.

In Jacobsen’s scenario, US nuclear weapons are unleashed against North Korea but have to travel over Russia to get there. Russia’s early warning systems are less sophisticated and in the scenario these US missiles are believed to be an attack on Russia, not North Korea. This leads to Russia’s own uncompromising, near instantaneous response which leads to … well, you get the picture.

A one megaton thermonuclear weapon detonates at one hundred and eighty million degrees Fahrenheit, which is four or five times hotter than the temperature at the centre of the sun and creates a fireball that expands at millions of miles an hour. This alone is unimaginable; replicating it hundreds of times over is impossible. The injuries sustained among those left; the loss of food, water, sanitation; the breakdown of law and order; the arrival of nuclear winter where temperatures plummet for decades without any infrastructure led Nikita Khrushchev to say: ‘the survivors will envy the dead’.

Mark Lynas, a writer who for years has been helping the world to understand the science of climate change has recently turned his focus on the nuclear threat in his book ‘Six Minutes to Winter’. He observes:

‘There’s no adaptation options for nuclear war. Nuclear winter will kill virtually the entire human population. And there’s nothing you can do to prepare, and there’s nothing you can do to adapt when it happens, because it happens over the space of hours. It is a vastly more catastrophic, existential risk than climate change.’

Reaching the end of human capacity is an unsettling experience. Solutionism is the Valley’s mantra: technology can solve every human problem, but binary thinking neglects the social, political and moral complexity of many issues and, in any case, catastrophic nuclear explosions are as likely to happen by accident as design - and could do at any time. It’s not that we need more time for AI to resolve this existential threat; it’s that it never will.

This is where the moral strength of faith traditions come into play as people embrace the strange hope of the powerless. Christian faith in particular cannot succumb to fatalism or the hacking of the book of Revelation to interpret the end of all things as code for nuclear war. God is creator and we are co-creators with him; we are not called to destruction when he has promised to renew the face of the earth through the resurrection of Christ.

There is something specific about our generation. For eighty years, since the bombing of Hiroshima and Nagasaki, we have been the first generation with the capacity to destroy the whole world. Understandably, we do not want to think about this, but the fallout from this nuclear denial is that risks continue to multiply. More nations are thinking about developing nuclear weapons in an unstable world. In June 2025, the global nuclear watchdog, the IAEA said Iran was failing to meet its non-proliferation obligations for the first time in two decades and within days, Israel had launched missile strikes on Iranian nuclear sites – and many other targets – to set its nuclear programme back, followed in a significant escalation by US strikes. Nuclear weapons are a very present cause of insecurity, as the recent missile exchanges between India and Pakistan show so gravely.

Despots watched what happened to Muammar Gaddafi after he relinquished his designs on weapons of mass destruction following pressure from western powers and are unlikely to make the same mistake. No-one can be sure the current US administration will offer a nuclear umbrella to Europe, especially when the President’s instincts are not internationalist and his preoccupation is with a golden dome shielding continental America instead.

Almost no-one has agency in this, except for one vital piece of the puzzle: intercessory prayer, rooted in the promises of God. The ancient psalm writer prophesies:

He makes wars cease to the end of the earth;

He breaks the bow and shatters the spear;

He burns the shields with fire.

Be still, and know that I am God!

I am exalted among the nations,

I am exalted in the earth.

And something greater than the spear is among us today.

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