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

Gold bars stacked in the Bank of England vault.
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

Article
Books
Culture
Original sin
Trust
6 min read

When the penny drops, on the Salt Path or a London street

Being taken in unleashes dark, unpalatable emotions

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

A painting show Adam and Eve wide-eyed after the fall.
Paradise Lost, Emil Nolde, 1921.
Nolde Foundation Seebüll.

Doubts about the honesty of The Salt Path, Raynor Winn’s memoir of walking the Southwest coastal path with her ill husband Moth, have raged in the past weeks. Investigations revealing the duo’s real names, financial history and the medical unlikelihood of the reversals in Moth’s degenerative condition, as presented in the book, provoked thousands of readers to express anger and disappointment at being duped. But being taken in and learning from it is part of being human: a lesson in how to trust more wisely, rather than not trusting at all 

Last summer I was scam mugged on my local high street. Passing a frail pensioner pulling loose notes from his pocket, I picked up his fallen tenners and returned them. Six steps later, a woman shrieking I’d thieved her “granddad’s” money grabbed my arm. Cue a few minutes of struggling and shouting, before I got away, bruised and humiliated, but still gripping my bag. Vowed afterwards to always walk on by if I saw someone needing help on London’s streets, as it could be a set up. 
But this detachment didn’t last. Being a goodish Samaritan is hardwired, even on the capital’s occasionally mean streets. We want to support and connect with our brothers and sisters. Withdrawal from our fellow citizens makes us more unsafe, not less. As Kaya Comer-Schwartz, London’s Deputy Mayor for Policing and Crime, said: “The safety of our town centres is more than just policing – it's about building stronger, more connected communities where everyone feels secure.” 

Certainly, a police officer would have been a welcome sight while tussling with my would-be conwoman. But I was grateful to the handful of people who stopped, as they would be my witnesses if the assailant went full mugger, in frustration that the ploy for me to open my bag had gone awry.  

Memoirs also entreat us to bear witness, explaining the betrayal felt by some of the Salt Path’s two million readers who invested emotion and empathy in its uplifting tale of a hard -done -by couple finding solace in nature. Identifying with the memoir’s midlife, everyman duo and believing a long trek through the Southwest is a silver bullet for homelessness, financial woes and degenerative medical conditions, does not make the Salt Path’s former fans saps, it makes them beautifully human.  

Raynor and Moth’s unmasking as Sally and, still remarkably healthy, Tim Walker, who lost their Welsh farmhouse following accusations of embezzlement against Sally and owned a property in France when claiming to be homeless, has lifted the lid on the publishing industry’s hunger for real life stories, with morally simple, feelgood narrative arcs. Bonus points if the tale includes a “nature cure”, where nature is not just a balm for grief and pain, but somehow vanquishes it altogether. Fact checking takes a lower priority than shaping a story into a series of emotional hot button scenes, with a neat, satisfying ending. And publishers may be guilty of their own sleight-of-hand by incentivising booksellers to personally recommend to customers a list of predetermined titles, creating the aura of ‘word of mouth’ hits. 

Mean Girls’ great line “Jealous much?” captures journalists’ enthusiasm, mine included, for the Salt Path scandal. How can bestseller success pass over writers with have spent decades crafting phrases like popular orange vegetable to avoid writing carrot twice, yet shine on Raynor/ Sally’s repetitive, clunky prose? ”We lost. Lost the case. Lost the house.” Her dizzying ascent from unknown debut non-fiction author, with only a piece in the Big Issue to her name, to a book deal with Penguin, seems to other writers a mystery as great as anything in her trekking tale. 

Feeling deceived unleashes these dark, unpalatable emotions such as envy and desire for revenge. I long nourished fantasies of catching the scammers in action and deflecting their next victim by shouting “Look! Granddad’s dropping his money again,” before handily nearby forces of law and order brought them to book. Even if you lose little materially from a con, the loss of dignity and sense of agency from becoming a mark, a manipulated, dehumanised bit player in another’s exploitive narrative, takes time to get over.  

Popular accounts of online romance fraud feel designed to give audiences a sense of superiority, ‘I’d see that coming a mile off’, over the victims, reinforcing their sense of shame. Yet evidently with many thousands being lured by romance fraud, the perpetrators use effective psychological coercion techniques. Omniscient superiority needs to be replaced with empathy and support for fleeced, broken-hearted victims. 

Grifters are part of life, but their reductive, empathy-free, world view does not have to be. As singer Nick Cave’s counsels, cynicism is not the answer: "Cynicism is not a neutral position — and although it asks almost nothing of us, it is highly infectious and unbelievably destructive. In my view, it is the most common and easy of evils.”  

Religious origin stories, including the Garden of Eden, contain an element of falling for a trick. Eve does the serpent’s bidding, and she and Adam are banished from paradise. “So he drove out the man; and he placed at the east of the garden of Eden Cherubims, and a flaming sword which turned every way, to keep the way of the tree of life.” Emil Nolde’s painting Paradise Lost, 1921, catches perfectly the moment the penny drops with Adam and Eve on the consequences of falling for the serpent. Yet by the following chapter of Genesis they start a family, moving on with life with new insight. 

To never confront disappointment would be to remain as an infant, without the opportunities to grow and develop as adults. 

In the Good Samaritan, one of the best-known parables, Jesus transforms the categorising question ‘who is my neighbour?’ into the universal quest of ‘how can I be a better neighbour’? Our bonds with our communities, a sense of shared humanity are the best, possibly the only defence, against those who would mislead us or do us harm. 

Celebrated American journalist Ira Glass said: “Great stories happen to those who can tell them.” Published in 2018, The Salt Path’s direct, film-like scenes of survival against the odds and against the elements, would have resonated with all the people who saw their security and lifestyle nosedive after the 2008 financial crash, never to recover. Suspending disbelief, Raynor and Moth’s 620-mile wild camping trek, represented a symbolic railing against a heartless economic system. 

My experience of the penny dropping a fraction too late to escape the scammers, has made me revise my self image as a streetwise Londoner. On my way to pick up holiday money that afternoon, my head was full of travel plans rather than focused on the here and now, a tendency I must curb.  

If my assailant was writing her memoir I like to think our scrap would be the opening chapter, where she is at a crossroads of having to mug somebody in broad daylight, with a small, attentive audience, or rethink her street hustling career. Dressed in a fake leather biker jacket on a hot summer day - the smell lingers in my olfactory memory - her outfit was possibly an homage to Catherine Zeta Jones’ catsuit in Entrapment. As we know from all the TV series on con artists, looking the part is key. 

 Finding out the reality of her life since I broke free of her grip 11 months ago would not be hard, as she is now stationed outside Premier Foods by the tube station, in much scruffier clothes, asking for a pound for water. This sideways, or probably downwards move, in the street economy appears to be working out for her, and the peace of the neighbourhood. 

Despite having lived in small rural communities for decades, throughout all The Salt Path controversy, nobody has come forward to say the Winns / Walkers were good neighbours. Setting this right could be their next adventure and next bestseller. 

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