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
Church and state
Culture
Freedom of Belief
War & peace
7 min read

Nigerians plead for an end to rampant murder

So-called ‘grazing conflicts’ need to be treated as a real humanitarian crisis

K.C. Nwajei is a freelance journalist based in Nigeria. 

Small huts in a crowded refugee camp.
Displaced villagers shelter in refugee camps in Benue State.
Open Doors.

 

In the state of Benue in the North Central region of Nigeria, life has become short and brutish, as mothers bury their husbands and children in an endless grief pervading Nigeria’s Middle Belt region. 

In a region where women and families once tilled the soil for sustenance as children played freely on farmlands, an unrelenting nightmare now unfolds with worrisome and haunting regularity. 

Vicious and armed herdsmen, cloaked in impunity, have turned many villages and communities in the area into killing fields. They leave behind mass graves, charred houses, and shattered lives. 

As the world watches in silence, cries from the bloodied farmlands, a steady but unabated genocide unfolds, bringing in its wake ashes of burned houses and orphans, the human cost of Nigeria’s silent killings. This is the sad reality of our times. 

Many human rights groups and people of conscience say this is no longer a local conflict over grazing routes but a serious humanitarian crisis—the agony of abandoned lives in Nigeria’s killing fields crying out for justice and urgent, pragmatic international intervention before the region is wiped off the map. 

The most recent of these gory tales is the Yelewata Massacre in the Guma Local Government Area of Benue state. Reports have it that more than 200 innocent, vulnerable and unsuspecting persons—children and elderly from 47 families—were killed by suspected herdsmen on June 13 and 14. 

In a shocking revelation by the Nigeria’s National Bureau of Statistics, 614,937 people were killed in the country in the past year. According to a local newspaper report (Daily Trust, June 22), the death toll figure is 10 times more than in war-torn Russia and Ukraine, which stands at 67,000. 

A victim of the mayhem, Janet Erdoo Terhemba, recounted her ordeal, in the news reports of the This Day newspaper. 

“I wasn’t around when it happened. At first, I was told my uncle was missing. Later, they said they found my father and stepmother. But my uncle and others, including a toddler, were burnt beyond recognition. They were butchered before they were set ablaze. My uncle was butchered—his wife too. In total, I lost eight people in one night … they were killed.” 

Ajim Doowuese is an internally displaced person from Yelwata. “All my children were burnt to death,” she said while sobbing. “Now I am childless.” 

David Tarku recounts this: “I traveled out of town and returned late in the night. Suddenly, the herdsmen attacked. I started running with my family, but my cousins were not lucky. They were killed.” 

These massacres have provoked reactions from Christian leaders, government, human rights groups, and well-meaning Nigerians, calling for decisive government actions. Pope Leo XIV, in his first official statement regarding the crisis in Nigeria, described it as “a terrible massacre in which mostly displaced civilians were murdered with extreme cruelty.” The pontiff offered prayers for security, justice, and peace for rural Christian communities he described as “relentless victims of violence.” 

The Rt. Rev. Dr. N.N. Inyom Bishop Emeritus of the Diocese of Markurdi, confirmed the story, while emphasizing that this is a “genocidal attack targeted at predominantly Christian communities.” 

Inyom has been a member of the Benue State Security Council through the past two administrations, and is a specialist in conflict and peace studies. “By any stretch of imagination … this is not a conflict,” he said. “It is pure genocide. … These are purely activities of terrorists to take the land of the communities. I have documents to support what I am saying, and pictures and names of the families and people killed in the Yelewata community.” 

“We have been living with this crisis over the years,” he added. “The Yelewata catastrophe is unimaginable.” 

“Benue state has 23 Local Government Areas, and about 17 are completely devastated. Over 1.5 million (mostly women and children) villagers are living in Internally Displaced Camps in the state. 

“Before my retirement, I had six archdeaconries. Out of these six, four have been sacked by the invading terrorists,” the bishop said. 

To buttress his claim, the bishop presented a list of the names and families he says have been killed during the Yelewata crisis. 

He challenged church leaders, irrespective of denomination, to speak up. “If the Pope could speak from the far-away Vatican, what happened to our local leaders? Let the church not just busy or bury itself in ‘spiritual deliverance.’ We need physical deliverance for our people who are being killed. I read a book on Rwandan crisis where the United Nations was asking, ‘Where was the Church before the escalation of the Rwandan crisis?’ Let the Church in Nigeria arise and let the leaders unite and save these communities.” 

He challenged the government to prioritize its duty of ensuring the security of lives of their citizens. “Government is not just about winning elections. They are looking at 2027 general elections. Meanwhile, people are being killed in 2025. Government must stop playing politics with the lives of its citizens.” 

“The greatest problem, he said, is that over time, government has not summoned the political will to implement the recommendation of the Peace and Reconciliation Commission. 

He called on the federal government to set up a Commission of Enquiry on this recurring crisis. 

Bishop Inyom called on the international community to intervene: “This is a Macedonian call. The international communities must speak up because a serious humanitarian crisis is looming.” 

Meanwhile, Amnesty International has been documenting the alarming escalation of attacks across Benue, where gunmen hold sway over the territories. 

Some prominent traditional rulers and Christian leaders have continued to express frustrations. 

In a strongly worded statement shared on X .com, Apostle Johnson Suleiman described the killings as evil, barbaric, and a mayhem. 

At a town-hall meeting with Nigeria’s President Bola Ahmed Tinubu, professor James Ortese Iorzua Ayatse expressed his alarm: 

“We do have grave concern about the misinformation and misrepresentation regarding the security crisis in Benue State. It is not herders-farmers clashes, it is not communal clashes, it is not reprisal attacks or skirmishes. It is such misinformation that has led to suggestions such as “remain tolerant, negotiate for peace, learn to live with your neighbour. 

“Your Excellency, what we are dealing with in Benue is a calculated, well-planned, full-scale genocidal invasion of land-grabbing campaign by herder terrorists and bandits which has been on for decades, and it is worsening every year. 

“Wrong diagnosis will always lead to wrong treatment. So we are dealing with something far more sinister than we think about. It is not learning to live with our neighbors. It is dealing with the war.” 

The leader of North Central Peace Advocates, Frank Utor, in a This Day newspaper report, wrote that the killers are well-trained members and affiliates of international terror groups with the mission to levy war against the indigenous communities of Benue, Plateau, and other parts of North Central. “The killers do not rear cattle, they do not engage in any known pastoral activities,” he said. 

Several media outlets have quoted elder statesmen in the communities expressing concerns about what some of them described as the “genocidal activities” of the criminal herdsmen. Some have argued and lamented that governments have failed to live up to their constitutional responsibility of protecting lives. 

The media, particularly social media, are awash with news berating the political elites in the state for failing to present a united, formidable, and common front to tackle the gruesome serial murders and carnage perpetuated by these criminal armed men. 

At a recent forum during the presentation of a posthumous award to Late Chief Raymond Alegho Dokpesi, a media mogul and founder of African Independent Television, the Rev. Father George Ehusani, a prominent Catholic priest and civil rights activist, said: 

“A lot of the clashes in Benue state are not clashes between two people. People are in their farms and 100 people in motorcycles with AK-47 riffles invade their village, sack them, and kill many. That is not ‘two fighting.’ That is one group of people going to kill people and sack them from their villages. 

“If AIT [a TV news channel] reports the news as “Clash over land in Benue state,” that would not be correct. That would be a lie.” The fact that we should communicate with gentleness does not mean we should tell lies.” 

According to monitored media reports, less than 72 hours after the mayhem, a combined force of Nigeria’s military and police chiefs launched a joint, cross-border manhunt for the gunmen who killed around 200 villagers in Yelewata on the night of June 13. 

Gen. Christopher Musa, the chief of defense, and Kayode Egbetokun, inspector-general of police, arrived in Markudi on June 16 to coordinate the operation. After assessing the carnage, Musa vowed to take the battle to the terrorists by changing the military’s strategy to fit the situation on ground. 

President Bola Ahmed Tinubu, who had previously condemned the violence in Benue state, had also directed security chiefs to implement his earlier directive to bring peace and security to the state. 

Following his visit to Benue on June 18, President Tinubu directed the Benue State Governor, the Rev. Hyacinth Iormem Alia, to set up an all-inclusive peace committee for the resolution of contentious issues that have rendered past efforts fruitless. 

In response, HURIWA, a human rights group, accused the Governor of showing what it describes as “aloofness to the gravity of the situation of mass slaughter of his people—women and children—by the terrorists masquerading as herders.”

This article first appeared in Livingchurch.org. Reproduced with permission. 

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