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
Art
Culture
Trauma
War & peace
5 min read

Forgotten soldiers and new narratives are shaping how we mark our wars

Writing our history of conflict is as much a war of images as of words.

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

An actor reads a speech at a commemoration
Timothy Spall recites Churchill.
Sky News.

Heading into an intense summer of World War Two remembrance, with May’s commemoration of the 80th anniversary of VE Day followed by marking the end of war in the Far East in August, it is remarkable how well the essentially Edwardian model of honouring the war dead has stood the test of time. 

In The Edwardians Age of Elegance exhibition, at the King Gallery’s, a room is devoted to the passing of the extravagant turn-of-the-century era into the sombre age of war memorialisation, following World War One. George V commissioned traditional English artist Frank O Sullivan to paint the inaugural service for the Unknown Warrior in Westminster Abbey. The long canvas, with a domed frame at the centre to accommodate Edwin Lutyens’ freshly unveiled, lofty Cenotaph, captures the solitary King walking behind a flag draped coffin, mounted on a gun garage, as the parade passes the war memorial. Initially a temporary wood and plaster structure, Lutyens’ Portland stone monument commemorated over a million soldiers lost in the Great War, some buried near the battlefields near where they fell, and nameless others whose remains had been obliterated by mechanised warfare. 

Attended by widows, ex-servicemen and armed forces personnel, the 1920 Armistice Day ceremony marked a shift away from solely glorifying commanders and officers, placing the sacrifice of ordinary combatants centre stage. The monarch symbolised his gratitude to his people, rather the other way around. 

Ceremonial Great War gun carriages featured in the London VE Day parade on 5th May. And the King’s Troop, Royal Horse Artillery provides gun carriages and teams of six black horses for state funerals. Following World War Two, and complete mechanisation of artillery, George VI instituted a troop of horse artillery for ceremonial occasions, enshrining the continuation of practices from a previous era’s warfare. 

Layering memorialisation upon memorialisation was also evident in the 5th May ceremonies when actor Timothy Spall read an extract of Churchill’s Whitehall speech, given to the crowds when European hostilities ended.  

“In the long years to come, not only will the people of this isle, but of the world wherever the bird of freedom chirps in human hearts, will look back on what we have done and they will say do not despair, do not yield to violence and tyranny, march straight forward and if needs be, die unconquered.”  

Narratives around the present and recent past are codified with a focus on forecasting how future generations will view events when looking back.  

While Europe celebrated in early May 1945, the one million troops of the Fourteenth Army continued fighting the Japanese Army through Burma and the Pacific. Dubbed the Forgotten Army and the Forgotten War, their campaigns were underplayed in the Allies’ wartime narrative. Singapore’s fall to Japanese forces in February 1942 was seen as a shameful defeat. Remoteness from London of the Far East campaign, and the vastness of the theatre of war, made it near impossible to report on by radio and print journalists. Letters to and from the Fourteenth Army took months to reach their destinations.  Soldiers and civilians held as prisoners of war by Japanese forces were forbidden to make images or create records of their captivity, making contemporaneous images of their incarceration rare. But drawings of camps and hospitals by Jack Chalker hidden in hollowed out bamboo sticks, acted as preparatory works the artist to later make paintings such as his painting Medical Inspection, Chungkai Hospital Camp 1943, created in 1946, and now held by the Royal Army Museum. 

As traditions of commemorating the war dead evolve, new grey areas come to light, demanding space in the official narrative 

Contrasting the paucity of images of the war in the Far East, with the array of works depicting the Blitz in London - created with  American audiences in mind, in the hope of winning support for the Allied cause - together with photographic images of North African and Middle East operations, it is little wonder the Forgotten War struggles to be remembered. Veterans of the Far East campaign and POWs were far more likely to join ex services organisations such as the British Legion and Burma Star, than those who served in Europe. Marginalised from victory and peacetimes narratives, the Forgotten Army chose to remember together. 

Before Victory over Japan’s 80th anniversary is commemorated on 15 August, with the famous cover photo of an American sailor dramatically embracing a woman in a white dress showing on repeat, the 80 years since the dropping of atomic bomb on Hiroshima and Nagasaki will have to be faced. Mainly civilians died as a result of impact and sickness from the bombing of Hiroshima on 6 August and Nagasaki on 9 August, with estimates of between150,000 -246,000 deaths. Whether the only use of nuclear weapons in warfare was justified, as it prevented loss of life from not having to wage a military campaign to occupy mainland Japan, or the horrific sacrifice of so many civilians was a war crime, remains a morally grey area. 

As traditions of commemorating the war dead evolve, new grey areas come to light, demanding space in the official narrative. Actress Sheila Hancock wrote recently about the trauma and fear of being an evacuee, sent away from her London family as a small child, to an emotionally neglectful home in the ‘safer’ countryside. Forced adoption of children born to lone mothers, and the stigmatising treatment expectant women received at the hands of Christian denomination- ran mother and baby homes, is a wartime and postwar story now demanding to be heard. 

Lesser documented stories of marginalised civilians, and combatants in faraway places take time to emerge, fighting to be heard above familiar images of plucky cockneys in bombed out buildings and amorously celebratory sailors. Shaping a multifaceted history of conflict is as much a war of images as of words. And as families become more transnational, the search for a shared narrative can replace clinging to the right or official story. 

The idea of army chaplain, the Reverend David Railton, to commemorate an Unknown Warrior with honour, still resonates over a century later. Railton’s battlefield altar cloth, known as the Padre’s or Ypres Flag, covered the coffin on its journey from Boulogne to Westminster Abbey. 

Stretching and fraying to include the stories of groups previously overlooked, the Edwardian fabric of military remembrance is proving remarkably strong. 

 

The Edwardians: Age of Elegance, the King’s Gallery, until 23 November.

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