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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Column

Books

Character

Culture

Time

19 June 2025

4 min read

The true myths we tell about how we got here

Memoirs are the stories that make us who we are

George Pitcher

George is a visiting fellow at the London School of Economics and an Anglican priest.

Jon Tyson on Unsplash.

I’ve been asked to write a memoir. It’s because I’ve been an Anglican priest for 20 years and it’s been quite a ride – deployed to a tube station when the terrorist bombs went off on 7 July 2005, served the Archbishop of Canterbury as the child-abuse catastrophe unfolded, been the religion editor of a national newspaper and helped countless people to die and to marry as a rural parish rector.

So, I suppose it meets the minimum criterion that a memoir shouldn’t be about me so much as the events through which I passed. But it also raises questions about what a memoir is for, as well as what it’s about. I wonder about its purpose and that leads to choices of style.

I had in mind a hybrid fiction model, in which the only made-up character was me, heightening the drama of it all by being maybe bisexual and a cokehead (neither of which I have been) who encounters all the real and interesting people that I have. That might at least make it a bigger challenge for libel lawyers.

A publisher at lunch this week persuaded me that this is a very bad idea. Commercial fiction is where the action is and literary fiction (even if I could do it) is dead. It has to fit in one of the silos that people will buy – crime, romance, fantasy and so on. And I’m an old, white man, to boot.

But memoir is a good stable, she said, and it didn’t need to be a dull, linear narrative. In fact it mustn’t be that. I’m beginning to think it must be a drama and, as such, as creative an act as fiction.

So, not history. Or maybe, like history, it depends on how you look at it and how we remember. As someone quite famous remarked recently, recollections may vary. And we all have an agenda in relating them. Memoir is not a record, it’s about experience, emotion, interpretation and score-settling (I’m looking forward to that last bit).

The most obvious exemplar of this is the political memoir, which lately has ticked towards being written by the spouses of politicians. Salacious revelation seems to be the currency here, all the better if a former prime minister is alleged to have said he’d like to drag you into the undergrowth and give you one.

Memoir is also the embarrassing uncle of autobiography. It amounts only to what we remember, as we wave a glass about in the pub.

One rather hopes, for reasons of aesthetics as much as decorum, that this indicates that memoir is as much about what times were like as about being a simple record of them. This makes sense as I face the prospect, for example, of relating being with a 26-year-old mother of two as she died.

If it’s such an essentially subjective exercise, then memoir is a poor country cousin of history. Some have made it consciously so in their titles – Clive James’s Unreliable Memoirs and Python Graham Chapman’s A Liar’s Autobiography come to mind.

Incidentally, memoir is also the embarrassing uncle of autobiography. It amounts only to what we remember, as we wave a glass about in the pub, rather than the marshalling of peer-approved facts. This is what makes it so sensationally subjective. I remember standing alone in a boorish institution, heroically speaking truth to power. You remember a blithering idiot. The difference is I’ve got a publisher.

In this sense, memoirs are the stories that make us who we are. Or, naturally, who we’d like to be, or like to be seen as. In ancient Greek terms, we deploy our mythos rather than our logos, our allegory rather than our empirical reality.

But, again, these stories make us who we are. And not just the stories we tell. The stories of our nations are similarly formative. The stories that the world’s major faiths tell also define us, whether we believe them or not.

The Christian gospels are memoirs. The first three of them attempt to describe what happened. The fourth, John, is rather more allegorical. But they all, in the Jewish tradition of storytelling, in one way or another seek to describe what it was like to be in the insurgent Nazarene movement, as much as what actually happened.

Matthew, the tax-collector, writes for his audience of Jews. Luke is concerned with what it all means for the poor – and not just those economically so. Mark, first out of the trap, wants to consider what it all means for non-Jews. Their recollections may vary. But it’s reckless to suggest that this invalidates their testimony.

My memoir will contain no gospel truth. But there’s no point in embarking on an exercise that is only about what happened over 20 years of priesthood. It has to be about what it was like too.

I think that its epigraph may read: “Nothing in this book happened. Everything in it is true.”