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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Article

Comment

Ethics

Fashion

Race

10 June 2025

5 min read

Anna Wintour is not a moral compass

The Vogue editor’s championing of diversity is all very well, but it’s based on what sells

Alexandra Kytka-Sharpe

Alexandra is a writer exploring the role of faith in the arts, fashion, and design

Anna Wintour.

UKinUSA, CC BY-SA 2.0, via Wikimedia Commons.

Last month, the Costume Institute at the Metropolitan Museum of Art in New York launched a new exhibition. “Superfine: Tailoring Black Style” highlights the history of Black people resisting white supremacy through their sartorial choices. A few weeks after it opened, the 2025 Met Gala, which serves to raise funds for the Costume Institute, was chaired by Black voices across the creative industries, including A$AP Rocky, Pharrell Williams, Lewis Hamilton, Coleman Domingo and Lebron James. The exhibition has already received rave reviews from Black writers and academics, likely in part due to its co-curation by Monica Miller, who literally wrote the book on the subject Slaves to Fashion: Black Dandyism and the Styling of Black Diasporic Identity.

Concurrently, a few hours south of New York City’s Metropolitan Museum of Art in Washington DC, Donald Trump was calling Diversity and Inclusion initiatives “dangerous, demeaning and immoral.” A series of policies rolled out across the US federal government has led to the shutdown of not only diversity programmes, but a quiet disappearance of wording and other initiatives that might be interpreted as promoting similar themes.

But the Costume Institute, which does not receive any federal funding, is uniquely free to follow Anna Wintour’s steer. And Wintour, Conde Nast’s Chief Content Officer and Editor in Chief of Vogue, is fighting back. “I feel we need to be courageous”, she told the Washington Post last month. Now, she added, is “a challenging time”.

Until now, Wintour has been an unlikely activist. Vogue has long been criticised for a range of ethical issues that include, including lack of diversity, promotion of unhealthy body standards, and the sexualisation of young women. But are the magazine and Wintour now our bastion for future hopes of racial justice and equality?

In 2020, many of my friends and family ordered books and listened frantically to podcasts about race in America because of the events surrounding George Floyd’s death. In May 2020, a video circulated of officer Derek Chauvin suffocating George Floyd as he called out for his mother, leading to a flurry of protests and debates about the racial bias present in institutions.

In those days, learning about the systematic injustice faced by Black Americans and calling for change felt popular. Everyone was doing it. Books like The New Jim Crow by Michelle Alexander, Why I’m No Longer Talking to White People About Race by Reni Eddo-Lodge, The Color of Law by Richard Rothstein, and How to be an Anti-Racist by Ibram X. Kendi filled our Amazon carts and library holds.

These days, many of those books have quietly disappeared from the shelves. For sure, there are those who continue to fight for racial equality. But the winds have changed, with some companies - like Conde Nast - landing on one side, while Google, Meta and Amazon disappear from the horizon.

It’s easier to flip through beautiful images and call it a day, than to be a part of real, diverse communities.

It might seem obvious that brands are not the best source for our moral formation. But the fact is that many of them see themselves as culture-forming and mission-driven. If you don’t have something else to help form your idea of what the world should look like, why not Vogue, with its picture-perfect editorials, or Google, with its future-facing innovations?

For me, my beliefs in diversity and racial justice come from something stronger: my Christian faith and the many Black men and women globally who share this faith with me. It was my reading of Black Liberation theologian James Cone that first showed me the depths of beauty I could gain by understanding my faith through someone else’s perspective. Cone was famous for his book which drew parallels between Jesus’s death on the cross by Roman crucifixion, and the deaths of many Black men by lynching in the American South. Cone stopped me in my tracks, making me rethink a key symbol of my faith. He said this:

“The cross has been transformed into a harmless, non-offensive ornament that Christians wear around their necks. Rather than reminding us of the “cost of discipleship,” it has become a form of “cheap grace,” an easy way to salvation that doesn’t force us to confront the power of Christ’s message and mission. Until we can see the cross and the lynching tree together, until we can identify Christ with a “recrucified” black body hanging from a lynching tree, there can be no genuine understanding of Christian identity in America, and no deliverance from the brutal legacy of slavery and white supremacy.”

It won’t make it into a Vogue editorial anytime soon– but maybe that’s the point.

A faith-based belief in justice comes with challenges. It can feel tiring to face a troubled history of racism in a religious institution. Existing in diverse, faith-based communities brings everything from awkward cultural differences to true and genuine disagreements. The global Anglican communion faces tension between white, liberal progressives in the UK who want to celebrate gay marriage in the Church of England, and an assemblage of Christians of colour in the Global South who maintain strong convictions about traditional views of marriage and gender. Our faith in Christ is the anchor that holds us together. But these are real disagreements; they’re not trivial, and there’s no easy way forward.

It’s easier to flip through beautiful images and call it a day, than to be a part of real, diverse communities. And this is why we can’t rely on people like Anna Wintour to form our vision for the future. As nice and important as it is to promote diversity in models, photographers, and designers, ultimately Vogue will be shaped by what its editors and publishers think will sell on the newsstand.

This is my plea for us all. Let’s not let the shifting tides of any company– Meta or Vogue– decide our ethical convictions towards justice. Let’s rely on something stronger.

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