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

Review
Books
Culture
Language
Romance
6 min read

Jane Austen‘s most excellent fan club

The very fine authors who draw inspiration from Jane.

Beatrice writes on literature, religion, the arts, and the family. Her published work can be found here

A book cover with a handwritten title that reads: Jane Austen volume the first
Paolo Chiabrando on Unsplash.

250 years after Jane Austen’s birth, her stories are still an incredibly significant part of our culture. The annual Jane Austen Festival in Bath is gearing up to be bigger than ever; Winchester Cathedral is set to unveil a new statue of Austen later this year; and – perhaps most controversially – Netflix has announced yet another adaptation of Pride and Prejudice.  

Historically, there’s been an overwhelming focus on two elements of Austen’s writing: the Regency setting, and the romance plots. There’s nothing inherently wrong with enjoying these two aspects of her novels. I know I do. But this comes at the risk of underestimating the richness of Austen’s literary legacy. The internet is littered with listicles and blog posts in the format of ‘What to Read Next If You Love Jane Austen.’ Some of these lists will point you to other nineteenth-century literary classics. Others will home in on the romance element, recommending Helen Fielding’s wildly successful Bridget Jones’s Diary, Georgette Heyer’s Regency romances, or even Julia Quinn’s Bridgerton series.  

I’d like to share with you an alternative and more eclectic list of books that I’ve fallen in love with as a lifelong Austen fan. Only one of these books is set in the Regency era; some have a romance as a major part of the plot, others don’t; some share Austen’s realistic writing style, one borders on magical realism. But I think each of these novels or authors brings out a fascinating and often overlooked aspect of Austen’s literary inheritance.  

Anne Brontë’s The Tenant of Wildfell Hall (1848) 

Austen is regularly compared to Charlotte Brontë, who famously wrote Jane Eyre, but I think her younger sister Anne is a fairer comparison. Writing only a few decades after Austen’s death in 1817, Brontë’s style is closer to Austen’s realism than to her own sister Charlotte’s use of gothic tropes and supernatural themes. Like Austen, in The Tenant of Wildfell Hall – as well as in her other novel, Agnes Grey – she focuses on simple language and engaging dialogue. Austen and Brontë also share a deep concern for female education. In several of her novels, notably Pride and Prejudice and Emma, Austen critiques the reality that many young women from middle-class and upper-class families were being taught to value ‘accomplishments’ like dancing and singing over any other form of education, with the aim of attracting a rich husband. Similarly, in The Tenant of Wildfell Hall Brontë’s heroine Helen criticises society’s belief that boys and girls should be educated differently, with boys being taught about the dangers and vices of the world, and girls being kept in ignorance of them. Helen thinks that this attitude makes girls more vulnerable to suffering and disappointment; I suspect Austen would have agreed. 

Barbara Pym’s Excellent Women (1952) 

Now somewhat forgotten, many of Pym’s stories are considered ‘novels of manners’, that is, novels that detail the costumes and values of a particular sphere of society at a particular time in history: in Austen’s case, the middle and upper classes in Regency England; in Pym’s case, the parishioners of a typical Anglican community in post-World War II London. Like Austen, Pym’s writing style is incredibly witty, and both writers favour everyday stories about ordinary people. In fact, Pym took the title Excellent Women from a phrase used by Austen in her unfinished novel Sanditon. These so-called ‘excellent women’ perform seemingly unheroic, small duties for others, the kind that may well go unnoticed, but which are often indispensable in small communities. In Pym’s novel, the first-person narrator, Mildred Lathbury, spends her life between working at a charitable organisation and helping and helping the priest at her local Anglican church. Mildred’s work is often taken for granted, much like the heroine of Austen’s Persuasion, Anne Eliot, whose family are remarkably ungrateful for all the ways in which she eases their burdens. Novels like Pym’s rightly celebrate the quiet bravery of the women who devote their lives to serving others.  

P. D. James’ Death Comes to Pemberley (2011) 

Detective fiction is not the first thing that crosses my mind when I think about Jane Austen. And yet, in a 1998 talk to the Jane Austen Society titled ‘Emma Considered as a Detective Story’, novelist P. D. James made a compelling case that Austen should be considered a precursor to the genre. James argued that a detective novel isn’t defined by the discovery of a murder (nobody dies in Dorothy Sayers’ acclaimed Gaudy Night, for example), but by the unveiling of a mystery. In Emma, Austen scatters clues for us readers along the way but withholds enough information as to keep us – and Emma herself – in the dark. When it’s revealed that Jane Fairfax and Frank Churchill have been lying to hide their secret engagement for the entirety of the novel’s timeline, Emma realises how much she’s been deceived, and it’s this theme of deception that really links Austen’s novel to the detective genre. Yeas after her talk, James ended up writing a detective fiction sequel to a different Austen novel, Pride and Prejudice. Death Comes to Pemberley takes place six years after Elizabeth Bennet and Mr. Darcy’s wedding. A man is found dead on the grounds of Pemberley and Mr. Wickham is the prime suspect. I won’t say any more. It’s my favourite retelling of an Austen novel. 

Kazuo Ishiguro’s The Buried Giant (2015) 

The Buried Giant tells the tale of a Briton couple, Axl and Beatrice, as they set out on a quest to find their long-lost son in a post-Arthurian England where people struggle with the loss of long-term memories. Ishiguro blends a very realistic portrayal of the relationship between a married couple with magical elements such as the presence of a dragon whose breath causes forgetfulness. On paper, this is also not an obvious recommendation, yet memory is a crucial theme for Austen. Persuasion is centred around Anne Eliot’s memories of her broken engagement to Captain Wentworth, which simultaneously bring her happiness and suffering. Mansfield Park’s heroine, Fanny Price, has an equally complex relationship with her past. She often she misses her childhood home, yet part of her is glad that she was taken to be raised by the Bertram family at Mansfield Park, a place which she loves in spite of painful memories of being mistreated by her Aunt Norris. Fanny thinks of memory as the most wonderful faculty of human nature, as it can be at times incredibly ‘retentive’, at others ‘bewildered’ and beyond our control. Ishiguro would surely agree, as that’s precisely what The Buried Giant is about: the ways in which memory can both fail us and yet give us hope, recall suffering and yet brings us closer to those we love. 

 It’s hard to overestimate Austen’s impact on the literary world. And while she’s sparked a revival in literature set in the Regency era, it’s also fascinating to see how she’s influenced writers working in seemingly very different genres from her. Anne Brontë’s novels may be darker in tone, but they show very similar concerns to Austen’s, especially when it comes to virtue and education. Barbara Pym wrote Excellent Women over a century after Austen’s death, yet shared Austen’s interest in highlighting the joys and sorrows of ordinary life. P. D. James found inspiration in Austen despite her own background being in detective fiction. And Ishiguro, despite writing novels ranging from dystopian science fiction to magical realism, has mentioned Austen as an inspiration.  

If you’ve already read all of Austen’s novels, read them again – no one writes quite like her. But once you’ve reread them all, why not try one of these novels next? They may illuminate a side of Austen’s writing that you’ve missed before. 

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