Bank of England Museum gallery guide

1: The Stock Office

What the Bank does

As the United Kingdom’s central bank, the Bank of England has a unique role in our economy. It works to keep stable prices, issues banknotes, and ensures a resilient financial system. This display will help you discover the Bank’s role and functions.

The architecture of the Bank

This gallery is a reconstruction of the Stock Office designed by Sir John Soane, Bank architect from 1788 to 1833. During the 1920s Soane’s Bank was almost completely demolished. The only part that remains today is the curtain wall around the outside of the Bank. The whole Bank was rebuilt by Sir Herbert Baker in order to expand the premises. Today’s Bank is a blend of both architects’ styles. Begin your historical tour here, as you go from the Stock Office to The Early Years galleries.

2: The Early Years (1694 to 1800)

The founding of the Bank of England

The Bank of England was founded in 1694 to raise money during a time of war against France. It was established by Royal Charter and began as a private bank. Money was raised from private investors and lent to the government.

After spending its first 40 years in rented premises, the Bank moved to its own building on Threadneedle Street in 1734. The Bank grew steadily in size and importance, and by the 1790s it was firmly established as the government’s bank, managing the national debt.

The Bank Restriction Period

The French Revolution (1789-1799) and Napoleonic Wars (1803-1815) had a serious effect on the economy. In 1797, the Bank had to stop paying customers in gold for its notes in order to maintain sufficient gold reserves. This was a very controversial move. The Bank’s famous nickname ‘The Old Lady of Threadneedle Street’ comes from this time. The satirist James Gillray was one of the first people to use this nickname, in a 1797 cartoon on display in this gallery.

3: Rotunda (1800 to 1945)

During the 1800s, the Bank continued to grow and solidify its position as the nation’s bank. This role increased even more during the First World War, when the national debt surged dramatically. The Bank’s old buildings had become too small for all of its staff. And so, between 1925 and 1939, the Bank was entirely demolished, rebuilt and expanded by the architect Sir Herbert Baker.

The statues around the Rotunda, called caryatids, were original features in Sir John Soane’s Bank. They were salvaged for use in the new building when the old Bank was demolished.

Nationalisation

The Bank took on the functions of a modern central bank during the interwar years, managing the country’s gold and foreign exchange reserves and executing monetary policy. This role was formalised when the Bank was nationalised in 1946.

Hold some gold!

Get hands-on with a genuine gold bar.

Careful, though − at 13kg (28lbs), it’s heavy!

4: The Banknote Gallery

The earliest paper money in Britain was a kind of receipt for deposits left with goldsmiths for safekeeping. In time it became more convenient to exchange these receipts rather than the gold itself, leading to the rise of paper money.

The Bank has issued banknotes since it was founded in 1694. They were handwritten at first, then printed. But it wasn’t until the 20th century that designs really started to change, from black and white calligraphy to the intricate, colourful notes we see today.

Did you know?

• The ‘Promise to Pay’ has featured on Bank of England notes since 1694.
• The first monarch to appear on Bank of England notes was Queen Elizabeth II, in 1960.
• The first historical character to appear on our banknotes was William Shakespeare, in 1970 on the £20 note.

5: The Modern Economy (1946 to present)

Gold and the Bank of England

Today, the Bank of England stores gold for the UK Treasury, other governments, and central banks around the world. Learn about this and our collection of historical gold bars, some surviving from Roman times. And discover the incredible properties of gold that have made it so prized.

Today’s banknotes

Today’s banknotes are the result of complex technology. They contain advanced security features that make them extremely hard for counterfeiters to copy, so that you can trust the value of Bank of England notes in your pocket.

What the Bank does for you

The Bank provides banking services to the government of the United Kingdom and to central banks across the globe. Find out what else the Bank does for you and how it is held accountable for its decisions.