British Museum blog

Bubbles and bankruptcy: financial crises in Britain since 1700

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797Thomas Hockenhull, curator, British Museum

The 2008 banking crisis plunged the UK into a recession from which it has been struggling to recover ever since. However, this crisis is not the first to have affected Britain and it is unlikely to be the last. Here in the Department of Coins and Medals we decided to look at the bigger picture in an exhibition looking back at Britain’s financial crises since the 1700s.

Drawing upon our extensive collection, we found we had an object that related to almost every crisis to affect Britain since the advent of organised banking. This material ranged from share certificates for companies that failed and notes from failed banks, to reports and recriminations about crises. In some cases these objects are fragile and sensitive to light, meaning that they can never go on permanent display.

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797.

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797.

For the rest of the exhibition we wanted to show how ordinary people have, and will continue, to respond to financial crisis. Numerous cartoons and satirical prints have been produced over hundreds of years relating to crises, including a James Gillray print from 1797.

Champagne bottle given to a Northern Rock employee in 1997.

Champagne bottle given to a Northern Rock
employee in 1997.

Additionally, the artist Steve Bell – perhaps best known for his work in The Guardian newspaper – has loaned a work from 2011 entitled ‘Bank Levy’ that depicts a banker as a distraught fat cat in a suit having its claws clipped by the Chancellor George Osborne.

Other exhibits, for example, include a champagne bottle given out by Northern Rock to its employees when the Building Society demutualised to become a bank in 1997. This object was retained by its recipient, a former employee, and provides an ironic reminder that demutualisation was greeted optimistically, supposedly enabling Northern Rock to expand its business more easily.

Instead, history records that its investment portfolio would fail within 10 years, triggering the first run on a UK bank since that which occurred during the collapse of Overend, Gurney and Co. in 1866.

The collapse of Overend, Gurney and Co. features elsewhere in the exhibition and, in both instances the banks failed because their customers lost faith in their ability to protect and reinvest their savings.

 

The centrepiece of the exhibition is a contemporary sculpture by Justine Smith, a London-based artist. Made from real UK banknotes built into a house of cards, the artwork neatly symbolises the occasionally precarious nature of financial investment.

I hope many people will get a chance to come and see the display, to find out how 300 years of boom and bust have helped to shape Britain’s financial landscape.

Bubbles and bankruptcy: financial crises in Britain since 1700 is open from
29 November 2012 to 5 May 2013.

If you would like to leave a comment click on the title

Filed under: Exhibitions, ,

2 Responses - Comments are closed.

  1. Skm williams says:

    A very very small exhibition.

    Like

  2. William Hanbury says:

    Seriously very bad. Small, poorly researched, few artefacts and badly presented.

    Like

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 9,402 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

King of Persia Cyrus the Great entered #Babylon #onthisday in 539 BC. This iconic clay cylinder, known as the Cyrus Cylinder, is inscribed in Babylonian cuneiform with an account by Cyrus of his conquest of Babylon in 539 BC and the capture of Nabonidus, the last Babylonian king. 
The cylinder has sometimes been described as the 'first charter of human rights', as it describes measures of relief Cyrus brought to the inhabitants of the city after its capture. However it in fact reflects a long tradition in Mesopotamia where, from as early as the third millennium BC, kings began their reigns with declarations of reforms. 
#history #art Experience the pleasures of the early Ming court in an evening of performance, demonstrations, talks and workshops on Friday 14 November. Free, just drop in #Ming50Years 
#event #free #china #art #onthisday in 1420: Beijing is officially designated the principal capital of the #Ming empire. Find out more about the Forbidden City and this beautiful hanging scroll in a new tumblr post at britishmuseum.tumblr.com #Ming50Years
#China #art #history #Beijing This half-term is the perfect time to visit our groundbreaking exhibition #8mummies! Kids under 16 go free and families can pick up a free family trail #MummyMonday 
#mummy #halfterm #holidays #family Athelstan, the first King of England, died #onthisday in 939. This silver coin was minted in York
#coin #history #England Artist Mary Moser was born #onthisday in 1744. In 1768 she was one of only two female founding members of the @royalacademyofarts (the other being Angelica Kauffman). Here's one of her watercolours
#history #art #watercolour
Follow

Get every new post delivered to your Inbox.

Join 9,402 other followers

%d bloggers like this: