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.

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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

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A Japanese woodblock print of a snow scene from today's #BMAdventCalendar This is the next space in our #MuseumOfTheFuture series looking at all the galleries in the Museum. Rooms 92–94 are the Mitsubishi Corporation Japanese Galleries. Continuity and change have shaped Japanese material culture since ancient times. Through extensive cultural exchange, Japan has become a thriving modern, high-technology society while continuing to celebrate many elements of its traditional culture.
You can explore the art, religion, entertainment and everyday life of emperors, courtiers and townspeople in Rooms 92–94 through objects dating from ancient Japan to the modern period.
Artefacts range from porcelain and Samurai warrior swords, to woodblock prints and 20th-century manga comic books.
Historic tea ceremony wares can also be seen, alongside a reconstruction of a traditional tea house. Today’s #BMAdventCalendar – this struck bronze medal shows a nativity scene Four boys make a snowball in this Japanese woodblock print from today’s #BMAdventCalendar Night at the Museum: Secret of the Tomb, set and filmed here, is now in cinemas across the UK! #NightAtTheMuseum This is Room 91, the next gallery in our #MuseumOfTheFuture series. It's used for temporary exhibitions, usually from the Department of Asia. At the moment you can see the exhibition Pilgrims, healers and wizards: Buddhism and religious practices in Burma and Thailand (until 11 January 2015).
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