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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This is Room 69a, our next #MuseumOfTheFuture gallery space. It's used for small temporary displays by the Coins and Medals Department – the current one is all about trade and exchange in the Indian Ocean. You can see the entrance to the Department in the background of this pic – it's designed like a bank vault as the Coins and Medals collection is all stored within the Department. Born #onthisday in 1757: poet and printmaker William Blake. This is his Judgement of Paris Happy #Thanksgiving to our US friends! Anyone for #turkey? This is Room 69, Greek and Roman life. It's the next gallery space in our #MuseumOfTheFuture series.
Room 69 takes a cross-cultural look at the public and private lives of the ancient Greeks and Romans. The objects on display have been chosen to illustrate themes such as women, children, household furniture, religion, trade and transport, athletics, war, farming and more. Around the walls, supplementary displays illustrate individual crafts on one side of the room, and Greek mythology on the opposite side. This picture is taken from the mezzanine level, looking down into the gallery. The next gallery in our #MuseumOfTheFuture series is Room 68, the Citi Money Gallery. The history of money can be traced back over 4,000 years. During this time, currency has taken many different forms, from coins to banknotes, shells to mobile phones.
The Citi Money Gallery displays the history of money around the world. From the earliest evidence, to the latest developments in digital technology, money has been an important part of human societies. Looking at the history of money gives us a way to understand the history of the world – from the earliest coins to Bitcoin, and from Chinese paper money to coins from every nation in the world. You can find out more about what's on display at britishmuseum.org/money The next gallery in our #MuseumOfTheFuture series is Room 67: Korea. The Korea Foundation Gallery is currently closed for refurbishment and will reopen on 16 December 2014. You can find out more about the refurb at koreabritishmuseum.tumblr.com  The unique culture of Korea combines a strong sense of national identity with influences from other parts of the Far East. Korean religion, language, geography and everyday life were directly affected by the country’s geographic position, resulting in a rich mix of art and artefacts.
Objects on display in Room 67 date from prehistory to the present day and include ceramics, metalwork, sculpture, painting, screen-printed books and illuminated manuscripts.
A reconstruction of a traditional sarangbang, or scholar’s study, is also on display and was built by contemporary Korean craftsmen.
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