29/08/2026
Gold vault... or bomb shelter? 🪙💣
During the Second World War, most of the Bank of England's staff were evacuated to continue operations in Hampshire, with the exception of a small group of important staff members who had to remain in London. These were mostly members of the Court of Directors, including the then Governor, Montagu Norman, as well as their secretaries and voluntary members of the 'Civil Defence Unit' who protected the Bank's building.
Under the threat of constant air raids, the Bank's gold vaults were converted into accommodation for the remaining staff. This included bedrooms, a canteen, and even a makeshift infirmary with the help of St. Bartholomew Hospital. Swipe ➡️ to see some photographs from our archive which reveal how the vaults were transformed!
But where was all the gold? 🗝️
In May 1940, Churchill devised a plan to move all of the Bank of England's gold bullion – as well as a number of other cash securities – over to Canada for safekeeping in case the N***s performed a successful invasion. Almost two thousand tonnes of bullion and coins were moved across the Atlantic in 'Operation Fish', whilst under constant threat from German U-Boats.
Roughly $35 billion was moved across in today's money, making Operation Fish the greatest movement of wealth in known history. After the war, all of the gold was recovered and brought back into the Bank's vaults.
It was known as 'Operation Fish' as naval officers on board the cruiser that transported the gold were informed they were moving crates of fish. However, days into the journey the cargo was producing no smell. On questioning their commanders, the officers were informed they were in fact transporting gold! From then on, the plan was affectionally referred to as 'Operation Margarine' by those on board, referencing the yellow and odourless qualities of the cargo.
You can learn more about the wartime history of the Bank in our Rotunda gallery, part of our free-to-visit Museum.
We're open Monday to Friday, 10am to 5pm.
📍 Bank of England Museum, Bartholomew Lane, London, EC2R 8AH
