Highlights
- Gringotts Wizarding Bank is the safest place for wizards to store their valuables, with an exceptional security system that includes charmed vaults and trolls guarding specific vaults.
- In addition to storing valuables, Gringotts also provides currency exchange services, allowing wizards to exchange Muggle money for Wizarding money.
- Gringotts has been controlled by goblins, the Ministry of Magic, and Death Eaters at different points in history, but is currently under the control of the goblins once again.
Just because the wizards and witches from the Wizarding world of Harry Potter are magical, doesn't mean they're that much different from the Muggles when it comes to basic necessities. They still go out and eat, maybe get a little drunk, have doctors, and obviously a form of education. Magical people also need somewhere to keep their money and valuables safe.
Much like Muggles, wizards have a bank where they keep their money. Unlike Muggles, though, each region of wizards has only one bank they use. For the Brits, they have Gringotts Wizarding Bank. The bank is seen various times throughout the Harry Potter series for different reasons, whether Harry makes an appearance there or not. Being one of the oldest facilities in the Wizarding world, what exactly is Gringotts Wizarding Bank?
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What Is Gringotts Wizarding Bank?
In the simplest terms -- as the name implies -- Gringotts is a bank strictly reserved for wizards. It's here that the magic population of Britain can keep their valuables safe; from money, heirlooms, or in some cases, items that must be kept out of the wrong hands. The Wizarding bank is one of the safest place to store anything of value, having an exceptional security system where the vaults are either charmed or have a series of specific keys used to unlock them, or even dragons and trolls responsible for guarding specific vaults.
Things that have been notably kept in the bank within the story of Harry Potter include the Philosopher's Stone, Harry's inheritance left behind by his parents, and Helga Hufflepuff's cup, which was used as a Horcrux for Voldemort. These are all extremely valuable things that play immensely significant roles in Harry Potter, so it's no wonder whoever chose to place these items in a safe location decided Gringotts was the best option.
In addition to storing valuables, Gringotts also provides services of exchanging different currencies. For example, Hermione Granger's home life is more like a Muggle than it is as a witch, considering her parents are not magical like she is. But in order to spend money at Hogwarts for school supplies, or when taking a trip to Hogsmeade for a butter beer, only Wizarding money is accepted. Gringotts allows for the exchange of Muggle money for Wizarding money, allowing for these transactions to be possible.
Who Runs Gringotts Wizarding Bank?
Gringotts was founded in 1474 by a goblin named Gringott (very fitting). But from the time of its founding until now, the control of the bank has shifted a few times. In the beginning, it was run by Gringott and other goblins, no wizards or witches at all in fact. However, not long after it's opening, the Ministry of Magic stepped in for control, sometime around the 1500s. They held control for centuries, eventually giving it back to the goblins some 300 years later in the 1800s.
The goblins held control for over 100 years more after gaining it back, but the Ministry stepped in once again in the 1990s. This time, however, the Ministry wasn't simply a typical government body that served the Wizarding people. The Ministry took control again when Voldemort held the power after having Albus Dumbledore killed and continuing his conquest of global domination.
During this time, Death Eaters worked at the bank, providing security and making decisions of money spending, since they had both governmental control as well as limitless access to the bank. This didn't last long, though, as the Second Wizarding War ended with the demise of Voldemort and his followers. The Ministry was put back into the hands of good wizards, who gave Gringotts back to the goblins, who have been in charge of the bank ever since.
Have There Ever Been Robberies at Gringotts?
While banks in the Muggle world have a tendency to be robbed, Gringotts is a bank that is rarely broken into, but it's not impossible. All of the robberies occurred in the 1990s, either before or during Harry Potter's time at Hogwarts. The first robbery was committed by a Healer from St. Mungo's named Eustace Burke just a year before Harry's first year at the school. Burke broke into a vault belonging to Elric Parpidum, a famous dragon slayer, in an attempt to steal Chinese Fireball claws for a particular potion. However, he was stopped before he could obtain the claws.
A second break in happened during Harry's first year at Hogwarts. Albus Dumbledore had stored the Philosopher's Stone at Gringotts in Vault 713, a vault with extreme protection. However, Quirinus Quirrell, the Defense Against the Dark Arts professor who was obeying the commands of Voldemort, broke into the vault to try and steal the powerful stone. He was unsuccessful as Dumbledore became weary of such a ploy and had Rubeus Hagrid retrieve the stone and bring it back to Hogwarts before the suspected robbery could happen.
The last robbery occurred during Harry's last year at Hogwarts during the Second Wizarding War, only this time, Harry, Hermione, and Ron were the culprits. The three students broke into the vault belonging to the Lestrange family. It was here, they learned, that Helga Hufflepuff's cup was held, the very artifact that contained a piece of Voldemort's soul: a Horcrux. It was guarded by a dragon, but Harry Potter and company managed to get by it and, after a trial of further security measures, were successful in obtaining and destroying the cup.