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Trading, theatre and Tudor merchants | The story of The Royal Exchange

The current Royal Exchange is the third iteration to stand on the site at Bank.

Royal Exchange exterior © Memoirs Of A Metro Girl 2020

The Royal Exchange on Cornhill is the third building on the site

Today, an exchange building is generally utilised for telecommunications or foreign currency. However, as a commercial building, exchanges date back to at least the 13th century. In London, many of the capital’s former exchanges are long gone, and if they do still exist, conduct business using different methods. However, one of the London’s oldest exchanges still exists, albeit not the original building.

Royal Exchange clock tower © Memoirs Of A Metro Girl 2020

The eastern side of the Exchange

Standing at the Bank junction of Cornhill and Threadneedle Street is The Royal Exchange, which dates back to the 16th century. It was founded by Tudor merchant Sir Thomas Gresham (1519-1579), who had been trading in Bourse of Antwerp, the world’s first commodities exchange. He obtained land and permission from the City of London’s Court of Alderman to establish a centre of commerce. Queen Elizabeth I (1533-1603) opened the first exchange in January 1571 and gave the building a royal title, along with a license to sell alcohol and valuable goods. Gresham later added two additional floors above the trading floor, with units leased out for retail. This savvy move essentially created Britain’s first shopping mall. Originally, stockbrokers weren’t allowed into the Royal Exchange because of their reputation for being rude, so conducted their trading in the nearby coffee shops.

Gresham’s original Royal Exchange was destroyed in the Great Fire of London in September 1666. Its replacement was designed by architect Edward Jarman (1605-1668) and opened in 1669. It was a stone, Baroque building with piazzas, arched entrances to the inner court and a 178ft high tower with clock and bells. The second Royal Exchange was full of merchants and brokers. In 1713, Lloyd’s of London acquired two rooms in the building. However, the building followed the fate of its predecessor and burned down in January 1838. It is believed the blaze may have been caused by an overheated stove in Lloyd’s Coffee House in nearby Lombard Street. Read the rest of this entry