Royal Exchange (London)
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The Royal Exchange in the City of London was founded in 1565 by Sir Thomas Gresham to act as a centre of commerce for the city. The site was provided by the Corporation of London and the Worshipful Company of Mercers, and is roughly triangular, formed by the converging streets of Cornhill and Threadneedle Street. The design was inspired by a bourse Gresham had seen in Antwerp.
The Royal Exchange was officially opened by Queen Elizabeth I who awarded the building its Royal title, on January 23, 1571.
Gresham's original building was destroyed in the Great Fire of London in 1666. A second exchange was built on the site, designed by Edward Jarman, which opened in 1669, and which was destroyed by fire in January 1838.
During the 17th century, stock brokers were not allowed in the Royal Exchange due to their rude manners, hence they had to operate from establishments in the vicinity, like Jonathan's Coffee-House.
The third Royal Exchange building still stands on the site and adheres to the original layout - consisting of a four-sided structure surrounding a central courtyard where merchants and tradesmen could do business. This building was designed by Sir William Tite, features pediment sculptures by Richard Westmacott (the younger), and was opened by Queen Victoria on October 28, 1844, though trading did not commence until January 1, 1845.
The Royal Exchange ceased to act as a centre of commerce in 1939, and is now a luxurious shopping centre.
Shops on the Royal Exchange include Hermès, Molton Brown, Paul Smith, Haines & Bonner and Tiffany.
[edit] The Gresham Grasshopper
The Gresham Grasshopper can be seen on the Royal Exchange's weathervane. This commemorates the founder, Sir Thomas Gresham, whose crest it was. The device was later borrowed by the famous Faneuil Hall in Boston, Massachusetts, in imitation of the Royal Exchange.
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