Royal Exchange – History and Architecture in the Heart of the City
The Royal Exchange was founded in the 16th century at the initiative of London merchant Sir Thomas Gresham. His goal was to create a centralised trading hub in London similar to that in Antwerp, where he had served as the English royal agent. Gresham funded the project himself and, in return, received a share of future profits, which was a move that proved to be a successful investment. The building received its name during Queen Elizabeth I’s visit in 1571, when she officially granted it the name “Royal Exchange.”
The golden grasshopper at the top of the Royal Exchange comes from the Gresham family crest. According to a legend, a woman once found one of Gresham’s ancestors as a baby in the grass, guided by the sound of chirping grasshoppers, which became the family’s symbol. The golden weather vane has miraculously survived both the Great Fire of London in 1666 and another fire in 1838, which destroyed the first two versions of the building.
The first building was destroyed in the Great Fire. The second building’s foundation stone was laid by King Charles II in 1667, but it too was lost in the fire of 1838. The current, third Royal Exchange was completed in 1844 and formally opened by Queen Victoria. It was designed by architect William Tite and reflects the neoclassical style.
With its temple-like structure, Corinthian columns and symmetrical façade combined with interior marble, colourful mosaics, and decorative arches, the Royal Exchange conveys a sense of calm and grandeur. Inside, visitors can admire historical paintings and artworks that reflect the City’s trading history and the influence of the British Empire.
A Building that Tells the Story of Trade
In front of the Royal Exchange, your eye is drawn to the triangular pediment on the building’s façade. Richard Westmacott created this relief sculpture, which depicts a scene with a central figure named Commerce, holding a charter of exchange and a rudder, both symbols of direction and control in trade. She is surrounded by 17 figures representing different parts of the world.
The details of the relief, such as sea gods, sailing ships, and a female figure symbolising Britannia, emphasise the 19th-century perspective on maritime trade and its centrality in global networks. The composition reflects the worldview of the time, with Britain at the heart of international commerce.
Beneath the glass-roofed atrium, the space retains its traditional role as an open meeting place.
The Wellington Statue in Front of the Royal Exchange
Outside the Royal Exchange, at the Bank junction, stands an impressive equestrian statue of Arthur Wellesley, the 1st Duke of Wellington. The bronze statue shows the military leader on horseback and is cast from cannons captured from the French at the Battle of Waterloo, making it symbolically and materially unique.
Unveiled in 1844, the statue honours Wellington’s legacy not only as Napoleon’s victor at Waterloo but also as a statesman and two-time Prime Minister of Britain. The statue’s placement at the Bank junction, which is both a historical and an administrative centre, connects the monument to Britain’s military and civic institutions, surrounded by the Bank of England, Royal Exchange, and Mansion House.
City of London Livery Company Lamp Posts – 12 Crests in Front of the Royal Exchange
In front of the Royal Exchange, at the very core of London’s financial district, stand twelve ornate lamp posts, each dedicated to one of the City of London’s most prestigious livery companies, known as the Great Twelve. Each post rests on a stone base, topped with a glowing orb held by a dragon clutching the City’s coat of arms. Brass plaques on the lower section of each post display the crest of the respective guild.
The four lamp posts closest to the Royal Exchange are distinguished by having three lamps instead of one and represent the most influential guilds, including the Mercers, Grocers, Drapers, and Fishmongers.
The City’s livery companies date back to the Middle Ages, when they regulated trades, trained apprentices, and cared for the community. Though they no longer hold exclusive trading rights, they remain active in the civic life of the City. They take part in ceremonies, elect the City Sheriffs (now a ceremonial role), and approve the Lord Mayor. The term livery refers to the ceremonial dress of the guilds, and many are still formally titled The Worshipful Company of….
A ranking from 1516 established their order of precedence in City processions. A long-standing rivalry between the Skinners and Merchant Taylors over sixth and seventh place gave rise to the phrase “at sixes and sevens.” While some companies still work within their original trades, many have evolved with modern professions — today’s livery groups include IT professionals, black cab drivers, and aviators.
You’ll find the lamp posts directly above Bank Station, at the junction of eight streets framed by major City landmarks including the Bank of England, Mansion House, The Ned hotel, and the postmodern Number One Poultry. They’re easy to overlook, but pausing for a moment reveals how the City’s history is literally cast in iron.
James Henry Greathead – Pioneer of Underground Tunnelling
To the right of the Royal Exchange, in the middle of the road, stands the statue of James Henry Greathead, unveiled in 1994. A South African mechanical engineer, he developed the famous Greathead Shield tunnelling device used in constructing the London Underground, particularly the Bank–City routes. The invention is the origin of the nickname “The Tube.”
The statue also serves a practical purpose: its pedestal conceals a ventilation shaft for Bank and Monument stations, aiding airflow in the underground tunnels.
Royal Exchange Today
Today, the Royal Exchange no longer serves as a stock exchange but has been transformed into a luxury shopping and dining destination, catering to both office workers and visitors to the City. Its glass-roofed atrium forms the centrepiece, where Fortnum & Mason’s champagne bar and restaurant serve classic British cuisine, afternoon tea, and cocktails in an elegant historic setting.
Surrounding the atrium are high-end boutiques including Hermès, Tiffany & Co., Montblanc, Omega, Jo Malone, and Boodles. The building also houses tailors and perfumeries, continuing the City’s tradition of personalised service. Visitors are also welcome to admire the interior architecture or enjoy a quiet coffee in this peaceful space.
Nearby Attractions
The Bank of England, founded in 1694, is one of the world’s oldest and most influential financial institutions. Its imposing stone façade and adjacent free museum offer insights into the history and operations of banking. The museum is open on weekdays with free public entry.
Mansion House, an 18th-century building, is the official residence of the Lord Mayor of London. It is only occasionally open to the public, typically during Open House weekends or guided tours, but its exterior is visible from the street.
Just beside the Royal Exchange, a plaque marks the former post office site where the world’s first postage stamps were printed in 1661.
