The Royal Exchange

By Cassidy Young

The Royal Exchange sits right at the end of Cheapside, at the beginning of Cornhill. De  Saussure said that the building was very impressive, "built in modern style of the beautiful Portland stone" (p. 79). He also remarked that the architecture was very fine, and spoke in great detail of the many statues that were inside of and in front of the Royal Exchange. 

The building that De Saussure saw had statues of every English king on the inside of the second floor. There was a niche for each king, starting with William the Conquerer and ending with the current king that was reigning during Saussure's time, George I. There were also spaces left for future kings. 

De Saussure says that there are booths on the upper and lower floors for merchants from several countries selling their wares. Merchants at the Royal Exchange during his time included those selling silks, skins, spices, and clothes. The Royal Exchange has a history of being a very wealthy place. In Saussure's time, he says that it "brings in more than two thousand pounds sterling a year" (p. 80). 

The Royal Exchange that De Saussure saw was actually the second version that was built after the original burnt down in the Great Fire in 1666. It was very similar to the original, and is still similar to the current one that was rebuilt after a fire destroyed it once again in 1838. The third version, however, did not have any statues of kings and was entirely closed with a roof over the court and eight Roman pillars in the front. It was built by an architect named Sir William Tite, who won a competition for the best plan to rebuild the Royal Exchange. 

The new building was nearly destroyed a third time in World War II during the Blitz, and trade was suspended during the war, leaving the building vacant for decades. When it reopened, it was briefly used as a theater, then as offices for traders before becoming what it is today--a luxury shopping location, sometimes considered the first shopping mall in London.

Sources:
César de Saussure. A Foreign View of England in the Reigns of George I and George II. London: J. Murray, 1902.
The Royal Exchange