Coal Exchange (London)

The London Coal Exchange was situated on the north side of Thames Street in the City of London, nearly opposite to Old Billingsgate Market, occupying three different structures from 1770 to 1962. The original coal exchange opened in 1770. A second building from 1805 was replaced by a new purpose-built structure constructed from 1847 to 1849, and opened by Prince Albert on 30 October 1849. This third London coal exchange was one of the first substantial buildings constructed from cast iron, built several years before the hall at the Great Exhibition. It was demolished in 1962 to allow widening of what is now Lower Thames Street despite a campaign by the Victorian Society to save the building. Cast iron decorations from the 1849 Coal Exchange building were selected as the model for the dragon boundary mark for the main entrances to the City of London.

Coal had been imported to London by sea since at least medieval times. A coal exchange was established in 1770 on Thames Street in the City of London, near the site of Smart's Quay and close to Billingsgate Market; the main trades at Billingsgate Dock were fish and coal. The market was established by the main coal merchants as a private body to regulate the trade of coal in the capital, and was controlled by private coal merchant until the old Coal Exchange was bought by the Corporation of London in 1807. A new building had been built in 1805, with a recessed classical portico supported by small Doric pillars and triangular pediment above, with stone steps leading to a quadrangle within. Under the control of the City Corporation, the Coal Exchange became a free and open market, regulated by various Acts of Parliament, including Acts in 1831, 1838 and 1845.

At this period, London was heated almost entirely by coal. By 1848, approximately 3.5 million tons of coal was being transported each year from the coalfields in Northumberland and Durham to London, with over 12,000 shiploads carried on nearly 3,000 vessels. The coal trade was also an important source of tax revenue for the city. The duty on coal funded Wren's rebuilding of more than 50 city churches and St Paul's Cathedral after the Great Fire of London in 1666, and also funded for other building works in the metropolis, such as the Thames Embankment.

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