Lloyd's Coffee House facts for kids
Lloyd's Coffee House was a very important meeting place in London during the 1600s and 1700s. It was a special kind of coffee house where people gathered to talk business.
Edward Lloyd opened this coffee house in 1686 on Tower Street. It quickly became a popular spot for sailors, merchants, and shipowners. Edward Lloyd made sure to provide them with the latest shipping news.
People from the shipping world came here to discuss important things. They talked about insurance for ships, how to buy and sell ships (called shipbroking), and trade with other countries. These discussions led to the creation of famous organizations like Lloyd's of London (for insurance) and Lloyd's Register (for ship safety).
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Moving to a New Location
In December 1691, the coffee house moved to Lombard Street. Edward Lloyd added a special pulpit in the new building. From this pulpit, he would announce prices for ships being sold and important shipping news.
They also held special sales called candle auctions here. In these auctions, a candle was lit, and bids were accepted only while the candle burned. Once the flame went out, the last bid won. Often, whole ships were sold this way!
Edward Lloyd also tried publishing a newspaper called Lloyd's News from 1696 to 1697. This paper shared shipping schedules and details about insurance deals made at the coffee house.
Changes Over Time
Edward Lloyd passed away in 1713. He left the coffee house to his head waiter, William Newton. William then married Edward's daughter, Handy. Sadly, William died the next year, and Handy passed away in 1720.
The coffee house then went to Handy's husband, Samuel Sheppard. After Samuel died in 1727, his sister Elizabeth and her husband, Thomas Jemson, took over. In 1734, Thomas Jemson started a new newspaper, Lloyd's List. It was similar to the old Lloyd's News.
Merchants kept meeting at Lloyd's Coffee House to discuss insurance until 1774. At that point, the people involved in the insurance business decided to form a committee. They moved to the Royal Exchange on Cornhill. This group became known as the Society of Lloyd's.
What Remains Today
The original front of Lloyd's Coffee House from the 1600s is now owned by Lloyd's of London. In 2011, it was put on display at the National Maritime Museum.
You can also find a blue plaque on Lombard Street. This plaque marks the spot where the second coffee house location stood. Today, a supermarket is there at ground level. The coffee house was even featured in a 1936 movie called Lloyd's of London.
Organizations Named After Lloyd's
Many important organizations are named after Lloyd's Coffee House because of its history. Here are a few examples:
- Lloyd's List and Lloyd's List Intelligence: These provide news about shipping.
- Lloyd's of London: This is a famous insurance market.
- Lloyd's Register: This group helps with safety and quality for ships and other industries.
- Hapag-Lloyd: A large transportation company in Germany.
- Norddeutscher Lloyd: A shipping company from Germany.
It's interesting to note that Lloyds Bank is NOT named after the coffee house. That bank was started by Sampson Lloyd in Birmingham.
