Old Change

Old Change

South out of Cheapside, at No. 10, to Knightrider Street (P.O. Directory). In Farringdon Ward Within, Bread Street and Castle Baynard Wards.

First mention: "Old Change," 1293–4 (Ct. H.W. I. 111).

Other names and forms: "la Chaunge," 1297–8 (ib. 132). "la Eldechaunge," 1316–7 (ib. 271). "King's Road of la Eldechaunge," 1378 (ib. II. 201). "Veteri Escambio," 1363 (Cal. P.R. Ed. III. 1361–4, p. 412). "Oldechaunge Street," 9 Rich. II. (Anc. Deeds, C. 2802). "le Oldechaunge," 1389 (ib. C. 3055, and Ct. H.W. II. 276). "High Street of Oldechaunge," 1420–1 (Ct. H.W. II. 424). "The Old Exchange" (S. 325).

So called of the Kinges Exchange there kept, which was for the receit of Bullion to be coyned (S. 325).

Exchange situated about the middle of the street (ib.).

Old Change, a considerable str. betn Cheapside (near the Conduit) N. and Old fish str S. L. 260 Yds, and from PC. E. 130 Yds. Stow says this str. was so called, for that so many Goldsmiths lived here about the time of Hen. III. as also that in the time of Edw. I. and II. The Kings Exchange (or Mint) was here kept. And in the 9th, of King John, there were also Mints at Winchester, Exeter, Chichester, Canterbury, Rochester, Ipswich, Norwich, Linn, Lincoln, York, Carlisle, Northampton, Oxford, St. Edmondsbury, and Durham; and King Edw. I. in the 27th of his Reign, held a Parliament at Stepney (then called Sebunheth) in the House of Henry Wallis, Mayor of London, wherein the Exportation of Sterling Money was Prohibited.

[The Old Change]

The Goldsmiths kept their Shops and Trade here in West Cheape, from antient times, even before the Days of King Edward III. unto our Times. And the Exchange for the King's Coin was not far off; the Place yet called the Old Change. As appears by this Record, shewing not only the Place of the Goldsmiths Habitation, but their Occupation and Business about the Coin and Plate.	Goldsmiths antiently in Cheap. J. S.
Vpon the Goldsmiths Petition, exhibited to King Edward III. and his Council in Parliament, holden at Westminster in the 1st of his Reign; shewing, "That no private Merchant nor Stranger heretofore were wont to bring into this Land any Money Coined, but Plate of Silver to exchange for our Coin. And that it had been also ordained, that all who were of the Goldsmiths Trade, were to sit in their Shops in the High Street of Cheap; and that no Silver in Plate, nor Vessel of Gold or Gold or Silver, ought to be sold in the City of London, except at or in the Exchange, or in Cheapside, among the Goldsmiths, and that publickly: To the end, that the People of the said Trade might inform themselves, whether the Seller came lawfully by such Vessel, or not. But that now of late the said Merchants, as well private as Strangers, brought from foreign Countries into this Nation, counterfeit Sterling: Whereof the Pound was not worth above sixteen Sols of the right Sterling. And of this Money none could know the true Value, but by melting it down. And also that many of the said Trade of Goldsmiths kept Shops in obscure Turnings and By-lanes and Streets; and did buy Vessels of Gold and Silver secretly, without inquiring, whether such Vessel were stolen, or lawfully come by. And immediately melting it down, did make it into Plate, and sell it to Merchants trading beyond Sea, that it might be exported. And so they made false Work of Gold and Silver; as Bracelets, Lockets, Rings, and other Jewels. In which they set Glass of divers Colours, counterfeiting right Stones; and put more Allay in the Silver than they ought. Which they sold to such as had no Skill in such Things."	Silver and Gold to be sold only in Cheap, or the Old Change.
"And that the Cutlers in their Workhouses, covered Tin with Silver, so subtilly, and with such slight, that the same could not be discerned and severed from the Tin. And by that means they sold the Tin so covered for fine Silver; to the great Damage and Deceit of the King and his People." "Whereupon the said Goldsmiths petitioned the King, that he would be pleased to apply convenient Remedy therein. And he being willing to prevent the said Evil (as the Letters Patents ran) did, by and with the Assent of the Lords Spiritual and Temporal, and the Commons of the Realm, for the common Profit, Will and Graunt for him and his Heirs, that henceforth no Merchant, either Private or Stranger, should bring into this Land any Sort of Money, but only Plate of fine Silver. Nor that any Gold or Silver wrought by Goldsmiths, or any Plate of Silver, should be sold to the Merchant to sell again, and to be carried out of the Kingdom. But should be sold at the King's said Exchange; or openly among the said Goldsmiths, for private use only. And that none that pretended to be of the same Trade should keep any Shop, but in Cheapside; that it might be seen that their Work were good and right." "And that those of the same Trade might, by Virtue of these Presents, elect honest, lawful, and sufficient Men, best skilled in the said Trade, to inquire of the Matters aforesaid. And that they so chosen, might upon due Consideration of the said Craft, reform what Defects they should find therein: And thereupon inflict due Punishment upon the Offenders; and that by the Help and Assistance of the Maior and Sheriffs, if occasion be. And that all trading Cities and Towns in England, where Goldsmiths resided, the same Ordinance be observed, as in London. And that one or two of every such City, or Town, for the rest of that Trade, should come to London, to be ascertained of their Touch of Gold; and there to have a stamp of a Puncion with a Leopards Head marked upon their Work, as of antient time it hath been ordained." These Letters Patents bore date at Westminster the 30th of March, in the 1st Year of that King.]

Old Change, extends from Cheapside to Old Fish street. Here was formerly kept the King's exchange for the receipt of bullion to be coined. Maitland