Sir Thomas Gresham

An English banker, financier and founder of the Royal Exchange, Sir Thomas Gresham significantly contributed to establishment of London as a world financial center.

Born in a merchant family, Gresham was at the age of 17 apprenticed to his uncle John in the House of Gresham to learn the textile trade. Since the family had business interests in Paris and Netherlands, Thomas spent some time between 1535 and 1547 in Paris where he improved his French and became familiar with functioning of family business. He also attended Gray’s Inn, a law college, where he became acquainted with the legal side of the business. In 1543 he completed his apprenticeship and was allowed to trade on his own account. Since he was already known for his business operations, soon he was entrusted with small government commissions abroad. From 1546 he was put in charge of all of family’s trade business in Netherlands which in the meantime expanded from textiles to tapestries, armor, and weapons. Under his management the House of Gresham had secured the leading position in Anglo-Netherlands commerce within five years.

From 1551 Gresham was employed as royal agent for the English crown in charge for managing the national debt. Through fees from the Crown and his personal business, he accumulated a substantial sum of money. In 1559 he was knighted by the Queen Elisabeth for his services to the Crown. In 1560 he helped reform the English coinage system, and by 1565 he reduced England’s debt abroad from £336,113, to only £20,000.

He is credited for establishment of an exchange in London, at first called the “Bourse”, which eventually became the Royal Exchange and the center of the city’s commerce. This institution contributed to the development of London in one of the leading financial centers in the world.

The last years of his life Gresham spent living lavishly at his new London residence, Gresham House where he died in 1579.