Tontine Coffee House

Tontine Coffee House

The Tontine Coffee House was a significant historical establishment located in New York City during the late 18th and early 19th centuries. It played a crucial role in the development of American commerce and finance, serving as the original meeting place for traders who later formed the New York Stock Exchange.

History

The Tontine Coffee House was established in 1793, built by a group of stockbrokers to serve as a central meeting place for trade and commerce. The name "Tontine" refers to a type of investment plan used to fund the building. Each of the original 203 subscribers paid $200 for a share, which included the right to live in the building and a vote in its affairs. The last surviving member would inherit the entire property, a concept based on the tontine system.

Role in American Commerce

The Tontine Coffee House quickly became the hub of business in New York City. Merchants, ship owners, and traders gathered there to negotiate deals and trade stocks and bonds. It was here that the Buttonwood Agreement was signed in 1792, leading to the creation of the New York Stock Exchange.

Location and Architecture

The Tontine Coffee House was located at the corner of Wall and Water streets. The three-story building was designed in the Federal style, with a long balcony on the second floor and a cupola on the roof. The ground floor was used for commercial purposes, while the upper floors were residential.

Decline and Legacy

By the mid-19th century, the Tontine Coffee House had lost its prominence as the center of New York's financial district. The New York Stock Exchange had moved to a new location, and the coffee house was eventually demolished in 1856. Despite its disappearance, the Tontine Coffee House left a lasting legacy as the birthplace of the New York Stock Exchange and a symbol of the city's early commercial history.

See Also

• History of New York City
• New York Stock Exchange
• Buttonwood Agreement
• Tontine

External Links

• History of New York City
• The New York Stock Exchange: History
• Buttonwood Agreement
• Tontine