Tontine Coffee House
| Company type | Private |
|---|---|
| Industry | Coffeehouse, Stock trading |
| Founded | 1793 |
| Fate | Repurposed into tavern in 1826; demolished in 1855 |
| Headquarters | Manhattan, New York City , United States |
| Products | Coffee, meeting space, stock trading venue |
The Tontine Coffee House was a significant coffee establishment located in Manhattan, New York City, founded in early 1793 at 82 Wall Street, situated at the northwest corner of Water Street. Constructed by a group of stockbrokers, it became a central venue for trading activities and communication. The enterprise was structured as a tontine, an investment scheme financed through the sale of 203 shares priced at £200 each.
The inception of the Buttonwood Agreement on May 17, 1792, which committed its signatories to trade exclusively among themselves, created the foundation for a collective of traders. This agreement played a pivotal role in shaping the business framework and market presence of the Tontine Coffee House.
History
During its height, the Tontine stood as one of the most active centers in New York City for stock exchange, commercial negotiations, and political affairs. Serving as both a club and meeting space, it hosted auctions, formal dinners, and social dances. Informal securities transactions and gambling frequently occurred after official hours. Additionally, the coffeehouse functioned as a registration point for ship cargo and activities related to slave trading. Known for its inclusive atmosphere, it drew participants from diverse social levels involved in civic and economic matters. English visitor John Lambert noted in 1807 that the venue was alive with underwriters, brokers, merchants, traders, and politicians engaged in buying, selling, insuring, and auctioning commodities.
The Tontine was also a hotspot for political unrest and clashes. In the aftermath of the French Revolution, daily altercations broke out between supporters of Britain and advocates of France. On one occasion, revolutionaries aligned with France and members of Tammany Hall placed a French Liberty Cap atop the building’s roof—a move applauded by pro-Jacobin press urging the owners to maintain it. Regular disputes between Whigs and Tories further marked its environment. By late 1793, these political rifts had begun to limit social interactions within the coffeehouse.
Trading activities at the Tontine persisted until 1817. The growth in trading volume necessitated creating the New York Stock and Exchange Board (NYSEB), which required more spacious accommodations. This organization is acknowledged as the forerunner of today’s New York Stock Exchange, recognized as the largest stock market worldwide. The Tontine was repurposed into a tavern in 1826 and subsequently transformed into a hotel by 1832. It survived the Great Fire of 1835 but was ultimately demolished in 1855 to allow construction of a larger structure, which itself was dismantled in 1905.
Notes
- Hewitt, Robert (Jr.) (1872). Coffee: Its History, Cultivation, and Uses. New York: D. Appleton and Company.
External links
- 1793 establishments in New York (state)
- American companies established in 1793
- Buildings and structures demolished in 1855
- Coffeehouses and cafés in Manhattan
- 1826 disestablishments in New York (state)
- Companies disestablished in 1826
- Demolished buildings and structures in Manhattan
- Financial District, Manhattan
- New York Stock Exchange
- Restaurants established in 1793
- Wall Street
- Companies of the United States by year of establishment