As the “Penny Universities” (aka coffee houses) began to flourish across England, they naturally separated into different clientele — usually defined by political attitudes, occupation or interests. Hence one particular coffee house might be the gathering place for Tories while another attracted Whigs; merchants and traders would meet in another establishment; while authors and poets would frequent their own particular “Penny University”. This concentrated and accelerated the intellect within a particular discipline, but at the same time, you could also hear the latest news and ideas on any topic by going to that particular coffee house.
Merchants began to use coffee houses as their trading posts, with sugar, coffee, timber, spices, and tea all being traded in their own specific coffee establishments. And several impressive British institutions have their origins in a humble cafe. The London Stock Exchange began in 1698 in Jonathan’s Coffee House, where businessmen were meeting to set stock prices. Auctions held in salerooms adjacent to coffee houses were the forerunner of today’s famous Sotheby’s and Christies auction houses. And Lloyd's Coffee House — which was focused on the marine sector — began underwriting marine insurance, expanding into the $100+ billion Lloyd's Insurance Society which exists today.
