This small inn standing at the main gate to the Hungerford Port Down Common, started life as one of the many beer retailers in the early 1800s. Indeed  it held a licence restricted to the sale of beer only until 1949, when it became a beer and wine house until 1958, when a full licence was granted.

The Poor Rate Book of 1836 shows a Thomas Washbourne was the tenant of William Mellis in a "house, garden and malthouse in Cow Lane". This is probably (but not confirmed as) the first record of this property.

The earliest known record is in the 1841 census when  William Pontin is recorded as innkeeper in Cow Lane (later renamed Park Street).

1851 (CS) William Pontin (69), Beershop keeper; Lydia Pontin (62).

William Pontin's name recurs in several directories, including the 1854 Billing, when he is beer retailer at the "Spotted Cow" in Cow Lane. The last entry in his name is the 1864 Billing Directory.

By the 1871 Census  it had been re-named the "Royal Exchange", and William Dyke (ex The Plough and Red Lion!) was publican.

In the 1877 Kelly Thomas Jessett was a beer retailer in Park Street, and his widow Mrs Anne Jessett in 1895. The 1900 Cosburn confirms that this was at the Royal Exchange, and her name is recorded in the 1911 and 1915 Kelly.

An Abstract of Title for the property, dated 1893, refers to the "Royal Exchange" as "a beer house formerly called the Spotted Cow". The tenant at the time was Thomas George Jessett, who is recorded in the 1924 and 1928 Kelly Directories as a beer retailer in Park Street .

In 1925 Messrs Ushers acquired the pub and from the time Mrs Jessett left, a manager called Cook was installed until 1934, when the licence was taken by George Robinson. The rent was £8 per annum. George Robinson is recorded as licensee in the 1935 Kelly.

The Downgate, Aug 2001

Royal Exchange, c1910

Royal Exchange, 1936

Royal Exchange, 1944