I've been doing the amateur historian bit and found some more interesting clues to the history of the pub.
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During the English Civil War (1642 - 1651) Oxford became the Royalist capital of England. Charles I set up home at Christ Church, his wife Henrietta Maria kept court at the neighbouring Merton College and the Eagle and Child Tavern in St Giles served as the Exchequer.
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The building has been a pub since 1650, which suggests that rather than the Exchequer being set up
in the pub, the Exchequer eventually became a pub.
As to why it is named The Eagle & Child, I have found the following from a history of the Earls of Derby and the Stanley family, whose emblem this is:
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William Stanley (1561-1642). William married Elizabeth de Vere daughter of Edward de Vere, 17th Earl of Oxford (1550-1604). Their son James Stanley (1607-1651) succeeded to the earldom on his father's death. James was a staunch Royalist. In 1643 he moved to the Isle of Man and established it as a Royalist stronghold. He was beheaded by the Parliament forces. His wife was Charlotte de la Trémouille (?-1663) daughter of Claude de la Trémoille, Duc de Thouars, is known as the heroine who defended Lathom House in 1644 and the Isle of Man in 1651.
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So, the building may have come into the family upon marriage in the late 1500s, and then been used as the Exchequer during the Civil War. There may have been a family crest on the building depicting an Eagle and Child, hence the name when it became a pub! Why waste a relatively new crest (as it would have been, judging by the dates above) when it could make a serviceable pub sign?
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Please note that the entire sum of my great experience in British pubs amounts only to two weeks (by no means continuous), so I suspect that others of you across the pond could speak with greater experience.
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Bethberry - my answer to that one is "oh yes!". It sounds like my kind of place in your description; funnily enough I do not drink (well, not to get drunk anyway) but this does sound the ideal place to sit with a beer or two for a few hours. I am just waiting to hear what it will be like after the recent 'renovation'.
I always think of Frodo and Sam being plucked from the slopes of Mount Doom when I think of Eagle & Child.