Richard Wallace was a silversmith and jeweller in Limerick city from at least 1832 until 1841, when he had a partnership with H Smith. On June 1, 1841, Wallace opened his new store at 125 George Street (O’Connell Street) where he had an observatory built into the top of his house. Richard Wallace married Bridget Bunton in 1829, and they had thirteen children: Anastasia, Anne, Bridget, Mary Jane, Alfred, George, Timothy, Richard, William, John Henry, Selina, James and Octavius.