"Cheap" might suggest that Cheapside was a poor and run-down part of the city but it definitely was not. As you see from the above Streetmap, it is in the heart of the city and runs from St Pauls Cathedral to the Bank of England (which was created in Pepys' lifetime).
"Chepe" is an Old English word for market and for centuries this was one of the largest markets in London. In the 17th century it was the most important location for goldsmiths and jewellers.
If you visit the Museum of London http://www.museum-london.org.uk/
you will see the "Cheapside Hoard" http://www.ladysmaidjewels.com/Articles/cheapsi...
which is a rich collection of jewellery that was buried in Cheapside in about 1640 and never recovered. Pepys must have walked over it many times without knowing it was there, but it would certainly have ended his money troubles if he had ever found it!
View of Cheapside 1660.
Milton's birthplace and much more interesting info see…
Cheapside is a broad E-W Street on this map.
Chart showing the number of references in each month of the diary’s entries.