The street traces its history back to Axel Ulstrup's New Copenhagen masterplan which recommended a regulation of the coastline north of the city, between Bremerholm and the Custom House which had been built in 1630.
When Frederiksstaden was founded in 1750, Ny Toldbodgade came to mark the boundary between the busy life in the port and the elegant new residential district with its Rococo mansions.
In 1755, due to the risk of fires, it was decided to relocate the lumberyards which had previously dominated the area along the water to Greenland, an undeveloped site adjacent to Nyboder, but the quay remained a very active part of the port.
It depicts the king flanked by Neptune and Mercury, the Roman Gods of seafaring and trade, holding a double edged trident and Caduceus respectively.
Toldbodgade is centrally located between some of Copenhagen's most popular visitor attractions, including Nyhavn to the south, Amalienborg Palace and the design museum to the west and the Citadel and Langelinie with The Little Mermaid, although most pedestrians opt for the waterfront promenade along Larsens Plads.