Its actual purpose is unknown, but the most probable scenario is that it formed a monumental gate where the vicus Jugarius entered the Forum Boarium.
As the dedicatory inscription says, it was commissioned not by the state or emperor, but by the local money-changers (argentarii) and merchants (negotiantes), in honour of Septimius Severus and his family.
The panels lining the passage present two sacrificial scenes — on the right (east), Septimius Severus, Julia Domna and Geta, and on the left (west) side Caracalla with his wife Fulvia Plautilla and father-in-law Gaius Fulvius Plautianus.
These sacrificial scenes gave rise to the popular but incorrect saying about the arch that Tra la vacca e il toro, troverai un gran tesoro.
The external decoration of the pillars includes soldiers, barbarian prisoners, military banners (with busts of the imperial family) and a now-damaged figure in a short tunic.