In 1858 a public meeting was held, chaired by the Mayor of Chester, to invite subscriptions to a memorial fund in the name of Matthew Henry.
This was intended to provide a statue near Chester Castle, to produce a cheap edition of Henry's commentary on the Bible, and to create a scholarship in his name at Oxford University.
The obelisk was to be erected in the churchyard of St Bridget's Church, the site being provided free of charge by the rector.
The architect was Thomas Harrison, and the sculptor of the bronze portrait medallion was Matthew Noble; both gave their services free.
St Bridget's Church was demolished in 1892, but the obelisk remained in the churchyard until the building of Chester's inner ring road in the 1960s.