The trophy was donated by the Scottish tea magnate Thomas Lipton for a tournament between the two countries either side of the Río de La Plata with the condition that the teams be made up of only native born players.

The trophy (the oldest international cup exhibited at the Argentine Association headquarters) was sculpted by English goldsmiths Flokington from Regent Street.

The decade of 1910 is considered "the golden age" of the competition, due to Argentina and Uruguay were the predominant teams in South America by then and the Copa Lipton was the most important competition for both sides.

[1] The Copa Lipton has been contested 29 times in total, with Argentina the winners on 18 occasions and Uruguay on 11.

In the event of a draw, the cup was traditionally awarded to the away team and the date and rules of the next tournament were set by the holders.