[6] In 1860, a parliamentary resolution was passed dedicating funds for the creation of a statue and fountain as the centrepiece for the new gated central park in honour of Sir John Franklin.

The Governor and Mrs. Browne each planted an oak, with His Excellency noting, "As loyalty is deeply rooted in Tasmania's people, may these trees flourish as a symbol of our enduring allegiance to the Sovereign".

To honour the 50th year of the occasion, Tasmanian Premier William Propsting installed a memorial plaque at the trees on November 9, 1903, His Majesty King Edward VII's birthday.

[8] The threat of an Axis power invasion was heightened during the Second World War, first following the German auxiliary cruiser Pinguin laying two minefields in Storm Bay between 31 October and 1 November 1939,[9] and a Japanese reconnaissance flight recorded over Hobart[10] during the same period as the Bombing of Darwin in 1942.

[11][12][13] In 2015, Franklin Square was closed for significant upgrades including the hydraulic and electrical systems for the centrepiece fountain, renovations on the Elizabeth Street restrooms, newly established garden beds, retaining walls, improved pathway access and the relocation of the giant chess board.

[14][15] Franklin Square has long been utilised as a place for peaceful public protest for causes such as worker's rights,[16] pro-Tibet demonstrations[17] and government regulations surrounding genetically modified crops.

In 2015, the City of Hobart invested $100,000 into the development, construction and installation of a new interactive artwork entitled Two Islands by sculptor and sound artist Nigel Helyer.

Completed in 2017, Helyer was assisted and consulted by Tasmanian Aboriginal canoe-maker Tony Brown to create the sculpture utilising timber, steel, lighting and sound technology.

[27] Constructed from sandstone with ornate ironwork, the wishing well was opened by Lord Mayor Archibald Park on 30 November 1955 to commemorate 21 years of community service provided by the APEX Club of Hobart.

Crowther, a surgeon and former Premier of Tasmania is primarily known for his actions surrounding the theft, decapitation and mutilation of the body of the last full-blooded Tasmanian Aboriginal man, William Lanne in 1869.

[29] Another artwork, entitled Breathing Space by Northern Tasmanian Aboriginal artist Julie Gough saw the statue covered with a large black crate.

[33] Legal challenges followed the 2022 council vote, including an appeal to the Tasmanian Civil and Administrative Tribunal (TCAT) by former Hobart councillor Jeff Briscoe and two others.

[37] Although discussion surrounding the fate of the fence had begun following the removal of its gates in the 1930s, the topic caused a political stir when the Tasmanian Government offered to take over the square entirely during its transformation into an air raid shelter during the Second World War.