It is the oldest and best-known event at the annual Henley Royal Regatta on the River Thames at Henley-on-Thames in England.

The Stewards resolved that a silver cup, for which they incurred 100 guineas,[n 1] was to be competed for annually by amateur crews in eight-oared boats.

The cup has since been competed for annually save for the years affected by the two World Wars and the COVID-19 pandemic.

The eligibility rules have varied over the years, but the premise that the cup has always been open to all established crews has remained at its core.

This new cup continues to be used as the trophy presented to the winning crew for lifting and photographs on finals day, with medals as in all other events being awarded permanently to winners.