It was erected in memory of Captain William Lewis Herndon, who died during the sinking of his ship, SS Central America, on September 12, 1857 while helping to evacuate passengers and crew.

[1] On the monument's base, facing the Naval Academy Chapel, is a plaque:[2] Commander William Lewis Herndon 1818-1857 Naval Officer - Explorer - Merchant Captain In command of the Central America, home-bound with California gold seekers, Captain Herndon lost his life in a gallant effort to save ship and lives during a cyclone off Hatteras, September 12, 1857.

[2] Central America′s ship's bell — discovered in her wreck in 1988 and donated to the Naval Academy as a gift in August 2021 — was positioned next to the monument and was dedicated in a ceremony on May 23, 2022.

It is a Naval Academy tradition that the midshipman who replaces the dixie cup hat will be given the Superintendent's combination cover or shoulder boards.

[11] Vice Adm. Fowler ordered the Brigade of Midshipmen not to slather the monument with lard "to improve the safety of the event".