It is believed the square was founded around 1193, when a borough charter was granted to the town, allowing it to hold a market.

[1] Lancaster City Museum stands on the western side of the square, in the building formerly occupied by Lancaster Town Hall, which moved to Dalton Square in 1910.

[2] Lancaster Central Library adjoins the museum building in the northwestern corner of the square.

Two arcades (a colloquial name for a alleyway or ginnel) open out on the square from the south.

Bonnie Prince Charlie was proclaimed regent in the square by the Jacobite Army on 24 November 1745.