It was instituted on 10 May 1906[1] by King Carol I to celebrate the Ruby Jubilee of 40 years of his reign.

It is the highest-ranking award among all the decorations of the Romanian Royal House and is administered by its head.

There are currently no foreign knights or dames of the order, except for members of the Romanian royal family.

At the back of the collar is the lock which is an eagle with open wings which suspends in half to wear.

At the front of the collar is the Steel Crown of Romania from which the badge of the order hangs.