As the clay for the rapidly expanding settlement began to be sourced from newer brickfields along Glen Dhu Rivulet to the southwest, the vacant pit saw use as a temporary rubbish dump for residents of the area until 1843 when it was acquired for use as a parade ground for soldiers stationed in Launceston.

Two years later in 1853 when Launceston was granted status as a municipality and Reverend John West and the Anti-Transportation League ended convict transportation to Van Diemen's Land, a great congregation was held in the square to announce the declaration.

With the growing sense of civic pride that followed, the Municipal Council set about transforming the square into a grand and stately place aimed at the gentry of the city.

In 1868, the Duke of Edinburgh visited Launceston where he planted two Oak trees and a massive celebration was held in the Square featuring a choir, candlelight and background illumination from the city's new town gas supply.

The design of the fountain was the work of the distinguished French artist M.Lienard with the 4 main base statues depicting Neptune, Galatea, Amphitrite and Acis being sculpted by M.Moreau.

Whilst the legend is not supported by historians and defies historic records of purchase, the myth itself was likely based around an article in a local newspaper whereby the 'Cornwall Chronicle' of 26 February 1859 pointed out the low price of around 40-50 pounds that the council reported having spent which seemed to go against what would have been expected for a fountain of its stature.