The mountain is primarily of historical importance, since it is where Annaberg's silver ore mining began.

On 28 October 1491, Caspar Nietzel came across a vein of silver ore not far from the Frohnau Upper Mill.

As a result, in 1496, on the opposite bank of the river Sehma, the new town of Neustadt am Schreckenberg grew up, which soon received the name Sankt Annaberg ("Saint Anna's Mountain").

Between 1854 and 1856 a Romantic-style castle ruin was built on the Schreckenberg, which still dominates the view of the mountain today.

The castle tower with the remains of ruins indicated was financed from the private funds of wealthy Annaberg townsfolk and by the local company Eisenstuck & Co and was built by the unemployed workers and journeymen.