With this change, they wanted to symbolise the resolution adopted by the municipality and the Chapter of Priests and Beneficiaries after a long litigation about the control of Madrilenian pastures and trees.

Before 1986, it was situated in the east side of it, in the vicinity of the building between the Calle de Alcalá and the Carrera St. Jerónimo.

That year, it was moved to the front of Carmen Street for the square's reform and remodeling, promoted by mayor Enrique Tierno Galván.

In recent years tourists and visitors have taken up the habit of touching the bear's tail or heel, repeating the gesture that is performed in similar sculptures around the world with the thought that doing so brings good luck.

It represents in a real-life form the coat of arms of Madrid, with the tree taller than the bear, who supports its paws on the trunk and directs its attention towards one of the fruits.