The square can be found at the highest point of the historic centre of the town of Krk. Right next to the square was once the northern (upper) city gate, which at the time of ancient Rome was used as the main entrance to the city. There are three churches here - St. Francis’s, Our Lady of Health and St. Mary of the Angels, whilst there were once as many as four monasteries, of which two still exist today - the Franciscan monastery and the Benedictine monastery. This is why this part of the city is often referred to as the "Little Vatican". Archaeological excavations have uncovered traces of settlement dating back to the Iron Age when the Liburnians lived here.