It was erected in 1859 as a way of celebrating the marriage of Queen Victoria's eldest daughter, the Princess Victoria, to Crown Prince Frederick of Prussia, which had taken place in the previous year.

The story of how this was achieved makes most interesting reading, especially as not everyone supported the project and the choice of Horse Fair as the location meant that sites of original crosses were not given serious consideration.

Some writers have been of the opinion that there was an earlier cross in Horse Fair. However, much hinges on the interpretation of the setting 'fayre streete', the phrase used by Leyland in his description of the original Cross in the 16th century.

Banbury's 19th century historian Alfred Beesley supported this location but later research argues that the street referred to was Bridge Street and not Horse Fair and therefore the location of the Market or High Cross was in Cornhill. Was this the monument visited by the lady on the white horse, whoever she might have been and of whatever age?

Before the task of creating an appropriate cross became a live issue the focus was very much on more ephemeral celebrations in the shape of a ball at the Central Corn Exchange in Market Place (now HSBC Bank).

Tickets for this event were limited to 500 and those people who bought them had to provide their own carriages. Funds to make the occasion possible were made available by a relatively small number of potential patrons such as the mayor, who donated £30.

The idea of a grand ball was clearly anathema to certain people and a letter soon appeared in the Banbury Guardian signed by 'an inhabitant'.
He or she wanted a less formal occasion in the town hall where it was suggested a band from Neithrop could play old English country dances interspersed with polkas. Interestingly another possible venue was the rival Corn Exchange in Cornhill.

In February 1858 the question of a more permanent memorial arose and opinions fluctuated between a drinking fountain and a combined cross and conduit. It was the view of the Banbury Guardian editor that the latter had the greater amount of public support. However, an organising committee was open to professional advice and in any case there was always the issue of cost. By early February 1858, £160 had been subscribed.

In an attempt to bolster funds the organising committee arranged a photographic exhibition to be held in the town hall under the patronage of Lord Saye and Sale, High Steward of Banbury.

The pictures came from the Manchester Mechanics Institute and embraced topics such as images of ancient Egypt as well as Swiss views. Also on display were suggested designs for the Banbury Cross Memorial. Sadly the occasion was not well supported and in any case by March 1859 an amended design had been put forward and accepted so that Mr Cowley of Oxford was clear about what he had to build under the supervision of Mr Gibbs the architect.

The notion of a fountain was not entirely forgotten and it was suggested that the best location would be the site of an earlier town hall at the west end of Market Place. This had the advantage of providing a water recess in the event of a fire in that part of Banbury.

Money for the cross was still a major issue. In the words of the Banbury Guardian, the committee hoped many more people would "favour them with their aid in carrying out a work of such admitted ornament to the locality and historical association of the good old town of Banbury". Readers were reminded that subscriptions could be forwarded to the Gilletts Bank or the Bucks and Oxon Bank.

By October 1859 the sum of £286 18s 0d (£286.90) had been received; £228 4s 10d (£228.24) was paid out and there were still outstanding bills to do with the builder's contract – £108 6s 8d (£108.33) – and £60 due to the architect to cover the cost of carving. At this point further donations came in from the Marquis of Northampton and Sir Charles Douglas MP.

The overall project was not without its humorous side. On July 16 that year the wonderful satirical magazine Punch responded to remarks about incorporation of the coats of arms of distinguished personages, it suggested that any so-called rich ornaments should take the appearance of Banbury Cakes.

As far as statues to accompany Queen Victoria were concerned the magazine proposed that these should represent an elderly female on a horse and a ten-year-old child on a cockhorse modified to look like a Pegasus. Cheerfully and cynically Punch hoped that the Cross would rank high among national monuments.

The erection of a cross in 1859 was of particular interest as no-one alive at the time would have seen any of the original monuments in place. Its very appearance in Horse Fair must have attracted a deal of attention even if some people would have rather had a drinking fountain.

In a contemporary guidebook, A Stranger's Guide – the second edition of which was published in the 1860s – the author makes much of the decorative features and the gap in time since the destruction of the earlier crosses. A lithographic print produced in 1860 captures the spirit of the occasion and shows people gazing at and pointing to it (see one of today's illustrations). Those who wanted their own copy of this print had the choice of a tinted form at 7/6 (37½p) or a plain version at 5/6 (27½p).

In the years following the erection of the 1859 Cross, notable occasions such as Queen Victoria's Jubilees (1887 and 1897) and the end of the First World War have been characterised by gatherings at the Cross which have included the lady.

This Sunday will be no exception and the hope is that the people of Banbury will support the mayor in her celebration of the 150th anniversary of our town's greatest icon.

MONUMENTAL DAY: The opening of the present Banbury Cross in October 1859