 The square is named after the presence of the equestrian statue of King Charles XIV John (1763–1844) today placed just north of the square but originally located south of the canal, and inaugurated on 4 November 1854, the 40th anniversary of the union between Sweden and Norway and four years after the inauguration of the lock of Nils Ericson.Designed by Bengt Erland Fogelberg (1786−1854), at the time located in Italy, the sculpture was cut in Rome and cast in Munich in 1852, while the tall base was cut in Carrara to the design of the artist.The original intentions of the sculptor was to have the statue facing east, the king's command baton pointing out the obvious enemy on the opposite side of the Baltic.