The obelisk was erected here in 1886 and commemorates the restoration of Portuguese Independence from Spain in 1640. Portugal had been under Spanish administration for sixty years when the Portuguese nobility started a revolt on December 1, 1640.
The revolt triggered the Restoration War - a twenty-eight year war between Spain and Portugal - that ended with the Treaty of Lisbon, in which Spain recognized the sovereignty of Portugal.
The thirty meter (98 ft) tall monument was designed by artist and architect António Tomás da Fonseca, who would later become director of the Museum of Ancient Arts. The bronze statues decorating the monument were created by sculptors Simões de Almeida and Alberto Nunes. The statue on the south side of the monument represents Liberty, the one on the other side represents Victory. Dates inscribed on the monument recall the decisive battles of the Restoration War.