The plaza emerged in 1559 and was originally called Plaza Nueva (New Square). It was built as a popular alternative to Plaza de Armas, the military and government main center, the name changed when another important square emerged in town, the Plaza del Santo Cristo.

In the eighteenth century the square was turned into a popular market, and was called Plaza del Mercado (Market Square) as Havana's commercial hub. In 1814 with the birth of the Mercado Nuevo (new market) in the Plaza del Cristo, the Old Square was renamed to differentiate it. The square has also been identified by other names such as Plaza Real, Mayor, Mercado, Fernando VII, Plaza of the Constitution, Park Juan Bruno Zaya and Park Julian Grimau.

In 1851 members of the defeated filibustering Lopez Expedition were executed in the square.

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