 Further, though the monarch does not form a part of the constitutions of Prince Edward Island's honours, they do stem from the Crown as the "fount of honour", and so bear on the insignia symbols of the sovereign.What is today Prince Edward Island was discovered and claimed by John Cabot for King Henry VII, though it was later, in 1523, also claimed by Giovanni da Verrazzano for King Francis I, putting "Île Saint-Jean", as Verrazzno called it, under the sovereignty of the French Crown until 1758.In that year, the French settlement of Louisbourg (in present-day Nova Scotia) fell to the British Royal Navy and, with the 1762 Treaty of Fontainbleau, sovereignty over the island was officially transferred by King Louis XV to King George III.