Barnstaple in the 16th and 17th centuries greatly benefited the town. The wealthy merchants that this trade created built impressive town houses, some of which survive behind more recent frontages—they include No. 62 Boutport Street, said to have one of the best plaster ceilings in Devon. The merchants also built several almshouses including Penrose's, and ensured their legacy by dedicating elaborate monuments to their families inside the church. By the 18th century, Barnstaple had ceased to be a woollen manufacturing town, which was replaced by Irish wool and yarn, for which it was the main landing place; the raw materials were
Barnstaple Bay. The name is first recorded in the 10th century and is believed to derive from the Old English "bearde", meaning "battle-axe", and "stapol", meaning "pillar", referring to a post or pillar set up to mark a religious or administrative meeting place. The belief that the name derives from "staple" meaning "market", indicating that there was a market here from the foundation of the settlement, is incorrect, because the use of "staple" in that sense is not recorded in England before 1423. Barnstaple was formerly referred to as "Barum", from a contraction of the Latin form of the name (ad