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 and it was the largest textile centre outside Exeter until about 1600. Its wool trade was further aided by the town's port, from which in 1588 five ships were contributed to the force sent to fight the Spanish Armada. Barnstaple was one of the "privileged ports" of the Spanish Company, (established 1577) whose armorials are visible on two of the mural monuments to 17th century merchants in St Peter's Church, and on the decorated plaster ceiling of the former "Golden Lion Inn", 62 Boutport Street (now a restaurant next to the Royal and Fortescue Hotel). The developing trade with America