The school traces its origin to 1056, when a school was established in Skálholt, and it remains one of the oldest institutions in Iceland. The school was moved to Reykjavík in 1786, but poor housing conditions forced it to move again in 1805 to Bessastaðir near Reykjavík. In 1846 the school was moved to its current location, and a new building was erected for it in Reykjavík. This was the largest building in the country at the time and can be seen on the 500 Icelandic krona bill. It was used initially when Althing began to meet again in Reykjavík after a few years hiatus and thus it is in this building where Icelandic independence leader Jón Sigurðsson led the MPs in their famous phrase, "Vér mótmælum allir".