Historically, the town's economic foundation was the cloth trade. This is reflected in the person of the 16th-century cloth magnate, Jack of Newbury, the proprietor of what may well have been the first factory in England, and the later tale of the Newbury Coat. The latter was the outcome of a bet as to whether a gentleman's suit could be produced by the end of the day from wool taken from a sheep's back at the beginning. The local legend was later immortalized in a humorous novel by Elizabethan writer Thomas Deloney.