The Msta River was an important waterway since at least the 10th century, since it connected Novgorod with the basins of the Volga and the Northern Dvina Rivers. The settlement was first mentioned in 1495. It was granted town status in 1770 by Catherine the Great. The main occupation of the town's inhabitants was piloting ships through the rapids of the Msta River that used to be a part of an important waterway connecting Central Russia with the Baltic Sea (hence a rudder appears on the town's coat of arms granted by Catherine the Great). However, by the mid-19th century, after opening of the Volga–Baltic Waterway and the Moscow-Saint Petersburg Railway, the significance of the Msta River as a transport route has decreased.