The event had its inception on the Torrens Lake in 1922 as the result of a challenge between St. Peters and Adelaide High School. However St. Peters and their traditional rivals Prince Alfred have been racing for the prestigious Blackmore Shield which is to be contested only between the two schools since 1892 as part of their Intercollegiate program. When the Blackmore Shield changes hands, the Captain and Vice-Captain of Boats from the losing school present the shield to their counterparts in front of an assembly of the victorious school. Since 1923 this race has been incorporated into the Boys 1st VIII race at the Head of the River. The trophy presented to the overall winning Schoolboy 1st VIII is the Gosse Shield, which was presented by Sir John Gosse and his family as a perpetual trophy in 1932.