The obelisk was discovered during excavation of the area. Pope Alexander VII had a strong hand in the design of this monument and his wish was to conveys the idea that "it requires robust intelligence to uphold solid wisdom".

Over a century earlier, Pope Leo X had a beloved pet elephant known as Hanno or Annone. Experts deny a connection of Hanno with this monument. However, Hanno was celebrated in Rome. He was buried in the Cortile del Belvedere in the Vatican and Raphael was commanded to create a large fresco in his memory (lost).