The Guildhall, also known as the Buttercross or Chamber Over the Cross, was built to commemorate the restoration of the monarchy and was paid for by public subscription. It was built by local builder John Lovin, who was partly paid by the minting of an octagonal Peterborough halfpenny.
Many local influential families subscribed to the building of the Guildhall and several coats of arms can be seen on the side of the building. Peterborough Museum houses a turtle shell decorated with the arms of Sir Humphrey Orme, MP and owner of Neville Place (the site of the present museum). It is said that Sir Humphrey supplied the turtle for soup eaten to celebrate its completion.