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As with many other chapels in the city, its origin may have been in a simple structure to give shelter to a street cross, the work of the neighbors themselves, possibly in the 18th century. However, its foundation is linked to the guild of silversmiths, and was promoted to house the devotional cross of their brotherhood.

The cross, made of silver sheets on a wooden core, combines vegetal and geometric decorations with other plain surfaces.

Formerly it was also known as the Chapel of the Bridge, since it is located on the edge of the now gone Chamarta Ravine, next to the bridge of San Juan, which used to cross it.