In the 1340s the merchants of the town claimed that the rights of a free borough had been granted to them by King Athelstan in a lost charter. Although this was challenged from time to time by subsequent lords of the manor, it still allowed the merchants an unusual degree of self-government. The town’s wealth in the Middle Ages was founded on its being a staple port licensed to export wool. It had an early merchant guild, known as the Guild of St. Nicholas. In the early 14th century it was the third richest town in Devon, behind Exeter and Plymouth, and it was the largest textile centre outside Exeter until about 1600. Its wool trade was further aided by the town’s port, from which in 1588 five ships were contributed to the force sent to fight the Spanish Armada. Barnstaple was one of the “privileged ports” of the Spanish Company, (established 1577) whose armorials are visible on two of the mural monuments to 17th century merchants[b] in St Peter’s Church, and on the decorated plaster ceiling of the former “Golden Lion Inn”, 62 Boutport Street (now a restaurant next to the Royal and Fortescue Hotel).[c] The developing trade with America in the 16th and 17th centuries greatly benefited the town. The wealthy merchants that this trade created built impressive town houses, some of which survive behind more recent frontages they include No. 62 Boutport Street, said to have one of the best plaster ceilings in Devon. The merchants also built several almshouses including Penrose’s, and ensured their legacy by dedicating elaborate monuments to their families inside the church.