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The fair was founded at Smithfield by Rahere, founder of the Priory and Hospice dedicated to St Bartholomew. Following a royal charter of 1133 the Priory received the tolls of the cloth fair, held annually for three days from the eve of St Bartholomew's Day. The Corporation of London held a cattle fair at the same time and constantly disputed the rights to tolls. In 1445 the City became joint Lords of the Fair, taking full control from 1604. In the seventeenth century the fair became more important as a centre of general entertainment than a cloth fair, and there were numerous booths offering different attractions. The City authorities, however, increasingly saw the fair as encouraging public disorder, and the fair was suppressed in 1855. It was replaced in 1866 by Smithfield Market.
A Court of Piepowders was organised by the local government of an area specifically to handle cases arising from events at a fair; such as disputes between merchants, thefts, and acts of violence.