In the Middle Ages the Furness peninsula was controlled by the Cistercian monks of the Abbey of St Mary of Furness, known as Furness Abbey. This was located in the 'Vale of Nightshade', now on the outskirts of the town. Originally founded for the Savigniac order, it was built on the orders of King Stephen in 1123. Soon after the abbey's foundation the monks discovered iron ore deposits, later to prove the basis for the Furness economy. These thin strata, close to the surface, were extracted through open cut workings, which were then smelted by the monks in small bloomeries (early furnaces). The proceeds from mining, along with agriculture and fisheries, meant that by the 15th century the abbey had become the second richest and most powerful Cistercian abbey in England, after Fountains Abbey in Yorkshire. The monks of Furness Abbey constructed a wooden tower on nearby Piel Island in 1212 which acted as their main trading point, it was twice invaded by the Scottish in 1316 and 1322. In 1327 King Edward III gave Furness Abbey a
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