In 1857, the committee of ministers raised the question of creating a monument to "the first Russian sovereign Rurik." This monument in Novgorod was meant to symbolize the millennium of the Russian state, which was supposedly celebrated in 1862. A competition was announced, and the evaluation of the projects was entrusted to the council of the Academy of Arts, consisting of respected professors. By November 1, 1859, 53 projects had been submitted for the competition. The winner was M.O. Mikeshin, who had recently graduated from the academy with a Grand Gold Medal. He was awarded the first prize of 4,000 rubles. The second and third places were taken by architects I.I. Gornostayev and P.E. Antipov, who shared the second prize. Mikeshin's project, after approval by the academy, was presented to the tsar. The monument embodied the principles of "autocracy, Orthodoxy, and nationality" and reproduced the "Monomakh's Cap" as a symbol of power. It consisted of a round pedestal with bas-reliefs, on which stood a huge globe with a cross. At the cross was a figure of a woman in Russian attire, symbolizing Russia. Surrounding the globe were figures of outstanding figures reflecting the history of Russia.

The monument was solemnly opened on September 8, 1862, in the presence of Alexander II. In honor of this event, Novgorod was renovated and paved. The celebrations lasted three days, including a parade. The royal family arrived in Novgorod, along with about 12,000 soldiers and officers, as well as numerous spectators, which doubled the city's population. The ceremony included a procession to St. Sophia Cathedral, the transfer of the relics of Prince Vladimir Yaroslavich to a new reliquary (September 7), a meeting of the tsar with local nobles, a review of the troops, and a liturgy at St. Sophia Cathedral. After this, the procession headed to the monument, where the troops and the public gathered. The covering was removed from the monument.

The monument has had a difficult fate. After the revolution, it was perceived as a symbol of autocracy, and it could have been demolished if not for the looting of the Novgorod diocese. During holidays, it was covered with plywood shields bearing slogans. During the occupation, General von Herzog ordered the monument to be dismantled and transported to Germany. By January 20, 1944, when the city was liberated, the occupiers had managed to take only the bronze grille and lanterns. Soviet soldiers saw the ruined monument: only the lower part of the globe remained, while the figures were scattered and damaged. By November 2, 1944, the monument had been restored, and its original appearance was returned by 1995.