An ornate stone superstructure to the ancient town well, built in 1868 by the Corporation of Nefyn, according to the inscription, which also records Lord Newborough as mayor and presumably promoter of this unusual building.
Penwaig Nefyn (Nefyn Herrings) were well known throughout Caernarfonshire.
Penwaig is the plural of "pennog". The following link deals with the history of the herring industry at Nafyn.