According to the legend it was built during the Second Bulgarian State, within the rule of tsar Assen. When Bulgaria was conquered by the Ottoman army, the monastery was ruined down, and then restored in 1450.
In 1835, here, a series of secret meetings was held, aimed at organizing uprising, known as Velchova Zavera. After the participants were betrayed and captured, the Turks burned the monastery down. Later master Kolyu Ficheto rebuilt the monastery, as one of his works is the 26-m belfry.
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