Most likely, the column was erected to honor the victories of either Constantine the Great or Claudius II Gothicus, both of whom are noted for achieving victories over the Goths. According to Byzantine historian Nicephorus Gregoras, the column was once surmounted by a statue to Byzas the Megarian, the semi-legendary founder of Byzantium. Other sources mention a statue of the goddess Tyche, now lost.
At any rate, it represents the oldest monument of the Roman era, preceding the foundation of Constantinople, still extant in the city.