The palace has served a variety of public functions, including as a customs office and bonded warehouse, mint, armoury, treasury, bank and school. It became the cultural center of the Republic of Ragusa with the establishment of the "Academia dei Concordi", a literary academy, in the 16th century. It survived the 1667 earthquake without damage. The palace's atrium served as a trading center and business meetingplace. An inscription on an arch testifies to this public function: