Coulston was the first manager of the Lancaster Banking Company, from 1826-66, a time of major financial problems as Lancaster declined in importance as a port. Merchant families (and their employees) struggled and two private banks failed, but under Coulston's care the Lancaster Banking Company thrived and on his death in 1866 the grateful bank bought this grand obelisk on a prominent corner in Lancaster's main cemetery. The town also thanked Coulston by naming one of the main streets of Bowerham, an outlying area of Lancaster, after him.

The disused Moor Hospital is in the background.