Until 1656 this used to be the courthouse. The bar started in 1656 with the name De Jonge Prins (The Young Prince), referring to the inn De Prins (The Prince) at the other side of the river Amstel. De Prins was called De Oude Prins (The Old Prince) shortly thereafter.
However, anti-monarchists forced the owner of De Oude Prins in 1787 to change the name of his inn. For safety reasons, the owner of De Jonge Prins changed the name of his bar to De Vrije Handel (Free Trade).