The School owes its name to the Confraternity of Mercy which settled in the area starting from 1308. The number of the faithful expanded to the point that, after only two years, they began to found their own spaces for the faithful. A cloister was also built and a magnificent garden open to members. The peak of its splendor was in the fifteenth century and began in the eighties of the fourteenth century with the construction of a hospice. Then, in 1411, a hotel was built in the back of the school and soon a bridge was erected between the Campo de l'Abazia and the Fondamenta della Misericordia.

In 1441 the facade of the School was finely adorned by Bartolomeo Bon with a lunette containing the image of the Madonna della Misericordia adored by the brothers; today, unfortunately, only the two cartouche-holding angels on the portal architrave remain of this work, the rest was dismantled in 1612 and placed in the Victoria and Albert Museum in London together with other statues.

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