Where there is now the Piazza dei Tre Re stood in old times a very ancient palace in which dwelt a young man who was learned, good, and wise — and yet withal extremely poor, since all his means were drawn from renting out a few rooms in the palace and from giving lessons.

Yet for all this he was so charitable that he thought far more of the poor than he did of himself. Nay, if he had but a lira, he spent only a third of it on himself, nor could he really sleep in comfort till he had invited some poor soul to lodge overnight in his palace, where he gave the guest what he could for food.

And he would long since have sold the palace, were it only to have the means to do more good, had not his parents — who had brought him up in the ways of benevolence and humility — said to him when dying:
"Never part with thy home, come what may; for money is soon spent, but while thou hast the dwelling, thou hast in it a shelter for the poor."

He was so devoted to such good work, that if no one came to beg for aid, he always placed himself at a window looking on the street, and waited till midnight to see if any passed by whom he could assist.

And so it happened that one evening, while thus watching, there came three very old, infirm, apparently poor men, who paused under the window till one said:
"Where indeed can we find lodging tonight, since it is so late and we know nobody in all the city, and we are too weary to go much farther?"

Thereupon the young man, full of joy, cried:
"Come in; here you are welcome, for I was waiting for such guests."

So when they entered, he treated them as kindly as he could, giving them, it is true, only bread, cheese, and wine for supper, but explaining to them why he lived so poorly — so that he might have the means to share his humble meals with the poor.

Then they asked him many questions as to his life and means, and soon found, as wise men would, that he was entirely given to the one idea of doing good.

In the morning before they departed, one spoke to the young man and said:

"Not for a night's lodging nor for charity did we come here, O youth! But having heard, even from the very angels, thy praises, and how thou didst pass all thy life in doing good as silently and modestly as it could be done by man without vanity, we came to see into this thing ourselves, and find indeed that it is all true. Know that we are the three kings Caspar, Baltasar, and Melchior, the givers of gifts, and we will each bestow one on thee."

Then Caspar (Gasparro) gave him a great lump of frankincense, and Baltasar a pound of myrrh, and Melchior an old gold crown-piece of money.

"You may take every day from this incense one half and sell it, but the next morning there will be a pound of it as before. And you may take half the myrrh, yet always have the same quantity. In like manner, you will find by the gold piece another like it, one every day. Take these with our blessing, and may you be as happy in your life as you have striven to make others happy!"

Saying this, they disappeared, leaving their gifts, which proved to be indeed productive and profitable. So much so, that although the young man, to the end of a very long life, continued to give away two-thirds of his income in charity, he still died as rich as he was beloved.

And thus it came that the Place of the Three Kings got its name.