Miho Pracat was a rich ship owner from Lopud who left his immense wealth to the Republic for the charitable cause. Because of this most generous gesture the Republic was indebted to honour him. The government conferred for thirty years before they thought up an adequate way to honour him. The tribute should have been evident, but not too public. Ingenious solution was to erect a bust in the atrium of the Rector’s palace and this is how Miho Pracat became the only citizen of Dubrovnik republic with a monument in over a 1000 years of Dubrovnik’s existence. The bust was made by Pietro Giacometti of Recanati. The monument was also damaged in the great earthquake of 1667 but was repaired and returned to the same place in 1731.