Nestling on the banks of the River Ashburn Ashburton was one of four Stannary Towns in the County- where smelted tin was brought to be assayed. The heyday of the tin trade was in the early 16th century.

Also important to its prosperity was the wool trade. Mills all along the River would use water power to cleanse and process the raw wool. Handlooms would then weave it into a rough felt like cloth. Brought and traded by wool merchants- many of whose fine town houses built from the profits of this trade remain to this day. Mechanisation in the early 18th century and the dumping of serge onto the world markets by the East India company brought the death kneel to the industry. Centuries old inns such as the Golden Lion date from the town's heyday as a coaching centre before the arrival of the Railway in the 1870's .