The Stamp Act of 1765 was arguably the most hated act of parliament in before the "Intolerable Acts" that began the war. In response to the uproar against the act, Parliament decided to repeal the it and when news of it's repeal came the colonists were overjoyed.
They celebrated by lighting up the town in a "Grand Illumination." candles were placed in every window and many large paper lanterns were built and displayed on the Boston Common. On the Liberty Tree, 150 large lanterns were hung and this is one of them.
The bottom of the lantern is painted with the following inscription "This LANTERN was on the Northwest Bough, (opposite Frog-lane), of the LIBERTY TREE; Illuminated last night with several hundred Lanterns, on the arrival of the News of the 'Repeal of the Infamous GEORGE GRENVILLE Stamp Act.' Boston May 21st 1766 Eleazer Johnson"