Legend has it that the stone is a relic from the Holy Land and once belonged to the biblical Jacob. Whether this is true is doubtful to say the least, but from an early date the kings of Scotland were inaugurated sitting on a royal chair with the stone in its base. In 1296 Edward I removed the stone and installed it at Westminster Abbey. It remained there until it was kidnapped by Scottish nationalist students in 1951. They managed to hide the stone in Scotland for four months until it was found and returned to Westminster. It was moved from there to Edinburgh Castle in 1996 amid much celebration.
You can read more about the legendary Stone of Scone in Scottish Miscellany, by Jonathan Green, available now from Skyhorse Publishing.