Just came across a mention of it in the Monthly Chronicles of North-Country Lore and Legend from July 1888, where it's refered to as the "Fairy, Wishing, Maiden, or Pin Well". Apparently on May Day a procession used to be formed and marched through the town to the well, where people dropped a crooked pin in to the well whilst making a wish in the belief that the fairy or genus who presided over the well would grant the wish.

It's a beautiful spot, very worth a visit!