Although dismissed by the RCAHMS as a “naturally deposited erratic boulder” this stone is decorated with five clear cup-marks which hint at its antiquity. The fact that aerial photographs have shown that the stone is surrounded by a 17.0m ring-ditch combined with the shape of the stone suggests that it did once stand upright. Nearby barrows and square barrows also show up in aerial photos.

The stone gets its name from a legend connected to the Battle of Luncarty, fought in 990. The story goes that a peasant ancestor of the Hay clan saved the day for King Kenneth III, and as a reward was offered all the land that his hawk could fly over. The Falcon Stone is supposedly where the hawk reached.