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Every six years the Royal Company of Archers holds a shooting competition for the prize of the Peebles Silver Arrow. The Peebles Arrow was one of several offered as a prize by Scottish Burghs to promote the skill of archery when firearms were becoming more widely used, and was first competed for in 1628. The Royal Company of Archers is the monarch's bodyguard at ceremonial events in Scotland and was formed in 1676.

The Peebles Silver Arrow was first shot for as a Royal Company prize in 1796. Now the shoot is held every six years in rotation with similar events in Biggar, Montrose and Selkirk.

The shoot takes place with targets 180 yards apart. The archers stand at one target and shoot for the far one. After all the archers have shot, the score is tallied with points allocated by nearness to target, and the shoot changes ends.