Waagegasse may seem unspectacular at first, but it is a remarkably old and very important street for Erfurt's history. This is because all traders passing through Erfurt and/or wishing to trade in Erfurt passed through here. The street is as wide as a carriage, so everyone could pass through individually. Each carriage was weighed here, taxes were levied according to value and the goods were stored for three days in the stacking houses that can still be seen today.

Today, Waagegasse mainly plays a role as a "sneak route" between Michaelisstraße and Allerheiligenstraße, as access to the Old Synagogue and, of course, on numerous guided tours of the city.