Croes Faen is depicted on modern and historic (1888 and 1901) Ordnance Survey mapping. It stands in the north corner of a triangular field, in a small copse of trees some 1km north-east of St Cadfan's Church (NPRN 43861). The stone is situated on the eastern side of the A493, at a point where the northern end of a former section of road (now straightened) rejoins the current road. According to local tradition the stone was formerly used to rid the district of a fiery dragon. Around 1840 the stone was reputedly moved to Morfa Towyn. It has been suggested that Ynys Maengwyn (NPRN 54223) was named after the stone. Cropmark features some 350m to the north-north-east of Croes Faen comprise up to five square barrows (NPRN 310263), thought to possibly represent an early medieval cemetery.

The stone is a Sheduled Ancient Monument. It measures some 7ft 6in in height and is thicker in the middle than at the base. In 1914 it was noted to be broken at the top and to be leaning slightly. It was also suggested that the broken fragment may have had a cross incised upon it. If so, it may have been similar to Tywyn 3 (NPRN 419548), a cross-carved stone pillar, thought to be seventh to ninth century in date. Tywyn 3 is thought to have have been buried at the hospital entrance gate at Bryn Paderau (Pater Noster Hill) some 500m south-south-east of Towyn, at the point where St Cadfan's Church first come s into view. It has been suggested that the monument could have marked the extent of sanctuary or church land or possibly a pilgrim route. It has also been suggested that Croes Faen could have fulfilled a similar function.

Sources include:
Edwards, N. 2013, A Corpus of Early Medieval Inscribed Stones and Stone Sculpture in Wales: Volume III North Wales
Ordnance Survey, modern 1:10,000
Ordnance Survey, 1888, first edition 25in
Ordnance survey, 1901, second edition 25in

N Vousden, RCAHMW, 4 November 2013