The Mahavamsa mentions that King Mahasen (276-303 A.D.) constructed a monastery called Uttara Mehenawara for Buddhist nuns around 276 A.D., with some suggesting that the present Pankuliya is a part of that monastery built by Mahasen. A pillar inscription by King Dappula IV (924-935 A.D.) found at Pankuliya provides details about an immunity grant for land allocated to a Buddhist Nunnery named Kalahas-mehenawara, established by a high dignitary named Pirivahanu Koda Kasbalna of Dhannavala. However, there is no additional information available about this Nunnery from other sources. Additionally, an inscription in Pallava-grantha characters discovered on the steps at the entrance to the image house suggests that the Pankuliya image house and the Buddha image could date back to the latter half of the 7th century A.D. or 8th century A.D.
Asokaramaya is a monastery belonging to the Pabbatharama Vihara type, as mentioned by Jayasuriya (2016) and Wikramagamage (2004). Prachina Tissa Pabbata Viharaya, Vijayarama, Puliyankulama Purvarama, and Toluvila are among the other monasteries that share similarities with Asokaramaya. The initial exploration of the site was conducted by H.C.P. Bell in 1892, as noted by Sandaruwan et al. (2017). The ruins of the image house containing the Pankuliya Buddha, along with several other structures, can be observed at the site.
The Samadhi Buddha statue at the Abayagiriya monastery stands out from the typical statues found in the country. Measuring 7 feet 6 inches in height and 6 feet in width, this statue is seated in the Virasana posture, symbolizing the preaching of Dhamma. The statue's hands are raised, with the right hand displaying the Vitarka Mudra (gesture of argumentation) and the left hand showing the Kataka Mudra (ring hand). Referred to as "Devana Samadhi," this statue is believed to have had a similar Mudra to the Pankuliya Buddha, whose hands are now missing. A comparable gesture can be observed on the small bronze statue known as Badulla Preaching Buddha, currently housed in the Colombo National Museum. The Usnisha on the Pankuliya Buddha's head is larger than those found on Buddha images from the 6th century A.D., with a perforation possibly used to attach a Siraspatha (the flame of knowledge). The craftsmanship of this statue is considered to be on par with the Samadhi Statue and Toluvila Statue.