This is the first nearby supernova to occur since 1604. It was first seen on the night of February 24, 1987. But it occurred not in our galaxy itself but in the Large Magellanic Cloud, a companion to our galaxy about 170,000 light-years away.
Though it was not as spectacular to the naked eye as some it was an enormous boon to science as the first nearby supernova since the invention of the telescope. The study of this object will continue as it expands and develops.