The wooden two masted schooner Meridian was constructed in 1848 at Black River, Ohio by the well-known ship builder William Jones. The Meridian served Wisconsin's logging industry much of its life hauling timber of various kinds from Wisconsin's Northwoods to Chicago. In 1861, the vessel was valued at $3,600 and rated B2 by the Board of Lake Underwriters.

Following its launch in 1848, Meridian made the Milwaukee newspapers in 1849 when its second mate, James Bain, was killed in a scuffle amongst the officers. Bain had attacked the captain and thrown the first mate, Harvey Rammage, overboard. Rammage, hauled back aboard by the crew, subsequently killed Bain.

Although little is known of the early history of the Meridian, records of the 1857 season reflect that the ship made regular trips carrying timber into Chicago. With a capacity of at least 160,000 board feet, the Meridian was among one of the larger schooners in Chicago that season. During the early 1860s, vessel ownership was fluid and partial shares routinely changed hands.

The 1860 Board of Lake Underwriters classification indicates that the Meridian had undergone large repairs in 1858 and rates her at B2 with a value of $4,200. The owner was listed as Chicago lumber dealer Abraham H. Covert; Covert seems to have retained some ownership until 1863. That year, the Meridian maintained a B2 rating, but its value had dropped to $3,000. In 1864 the Board of Lake Underwriters classification gave the Meridian a rating of I, but its valuation had risen to $3,600. By 1873 it had slipped to a C1 rating, but the value listed remained $4,000, a figure that appears greatly inflated. In that year, the ship was sold to A.M. Crawford of Milwaukee. This was not a good year to be in business as the United States had slipped into a devastating recession.
In late October of 1873, the Meridian, reportedly carrying no cargo and bound for Oconto, presumably for lumber, ran into a freak fall storm. Stiff northerly winds brought heavy snowfall and dangerous icing conditions to Green Bay. The Meridian was driven up on the Sister Island shoal and eventually pounded to pieces. The November 8, 1973 issue of the Green Bay Press Gazette described the intensity of the storm:
"We hear continually of the effects of last week, which exceeded in fury anything known in the memories of the oldest living inhabitants. It broke with great violence upon the east shore of the bay, sweeping away docks which have withstood the many previous storms of former years without moving a timber."

The Meridian was one of several marine accidents attributed to the storm; its loss attracted little notice in contemporary newspapers. Despite a C1 insurance rating and considerable storm damage, at least three unsuccessful attempts were made in mod-November to salvage the ship. Within two weeks, however, the ship was broken up and abandoned by A.M. Crawford.
The Meridian is broken up in three major sections in 40 feet of water. The forward end of the wreck is the deepest portion, with a depth of 39 feet at the base of the stempost. The largest section of the wreckage, 105 feet long, includes an almost intact bow and portside. A small fragment of wreckage lies nearby, just forward and to starboard of the stern section, mostly buried in gravel deposited from the shoal. Portions of the keel, keelson assembly, and pocketpiece may also be buried in this section of the shoal. A third section of wreckage consists of 71 feet of starboard side lying east of the stern section. This section includes the starboard ceiling, frames, shelf, and fragments of lodging knees from the deck beams.

The bow of the Meridian is the best-preserved portion of the wreck, and certainly the most dramatic. It is intact from the keel to the top of the forward rail. When the ship was originally discovered in the late 1950s, the bow was in near pristine condition; the bowsprit was intact and in place, as were doors, blocks, and other equipment hung inside. Dick Boyd recalls this site when it was very intact with a high concentration of artifacts, including deadeyes, stoneware crockery, rigging components and at least one coin. Later divers who discovered the site began removing the lockers, bowsprit, and other artifacts.