The schooner Algonquin was built in 1839 by George Washington Jones at Black River, Ohio for Mendenhall & Converse, Northern Lake Company. She measured 54 feet x 26 feet x 5 feet. The Algonquin was portaged to Lake Superior before the locks at Sault Ste. Marie were built (she was the first large vessel to be pulled over the portage). In the winter of 1845 she was laid up at the Soo. Her captain was John McKay until 1849.

She was noted for a number of firsts:
First large vessel to be pulled over the portage at Sault Ste. Marie, 1839-1840.
Carried the first mass boulder of copper from Ontonagon, 1840's
She carried the first iron ore samples from the Lake Superior region.
She was the first to carry supplies to built Fort Wilkins at Copper Harbor.
In about 1874, the Algonquin was finally laid up at Old Superior (Wisconsin), on the east side of Quebec Pier and for lack of use gradually filled and water logged. Finally her rigging was removed and she sank to the bottom. In 1884, she was purchased by John A. Bardon and hauled out on the shore for the purpose of utilizing the timber in her keel and hull in building a steam yacht, but she was soon cut to pieces and carried away by curious hunters who made many articles of furniture, canes, gavels, etc. from the wood. Parts of her "bones" are presumed to be located under the King Midas Flour Mill.

The Algonquin's remains were still visible in the 1890's.
The vessel was abandoned in 1870 and was reportedly cut up and used for timber and souvenirs in 1884. The current location and condition of the Algonquin have not yet been confirmed by archaeological investigation.