The wooden brig Alleghany was built by Luther Moses of Cleveland, Ohio, in 1849. The tonnage of the ship measured at approximately 255 tons, although historical accounts range 400-475 tons. Of the Alleghany, the Buffalo Daily Courier reported on June 18, 1849, "She is the largest vessel of the kind on the lakes, has a fine cabin, furnished with double state-rooms, intended for the upper lake trade - a large steerage, and accommodations to suit the increasing emigration to the west." At the time of its launch in April, the Alleghany was commanded by Captain Spencer.

Alleghany operated as brig for six years between its launch in 1849 and its eventual wrecking in 1855. During this time, it carried passengers and freight across the Great Lakes. In 1850, the vessel was carrying Norwegian emigrants on a regular trip from Buffalo to Chicago when ship fever took hold on board. Ship fever refers to epidemic, or louse-borne, typhus, which occurs primarily in unhygienic and overcrowded environments. 74 passengers aboard the Alleghany died as a result of the disease.

In October of 1855, Alleghany was bound for Milwaukee with a large cargo of merchandise when it encountered a heavy gale. At the height of the gale, the ship anchored under leeward of North Point. The gale soon blew down Alleghany's smokestack, effectively disabling it. Both of the ship's anchors dragged and eventually it went ashore north of another wreck, the Sebastopol. The violent waves continued to drive the Alleghany up the beach, where the vessel broke apart. It was declared a total loss, with the vessel valuing $10,000 and cargo $200,000. Fortunately, the following winter, Jones' shipyard salvaged the boiler and engine from the wreckage; these were used in the construction of another vessel: the Alleghany built in 1856. The new Alleghany was a screw propeller built by James M. Jones at Milwaukee, and was owned by American Transportation Co., of Buffalo. It had two decks, one mast, a plain stem, and round stern, and ultimately cost $35,000 to build. The Alleghany was launched on June 25, 1856, and officially enrolled on August 29 at Buffalo. During its operation, the Alleghany carried cargo like grain and flour.
The propeller Alleghany, rebuilt in 1856, operated for forty years until its final voyage in 1896. Throughout the years, it underwent many modifications, overhauls, and transfers of ownership. On October 28, 1896, the Alleghany became stranded on Summer Island in Lake Michigan due to heavy fog. The damaged was recorded to be $6,000. The vessel was recovered but found to be unfit to return to service. The final enrollment documents were surrendered at Detroit on July 29, 1897, with the Alleghany listed as lost.
The wreck of the original Alleghany (1849) is stranded near South Shore Beach in Milwaukee, just north of the wreck of the Sebastopol. The ship's smokestack was blown off during the heavy gale that wrecked it. The wreck site is likely scattered and possibly buried under sand, since the ship was blown onto the beach and into pieces. The exact position and condition of the Alleghany have not yet been confirmed by archaeological investigation.