Master shipbuilder Captain Hosea Rogers began construction on the schooner Joseph Cochrane in October 1855 at his yard near Rochester, New York. The ship was built over the winter of 1855 to 1856 and launched with fanfare at 3pm on May 6, 1856. It was named for one of the earliest residents of the village of Rochester, Joseph Cochrane. Cochrane was a respected businessman described as "full of generosity and worthy of esteem" (Rochester Daily Democrat 1856; Tyler 1947). The ship's sails and colors were made by Commander Edward C. Williams, a well-known sailmaker, ship chandler and flag-maker located on East Street in Rochester. The colors consisting of ensign, burgee, signal, union jack and pennant cost $100 and were presented to the ship by Mr. Cochrane (Buffalo Courier Express 1856a; Rochester Daily Democrat 1856; Tyler 1947). A Bible was also presented to the ship by Mr. H.A. Brusther; its inscription read:
"For the Schooner Joseph Cochrane
From a Friend
May He, who holds the "winds in His fist"-- at whose command the "storms arise"-- who says to the "tumultuous waves" "Peace be still" bring to pass the honest purpose for prosperity of all who have any interest in the Schooner Joseph Cochrane. "May the Lord carry her safely from port to port and teach all who are ever on board of her to trust in Him who Rides upon the wings of the wind.
Rochester April 23, 1856"

The ship primarily participated in the grain trade bringing corn and wheat east from Chicago to Buffalo. In March 1857, the shipbrokers Billings & Dickson chartered the Joseph Cochrane to haul lumber for A.H. Mershew of East Saginaw, Michigan, bringing the product from Saginaw to Chicago on its upbound trips during the season (Buffalo Morning Express 1857a). However a financial crisis swept the country, so it is not certain how many cargoes were carried on this contract and it's likely the ship remained inactive for much of the season as few port entries were located. On August 23, 1860, Captain Rogers sold Joseph Cochrane to Thomas L. Parker and Levi Allen of Buffalo for an undisclosed amount (Buffalo Courier Express 1860f; Buffalo Daily Republic 1860e; Rochester Union Advertiser 1860). In the following years, the Joseph Cochrane would see many more changes at the helm.

The Joseph Cochrane was involved in many accidents during its 14-year-long service on the lakes. On October 12, 1863, Joseph Cochrane and the tug Elliot collided in the St. Clair River. While the schooner was at Algonac, Michigan undergoing repairs, the second mate, Charles Whittel of Chicago, died during an accident, the nature of which is not known (Buffalo Morning Express 1863f; Buffalo Courier Express 1863c). Another accident occurred on the night of November 4, when Joseph Cochrane was bound down in tow of a tug, and the schooner J. Fretter was bound up; the two vessels collided near the lighthouse between Detroit and Malden.

Throughout the late 1860s, Joseph Cochrane operated primarily in the lumber trade, delivering cargoes to the hungry Chicago lumber market. It also transported corn, grain, rye, wheat, and coal. On April 3, 1867, a new enrollment was entered at the port of Chicago for change in owners. Charles W. Lindgren, William Hea and Frank Bruce of Chicago each owned an equal one-third share of the ship and Captain Charles Anderson took command (Bureau of Navigation 1867). Another new enrollment was entered for the ship at the port of Chicago on April 17, 1868, for a change in owners and Master. Frank Bruce, Robert Bruce and Captain Charles Anderson, taking over Charles W. Lindgren's portion, each owned an equal one-third share in the vessel. Captain Anderson took command (Bureau of Navigation 1868).

On the evening of May 27, 1869, while coming up the Welland Canal at Port Colborne, Canada, loaded with coal for Oswego, Joseph Cochrane sprung a leak and sank to its deck about 150 feet south of the lock. It was determined that the ship hit a rock in the canal, as the water was lower than usual because a dam for a canal feeder had given away. A warning to mariners was placed in the regional papers. A temporary patch was added to the Joseph Cochrane's hull and with the aid of a steam pump, the ship was floated. It was towed to Buffalo on May 31 by the tug Sarah E. Bryant, unloaded of its coal and taken to the Mills dry dock (Buffalo Daily Republic 1869a, 1869b, 1869c, 1869d; Buffalo Post 1869a; Chicago Evening Post 1869a; Chicago Republican 1869a, 1869b, 1869c; Cincinnati Daily Gazette 1869; Hall 1869; Milwaukee Sentinel 1869a, 1869b; New York Herald 1869). Sarah E. Bryant would come to Joseph Cochrane's aid again in November when a fierce storm ripped away nearly all of its canvas. It was towed to Buffalo on November 22 for repairs.
While sailing through a storm on the night of October 23, 1870, in northern Lake Michigan, Joseph Cochrane sprung a serious leak and crew was put to the pumps. By 11am the next morning Captain Anderson made the decision to run into Baileys Harbor for shelter, but he missed the navigation channel and the ship stranded on the reef near the point. The seas were running high and the crew was forced to remain on the ship until the morning of October 25, when a boat from the brig H.E. Mussey succeeded in taking the captain and crew off. Joseph Cochrane rapidly went to pieces. First its stern was carried away and the lumber cargo drifted ashore. Within a little more than a week's time, the ship disappeared below the waves. Joseph Cochrane was rated B1 and valued at $10,000. The owners carried no insurance. On 11 November, the schooner Market Drayton went to Baileys Harbor and succeeded in saving 100,000 feet of Joseph Cochrane's lumber cargo (Chicago Tribune 1870f; Daily Inter Ocean 1870c). The ship's final enrollment document was surrendered at Chicago on June 30, 1871.
The remains of the Joseph Cochrane lie 563 feet south-southwest from the Old Baileys Harbor Bird Cage Lighthouse, Door County, in the waters of Baileys Harbor. Surveys of the Joseph Cochrane were conducted in 1997, 1998, 2003, and 2021 by maritime archaeologists from the Wisconsin Historical Society and Wisconsin Underwater Archaeology Association. The wreck was previously identified as the Christina Nilsson. However, given the wreck dimensions, location, and a comparison of vessel losses in the vicinity based on historic newspaper accounts, the vessel remains at this site were determined to belong to the schooner Joseph Cochrane. The Christina Nilsson was lost between two reefs on the north side of Baileys Harbor, exposed only to south-southeast seas. Given this description, the Christina Nilsson is within the cove behind the Old Baileys Harbor Bird Cage Lighthouse. Joseph Cochrane was also lost on the North Reef, however, did not include the protection from all but southeast gales.

The vessel rests in 11 to 15 feet of water with the stern towards shore. From the turn of the bilge down, its lower hull remains intact on an even keel; its remains are well preserved, although flat in nature. Though much of its upper deck works, rigging, and anchors washed ashore or were salvaged shortly after its grounding, major structural components of the vessel remain extant. As the site lies in a dynamic area, few invasive quagga mussels have colonized the interior of the bilge, allowing for detailed observations. The vessel's framing remains and there is one remaining windlass stanchion present on the site, located in the badly-damaged bow section. Although the rigging was salvaged, evidence of two of the three masts are present. A disarticulated piece of the wreckage was found off the broken hull section.