People have mined iron in the Taconic region since the late 1700s. The first iron furnace with a steam-powered bellows was built on this site in 1847. Caleb Maltby purchased the mine in 1861, and the Maltby Iron Company produced a high grade of iron used exclusively for making railroad wheels. According to legend, Caleb Maltby, an ardent Republican, closed the mine in 1884 because a Democrat, Grover Cleveland, was elected president. The Thomas Iron Company continued to work the mine, but not the furnace, until 1893. After the mine closed, the ore bed filled with groundwater and became known as Iron Mine Pond. Converting raw ore into iron required large quantities of charcoal supplied by colliers from local pits. The furnace was filled with layers of charcoal, limestone, and iron ore, with limestone acting as a purifying agent. After the mixture was ignited, the layers settled and more charcoal, limestone, and iron ore were added, then molten iron was drawn off and cast into iron ingots. From 1861 to 1884, the mine and furnace produced an average of 100 tons of iron per week, and several dozen men worked alternating 12-hour shifts to keep the furnace in production eight or nine months a year.