Bluenose was launched at Lunenburg, Nova Scotia on March 26, 1921, as both a working cod-fishing schooner and a racing ship. This was in response to a Nova Scotian ship's defeat in a race for working schooners established by the Halifax Herald newspaper in 1920. After a season fishing on the Grand Banks, Bluenose defeated the ship Elsie from Gloucester, Massachusetts, returning the trophy to Nova Scotia. During the next 17 years of racing no challenger, American or Canadian, could wrest the trophy from her.

The Bluenose is the pride of Canadian Yachting due to its incredible performances in the International Fisherman's Trophy races held in the 1920's and 30's. She was the winner of the race 4 times in just 7 entries. In 1937 she was forever immortalized as the Canadian Mint put her likeness on the ten cent piece. In 1955 both the schooner and her Captain, Angus Walters, were inducted into the Canadian Sports Hall of Fame for their contribution to their country.
In 1963 a replica of the original was built to commemorate the pride and glory of the original. Bluenose 11 was built to the original specs but she was not built to race, but rather to preserve a heritage. In 1971 Bluenose 11 was sold to the province of Nova Scotia and she is dry docked in Lunenburg. Tours are conducted six months annually.