In 2022, cephalopod fossils were found in Bacon Cove that potentially moved their evolutionary date back by 30 million years.

[3] Throughout its history, the village's economy primarily focused around fishing, with a protected harbour nearby, and a lobster factory existed there in the early 1900s.

Due to the decline of cod in the area, fishermen traveled to the northeastern United States (primarily Boston and New York City) for work.

[5] In 1968, the S.S. Charcot ran aground near the town, leading to the discovery of several wrecks of the scuttled ships, whose parts would continue to wash up onto the beach throughout the next several decades.

[5] In 2022, cephalopod fossils were found in Bacon Cove in a 522 million year old layer of rock by Heidelberg University researchers Anne Hildenbrand and Gregor Austermann; the fossils potentially backdated the origin of cephalopods by 30 million years to the early Cambrian period, when multicellular organisms first developed.