Lady Elizabeth is a wrecked iron barque of 1,155 tons built by Robert Thompson Jr. of Southwick, Sunderland and launched on 4 June 1879.

[2] The ship was built for John Wilson as a replacement for the 658-ton, 1869-built barque Lady Elizabeth which sank off Rottnest Island, Western Australia in 1878.

John Wilson remained the owner of Lady Elizabeth and was captained by Alexander Findley from Montrose[4] until 15 March 1884 when he took out several loans from G. Oliver and also with the bank.

During Captain Julius Hoegh's command of the ship, two crew members went missing after suffering from malarial fever.

Lady Elizabeth left Callao, Peru with a crew that included several Finns on 26 September (year unknown, but between 1906 and 1913).

Just after leaving port, one of the Finns, a man named Granquiss, became ill. Captain Hoegh diagnosed his condition as malarial fever.

The captain prescribed some remedies to help the sick crew members, and they were allowed to walk the deck to get fresh air.

Captain Hoegh concluded that the sick crew member must have deliberately jumped from the ship, taking his own life, as the fine weather that day made an accidental fall overboard unlikely.

It was concluded that the malaria had caused both men to become delirious and jump overboard, and Captain Hoegh ordered the crew to keep a close watch on the man with the less severe fever.

15 miles (24 km) north of Port Stanley, Lady Elizabeth struck Uraine Rock just off Volunteer Point and suffered a 6-foot (1.8 m) break in the hull and keel along with a 1-foot (30 cm) hole.

Lady Elizabeth remained stationed there until 17 February 1936 when her mooring lines broke during a storm and she drifted to where she now lies in Whalebone Cove in Stanley Harbour.

Plans were made by the Crown Receiver of Wrecks to salvage Lady Elizabeth and convert her into a floating museum.