Misty of Chincoteague is a children's novel written by pony book author Marguerite Henry, illustrated by Wesley Dennis, and published by Rand McNally in 1947.

However, a man from the mainland buys the pair of ponies for his son before Paul and Maureen can give their money to the fire chief.

Paul and Maureen are distressed, but they end up being able to buy Phantom and Misty because the original buyer's son won a colt in the yearly raffle, and then decided he did not need another pony.

Phantom wins, but the next day becomes distressed when she sees the herd she once belonged to, led by a stallion called Pied Piper, being released to swim back to Assateague.

[5] Misty was a palomino pinto, whose coloration and markings included a large patch of white on her side shaped much like the United States.

[5] Back in Chincoteague, Misty had three foals: Phantom Wings in 1960, Wisp O' Mist in 1961, and Stormy, a chestnut pinto filly with a blaze in the shape of a crescent moon on her forehead, in 1962.

Funds were raised to commission a statue of Misty, sculpted by Brian Maughan, to be erected on Chincoteague, which was formally unveiled on July 29, 1997.

Misty and Stormy had made appearances at theaters and schools in the area to help raise funds for replenishment of the herds on Assateague in the aftermath of the 1962 storm.

It concluded its contemporary review, "this adult-centered narrative about an affluent doctor—whose troubles with her horse are always addressed by hiring yet another trainer—may be authentic, it will be of interest mostly to those who relish every crumb about Misty's family.