[1] Beginning in the mid-1840s, Canadian companies began importing iron vessels, prefabricated by shipyards in the United Kingdom.

[1] Despite the success of Merchant, wooden vessels remained preferable to iron ones until the 1880s, due to their lower cost and the abundance of timber.

[1] On her maiden voyage in August 1862, Merchant travelled from Buffalo to Chicago, Illinois, under the command of Captain Albert Briggs.

[13] The first accident Merchant was involved in occurred in November 1862, when she collided with and damaged the schooner Mazeppa in Buffalo.

[20] On November 19 of that same year, Merchant ran aground 2 miles (3.2 km) north of White Lake.

[21] While bound for Buffalo with a cargo of flour and oats on October 11, 1868, Merchant struck a submerged shipwreck in the Detroit River; she was beached near Malden, Ontario, to prevent her from sinking.

[23] In May 1872, while loaded with general merchandise, Merchant struck an obstruction off Bar Point, near Amherstburg, Ontario, and sank.

[24] Between late 1872 and early 1873, Merchant was lengthened by 30 feet (9.1 m); her gross tonnage increased to 1068.65 (some sources state 1068.66) tons.

She was placed in dry dock at the Wolf & Davidson shipyard in Milwaukee, where it was discovered that she had sustained severe damage to her keel and bottom.

[31] On October 6, 1875, while bound from Chicago for Milwaukee, with a cargo of 20,000 bushels of corn, 200 barrels of flour and 2,000 bags of flax, Merchant ran aground at full speed in the middle of Racine Reef off Racine, Wisconsin, at around 11:00 p.m. due to a navigational error.

[11][32][33] Her second mate, who was in charge at the time, miscalculated her position; he believed Merchant was approximately 10 miles (16.1 km) off Kenosha, Wisconsin, and did not notice his mistake until he saw the buoy marking Racine Reef.

[34] Throughout the summer of 1877, Knapp & Gillen of Racine removed Merchant's machinery and a significant amount of scrap metal.

[34] Her wreck lies in 25 feet (7.6 m) of water, broken up and scattered over a large area, with only minor structural components remaining.

[11] Maritime historian Brendon Baillod dubbed Merchant "one of the most significant, most historic vessels lost in Wisconsin waters".