She was launched in October 1863, fitted out in the spring of 1864, and was in active service until she sank off Thunder Bay Island in Lake Huron on August 9, 1865, due to collision with her sister vessel.

[4][5] The rendezvous moments of the two vessels were often treated as an event calling for playful salutes and celebrations, and the respective ship's captains developed the custom of running close by each other.

[3][5] In any case, the August 9, 1865 rendezvous ended in mishap and tragedy, with the Meteor's prow buried deep in the forequarters of her stricken sister ship.

However, its cargo of 267 tons of solid copper ingots was extensively salvaged in 1917 by Benjamin F. Leavitt,[3] and again in 1974 by Gregory James Busch.

Busch and his crew recovered the Pewabic's 2,345 pounds (1,064 kg) bow anchor, which was presented to the Besser Museum for Northeast Michigan in December 1974.