She was ordered by a syndicate from the Eastern Yacht Club of Boston, organized by John Silsbee Lawrence, designed by Frank Cabot Paine,[2] and built by Lawley & Son.

Inspectors from Lloyd's required significant structural changes to that boat, which in turn blocked Yankee's completion.

[8] The afterguard comprised:[6] The syndicate engaged a Mr. Olsen as their sailing master, and a professional crew of Scandinavian origin.

[6] On June 9, the contenders, together with the J-class yachts Resolute and Vanitie, met at Glen Cove for a series of races planned in Long Island Sound by the local clubs.

[9] The following week, the J-class boats traveled to Newport for three races organized by the Eastern Yacht Club.

[19] From August 2–9, the 1930 annual cruise of the New York Yacht Club offered a final opportunity for the contenders for the defense of the America's Cup to compete with each other prior to the selection trials.

[28] For the 1934 America's Cup trials, Yankee's rig was modified to carry more sail, and her bow was lengthened and given more of a V-shape.

[30][31][32][2] Lambert donated the money from her scrapping to Queen Mother, Mary of Teck for use in the London Hospital.