Charlottetown first existed as "Old Cove", a winter place for summer fishing stations such as Square Islands, Seal Islands, Hawke Harbour, Dead Islands, Triangle, Tub Harbour, Venison Tickle, and Pinsent's Arm. These summer fishing stations were populated by families from Carbonear and Harbour Grace in Conception Bay, who fished for salmon in the summer and trapped in the winter.

Charlottetown was selected as a permanent settlement in 1950 by Benjamin Powell Sr. and Clarence Perry. They were interested in medical, educational and religious services for their families. " Old Cove" was renamed Charlottetown by Mr. Powell in hopes that it would become the capital of the bay, as Charlottetown is the capital of Prince Edward Island. This same Benjamin Powell Sr. wrote many books about life in Labrador. He is a well- known Labrador author and has been honored with the Order of Canada.

During the summer of 2001, the Labrador Fishermen's Union Shrimp Co. Ltd. opened in the first-ever shrimp processing facility for Labrador in Charlottetown.

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