 Preservation Island was named following the wreck of the merchant ship "Sydney Cove" there in February 1797, predating the discovery of Bass Strait by George Bass and Matthew Flinders in 1798.Subsequently, the island was a base for sealers exploiting fur seals and southern elephant seals during the early-to-mid-19th century and was the permanent home of sealer James Munro and several Tasmanian Aboriginal women and half-cast children until his death there in 1845.During that period and afterwards, the island has been used for grazing goats and cattle.