The Continental was a wooden bulk carrier built specifically for the iron trade, ordered and owned by the Republic Iron Company. It was launched on May 2, 1992, in Cleveland, Ohio; its first enrollment was issued seven days later at Marquette, Michigan. With two decks and three masts, the Continental had a plain bow and round stern. Like many shipping vessels at the time, the Continental towed consorts to increase the load carried.

The working life of the Continental was typified by a regular run between Cleveland, Ohio, and Marquette, Michigan. From 1882 until 1888, the key crew members remained mostly the same; Captain C.M. Davis remained Captain until 1890. The regular service of the Continental was punctuated by occasional mishap. In September of 1883, the Continental, along with three other large vessels, attempted to pull the schooner Sumatra from a hard grounding. The arduous process resulted in the Continental's towlines snapping three times.

In the evening of April 28, 1890, the Continental was laden with ore enroute to Ashtabula, Ohio, when a fire broke out onboard. According to reports, a worker in the oil room left a colored lamp signal burning on the floor that resulted in the fire. The crew attempted to douse the flames with hoses; a heavy headwind, however, blew the fire toward the main part of the vessel. In changing its orientation to the wind, the Continental inadvertently collided with its tow, the Magnetic. The Magnetic split and quickly sank, with the Continental collecting all its crew.

The rest of the Continental's service was largely uneventful. Following Captain Davis' departure in 1890, Captain E.T. Rattray took command until Charles Hinslea became captain in 1893. This lasted until 1898, at which time Harry Rodgers became captain; Captain W.A. Black would become the Continental's final commanding officer in 1903. Throughout this time, the vessel was owned by the Republic Iron Company.
On the night of December 12-13, 1904, the Continental was traveling past Two Rivers, Wisconsin, on its way from St. Ignace, Michigan, to the Manitowoc Dry Dock Company in Manitowoc, Wisconsin, in order to dry dock over the winter for major repairs and service. A blinding snowstorm arose and the ship missed its course change around Twin Rivers Point and steered in a westerly direction instead. The Continental was travelling light without any consorts, so its wooden hull rode very high in the water. This allowed the vessel a close approach to the sandbars off Rawley Point Lighthouse. When the ship did strike a sandbar, it was pushed high onto it because of its speed. The twenty crew members were able to make their way to shore safely with the help of local fishing boats, and none of the crew was lost or seriously injured. The Continental did not immediately break up, and as less violent weather set in, attempts were made to dislodge the ship from the sandy bottom. The Arctic out of Manitowoc was the first to attempt salvaging, and later the Reid Wrecking Company out of Port Huron, Michigan, got involved. But these attempts did not work and winter set in. The winter proved to be too great for the Continental; ice filled the hull and it began to break up. Locals of the area visited the wreck and picked it clean of valuables including dishes, furniture, clothes, bedding, food supplies, and coal from the boiler.

The Continental was declared a total loss with the surrender of its documents on December 8, 1905.
The wreckage of the Continental rests in approximately 15 feet of water, located 1.5 miles north of Rawley Point Lighthouse near Two Rivers, Wisconsin. Due to its position, the water level can range anywhere from 0 to 15 feet. Shifting fine sands periodically obscure and uncover different sections of the remains. The hull of the vessel has been broken apart by waves and ice. A large part of the machinery, including the double expansion steam engine, is still intact.