The community was platted September 23, 1867, by Joseph Ton and Cornelius Bracken, and had a post office called Algonquin.[3] The creek location led to the establishment of the Petersburg Mill, also known as the Algonquin Mill, which operated on waterpower from 1826 to 1880, and on steam power 1880 to 1938,[4] and which, on November 20, 1970 was added to the National Register of Historic Places. The Carroll County Historical Society puts on an annual festival on an autumn weekend called the Algonquin Mill Festival at the site.[5]