Founded in 1730 by Thomas Davenport, Cold Spring originally served as a trading post on the Hudson River. In 1818, the West Point Foundry opened and began producing weaponry for the United States Army. In 1846, the village was officially incorporated and the Civil War years brought great growth to the area as the West Point Foundry produced munitions for the Union Army. After the war, the area became a favorite retreat of some of America's wealthiest families, who built elaborate mansions in the region, including the estates of the Butterfield and Morris families on Morris Avenue. The foundry closed in 1911, but by 1973, the village was declared a Federal Historic District and tourism has been the main industry ever since.