Perhaps Ponce de Leon was the first to spot the island, but Florida Indians often made their way here to trade or battle. The original name was "Cayo Hueso," Spanish for Bone Island. English, Bahamians, Cubans, New Englanders, and Southerners came here to settle and prospered from salvaging wrecked ships, cigarmaking, sponge gathering, turtling, shrimping, and fishing.
Following its early burst of prosperity, the city went bankrupt in the 1930s; an ambitious rehabilitation program was ended by the hurricane that wiped out the Overseas Railroad. However, completion of the Overseas Highway in 1938, along the existing route of the defunct railroad, signaled the start of Key West's present-day affluence. Today, tourism, followed by shrimping and fishing, sustain the economy.