Originally, this iron furnace was called the Big Sand Furnace. It was named after the Big Sand Creek, which runs through the area. The original name can be found etched into the sandstone blocks that lay on the ground nearby.

The small village of Hope Station was located nearby. It was a station on the Marietta & Cincinnati Railroad. The Big Sand Railroad, a.k.a. the Hope Switch, was a short track that connected Hope Furnace to Hope Station. The line provided an easy mode of transportation for the iron. It was also used to transport raw materials from the Vinton Furnace Tract to this location. The railroad bed is now concealed underneath Lake Hope.

Legend has it that a worker was making his rounds one stormy night when something tragic happened. Apparently, he was near the top of the furnace when a sudden lightning strike blinded him. Unable to see, he fell into the stack and was instantly incinerated.