Initially built in the 1790s by a man known as Grant, the Peter Tarr Furnace was the very first iron furnace to be eve built west of the Alleghenies. Its name was from Peter Tarr, who purchased the business, presumably in the early 1800s, and was used to establish the Connell, Tarr, and Company firm.

The Peter Tarr Furnace was fueled primarily by local timber. It was able to produce up to 2 tons of metal on a daily basis during its days of operation. The products of the site were used mostly for making iron grates and cooking utensils. They were also used for casting cannonballs during the War of 1812.

The Peter Tarr Furnace operated until 1840. It was listed in the National Register of Historic Places in 1976.