Originally settled by the French in the 1630s that fishing settlement was called Petit Plaisance, meaning "Pleasant Little Place". The name was retained in English (Little Placentia) when the French lost control of the area following the Treaty of Utrecht in 1713. The census of 1706 records 149 individuals in 14 habitations. The community adopted its present name (unofficially in 1895 and officially in 1901) for the presence of silver ore near Broad Cove Point on the east side of the harbour.