More than 200 ponies cross Assateague Channel as part of annual Chincoteague Pony Swim

CHINCOTEAGUE, Va. — People from around the world gathered on Chincoteague Island to watch the 98th annual Chincoteague Pony Swim on Wednesday. 

Every year, foals are auctioned to help keep the herd from overexpanding. Hundreds of thousands of dollars are often raised and go to the fire company. 

This year, more than 200 ponies were brought to swim the Assateague Channel to Chincoteague Island, according to the Chincoteague Chamber of Commerce. 

At slack tide, USCG Station Chincoteague set off a flare to kick off the swim. The Saltwater Cowboys led the ponies across the channel. After a 45 minute rest, the ponies were paraded through the street, and arrived at the Carnival Ground corral to wait for the auction. 

The annual pony swim between the two spots is run in large part by the local fire company. The purpose of the crossing is to separate some of the foals born during the spring, so they can be auctioned. The auction will begin Thursday, July 27 at 8 a.m.

Foals are auctioned to help keep the herd from over-expanding. Hundreds of thousands of dollars are often raised and go to the fire company.

Every year, the first foal to come ashore is named King or Queen Neptune and is given away in a raffle drawing at the carnival grounds. The carnival is Saturday, July 29 from 7 p.m. until 11 p.m. 

The money raised from the auction helps fund the Chincoteague Volunteer Fire Company. In turn, the fire company uses some of that money to provide veterinary care for the ponies throughout the year.

Not every foal that is auctioned actually leaves the herd. Every year, the fire company selects a few ponies as "buybacks." The person who pays for a "buyback" pony gets to name the animal. Then the foal is returned to the herd on Assateague Island.

Every year, money raised from the sale of one foal goes to a regional charity. Past recipients include Wounded Warriors and Alzheimer's Adult Care.

The annual crossing was made famous by Misty of Chincoteague, a children's novel written in 1947 by Marguerite Henry. It tells the story of the bond that develops between two children and a Chincoteague pony named Misty. It inspired the 1961 film, Misty.