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The Chincoteague Pony, also known as the Assateague horse, is a breed of pony that developed and lives in a feral condition. Although popularly known as Chincoteague ponies, the feral ponies actually live on Assateague Island that lies in the states of Virginia and Maryland. The breed was made famous by the Misty of Chincoteague series written by Marguerite Henry starting in 1947. Several legends are told regarding the origins of the Chincoteague, with the most popular being that they descend from survivors of wrecked Spanish galleons off the Virginia coast. It is more likely that they descend from stock released on the island by 17th century colonists looking to escape livestock laws and taxes on the mainland. In 1835, the practice of pony penning appeared, and in 1924 the first official "Pony Penning Day" was held by the Chincoteague Volunteer Fire Company, where ponies were auctioned as a way to raise money for fire equipment. The annual event has continued to the present day. While only around 300 ponies live on Assateague Island, around 1,000 more live off-island, having been purchased or bred by private breeders.