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During the 18th century, the settlement of Boonetown Falls (variously spelled as Booneton or the current Boonton) was established on the Rockaway River, about 1.5 miles (2.4 km) downstream from the current site of the town. As early as 1747, Obadiah Baldwin ran an iron refining forge there. He used the iron ore and charcoal available in the area together with water power from the river. As the ironworks grew, workers and their families formed a community in 1761 that was named “Boone-Towne” in honor of the Colonial Governor, Thomas Boone.
The present town developed separately from the settlement of Booneton Falls. The population moved away after 1830, when a canal was completed that drew off business and traffic. The site of Old Boonton downriver has been covered since 1903 by the Jersey City reservoir formed on the dammed river.
The Boonton Iron Works were founded about 1770 by Samuel Ogden of Newark, New Jersey. Together with brothers, he purchased a 6-acre (24,000 m2) tract along the Rockaway River. Throughout the American Revolutionary War, the Booneton Iron Works was busily engaged in supplying numerous miscellaneous iron products for the military. After the war, operations at Boonton were continued under John Jacob Faesch and his two sons, and, later, by William Scott. He tried to revive the declining business. In 1824, Scott’s interest in rejuvenating the antiquated ironworks faded when he learned that the Morris Canal was soon to be constructed, and that it would bypass the community of Booneton a mile or more away.