The annual Chincoteague pony swim and auction occurs the last Wednesday and Thursday of July each year. The Saltwater Cowboys swim the entire Assateague herd across to Chincoteague on Wednesday. The Chincoteague Pony Auction happens early Thursday morning. They auction the first year foals and leave the ponies in the pens for the rest of the day. They swim the Southern herd back on Friday but truck the northern herd back. The Fireman's Carnival runs throughout this time.
The Pony Penning and carnival proceeds fund the Chincoteague Volunteer Fire Department.
Click on one of the above links to see pictures from two different years and more information.