Trowel Shop Pond has been known by several names over the years, including "Car Shop Pond" and "Car Barn Pond". Before the pond was created, the site was tannery, and the area beyond the rock spillways, at the far end of the marsh was known as Ministerial Meadows, which supplied hay that was sold to support Sharon's minister.

In 1810, the town let Jona Belcher (for whoom nearby Belcher St. is named) construct the dam. In the same year a factory for manufacturing cotton goods was set up on the site by The Sharon Cotton Manufacturing Company.

In 1852 Frank Bisbee took over the factory and converted it into an iron foundry. Later during the Civil War, by H.A. Lathrop & Co., bought the foundry and began making trowels and knives. The factory building burnt down in 1880, but was rebuilt and continued making tool.

Around 1990, the property was purchased by Norwood, Canton & Sharon Street Railway, which built a "car barn" to shelter their streetcars opposite the pond on North Main Street.

Since the pond was built it has been a popular spot for fishing, ice skating, and berry picking