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The story of The Real McCoy is based on the tale of Bill McCoy, a rum pioneer during the Prohibition era. In January 1920, McCoy loaded a ship with alcohol in the Caribbean and sailed it to New York. There, he operated as a floating alcohol warehouse three miles off the coast due to the ban on importing alcohol from other countries.

The company was founded by Bailey Pryor in the early 21st century. He came up with the idea to produce The Real McCoy rum while watching a documentary about Bill McCoy. Bailey traveled to the Caribbean island of Barbados, where he met Richard Seale, a 4th generation master distiller at his family distillery Foursquare.

Bailey and Richard jointly developed Barbados rum in the traditional style, adhering to McCoy's strict regime, where rum is never compromised by adding sugars, flavorings, or colorings.