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Named by a settler from Chepstow, Monmouth, Wales. Noted in JHA 1845. There was a Chepstow Post Office from 1878-1913. Chepstow Point is an adjacent feature, and the Meacham Atlas of 1880 notes Chepstow cove as well, which is located at the bottom of present day MacAulay's Road, below Steele's Lane.

https://en.wikipedia.org/wiki/Chepstow

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