The Cheviot is historically significant for being associated with Hobart whalers James Kelly, William Mansfield and Charles Seal, who all owned the Cheviot at some stage in their careers. When Charles Seal died, ownership of the Cheviot and the rest of his whaling and cargo/ passenger ships passed into the hands of his wife Phillis Seal, making her the first woman shipowner, and fleet owner in Australia. The Cheviot is archaeologically significant for representing the remains of an early 19th century Atlantic, South Seas, and colonial Australian whaling vessel, and is one of only a handful of shipwreck sites relating to the whaling industry in Victoria.