The City of Rayville has international historical significance as the first US vessel lost in World War II, and is one of four World War II wrecks in Victoria. It represents the strategic importance of Bass Strait as an international shipping lane and of the importance of Australia's raw materials to the Allied war effort. It is socially significant as the wreck and rescue of the crew by Apollo Bay fishermen is still remembered and commemorated by the Apollo Bay community, by members and relatives of the City of Rayville's crew, and by members of the American Merchant Marine.