Elfin Cove, Alaska, Alaska's sport fishing paradise, lies just east of Port Althorp on the northwest corner of Chichagof Island. It has had that name since June 1935 when a post office was established there. Prior to that it had been known to fishermen in the area as The Gunk Hole. A "gunk hole" is an East Coast fisherman's term for any safe harbor, and Elfin Cove fills that bill. The cove, which is divided in two by an island, forms the outer harbor. Inside is a large basin with a very narrow entrance, so that it is nearly landlocked.
The U.S. dollar (USD) is the official currency. Traveler's checks and credit cards are also widely accepted.