Every year they cull the herd and pen up a certain number of them and swim them across the channel between the 2 islands.
The youngest of the herd are then auctioned off. The money from the auction supports the fire company and 25% is used for the care and feeding of the the herd for the next year.
This year was the 77th annual.
The whole thing was given national exposure with the 1947 publication of the book "Misty of Chincoteague" by Marguerite Henry.
It has now turned into a week long Festival and it was a lot of fun. Next year I want to see the auction, which was yesterday, and the return swim of those not sold, which will be tomorrow.
The only thing I know about "animal rights" stuff about this is that after the swim and before they bring the ponies through town they have to allow them to rest for an hour on the beach. That's a Humane society requirement. Beyond that I've never heard of any problems with the real animal whackos. I would expect that if it has ever happened the wackos were quickly chased off the island.
To me this is a win-win situation all around. The wild herd is well taken care of, the volunteer fire company has a steady stream of income for equipment and services, and this small Island Community has a booming tourist industry.
I know - I sound like a commercial - but I so enjoyed it and I remember reading the books when I was a child.