After a season fishing on the Grand Banks of Newfoundland under the command of Angus Walters, Bluenose set out to take part in her first International Fisherman's Trophy. The International Fisherman's Trophy was awarded to the fastest fishing schooner that worked in the North Atlantic deep sea fishing industry. The fastest schooner had to win two out of three races in order to claim the trophy. The Canadian elimination race to determine who would represent Canada in the 1921 International Fishermen's Trophy race off Halifax, Nova Scotia took place in early October. A best two-out-of-three competition, Bluenose won the first two races easily. Bluenose then defeated the American challenger Elsie, for the International Fishermen's Trophy, returning it to Nova Scotia in October 1921. The following year, Bluenose defeated the American challenger Henry S. Ford, this time in American waters off Gloucester. Henry S. Ford had been constructed in 1921 based on a design intended to defeat Bluenose.
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