Holmes is a student from a privileged, educated Boston Brahmin family. He writes a passionate poem in two nights to protest the government's plans to scrap a veteran naval vessel. His rapid composition triggers a national campaign to save the ship while establishing his own literary reputation.

The speaker serves as the passionate, constructed voice of the poem. Rather than representing a specific individual, this figure embodies the presumed outrage of a young generation of Americans. The voice demands a glorious, natural end for the famous warship out in the ocean rather than a quiet dismantling at a dock.

Nicknamed Old Ironsides, this venerable American warship is a veteran of the War of 1812. The poem personifies the vessel as the eagle of the sea and treats it as a floating embodiment of American identity. It faces the active threat of being dismantled for scrap after a long and victorious military career.

These figures represent the Navy Department accountants and bureaucrats responsible for the decision to dismantle the ship. The poem personifies them as mythological monsters, half female and half bird, who devour unwary travelers. They symbolize a mercenary, bottom-line mentality that calculates financial savings without appreciating true national wealth.

Branch serves as the US Navy Secretary under the Andrew Jackson administration. He proposes scrapping the aging naval vessel to modernize the growing fleet. His pragmatic financial decision inadvertently sparks a massive cultural backlash across New England.

The HMS Guerriere is a heavily armed Royal Navy frigate that engages the American ship off the coast of Nova Scotia. Its officers possess great confidence in British military superiority. The ship ultimately suffers massive damage in the fight and is blown up at sea after surrendering.

Jackson is the President of the United States during the late summer of 1830. His administration pursues ambitious plans to update the nation's military infrastructure. This modernization effort leads to the controversial proposal regarding older vessels.