History of Waterdeep - Age 0, Tuabemoots and Pioneers:

Few now know the true history of this great city, which had its beginnings over a thousand years ago, when the North was truly what Southerners still sneeringly call it: "the Savage North." In those days, most of the North was covered with vast, tall forests of ancient green, and inhabited by dwarves and goblinkind (in the most northern mountains and foothills) and elves (in widely scattered forest enclaves everywhere else). A few primitive human tribes lived along the Sword Coast, fishing, hunting and gathering in spring and fall to trade their furs with vessels sailing in from the south for merchant's jewelry, metal tools, and the occasionally-available weapon or two. In the spring, these vessels came primarily to cut and take huge trees for shipbuilding, trees being no longer available in such large sizes farther south.

In the fall, the vessels came in to cut timber for their own repairs, or to take on a cargo of wood if the misfortunes of trading had left their holds low or empty. Most of these trademoots were at a certain place where there was a great natural deepwater harbor, protected from the sea by a rocky spur of land, an arm of an isolated coastal crag, or a rocky island beyond it.