Only two colleges existed in the American Colonies in 1701, and both were for the training of preachers: Harvard, and the newly formed Collegiate College of Connecticut. The school originally met in houses, but after a major financial gift from Jeremiah Dummer of London, land was purchased and a campus planned.
In 1718, Cotton Mather contacted a Welsh merchant, Elihu Yale, who's small donation consisted of the proceeds from the sale of 9 bales of goods, along with 417 books and a picture of King George I. Shortly thereafter, the name of the school was changed to Yale College.
By all rights, shouldn't the college have been called Dummer College?
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