Reliable information about Folly Mill is scant, but it appears to have been built as a paper mill in the late 18th century. The reason for its name is unknown, but the most popular one has it that it was built by Abraham Day of Allmeadows Farm, but it was destroyed in a flood. He had it rebuilt, only for it to be washed away again. According to the story, his wife swore that if he committed the folly of trying to build it again, she would go to bed and never get up again. He went ahead, she kept her word, and lived to the age of 76.