Grimsey is renowned for its cultural activities despite its small population. The islanders were well known for their proficiency in chess. In the 19th century a wealthy American scholar and chess enthusiast, Mr. Daniel Willard Fiske, sailed past the island and was intrigued by the lifestyle of the inhabitants and their love of chess. It prompted him to donate a chess set to every home and he also donated a considerable amount of money to the community to support their future endeavours.
The islanders celebrate his memory every year on his birthday on the 11th of November. In the library on the island you can see some of the gifts from Fiske, books, photos and chess set. There is a primary school on the island for children up to 14 years.