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He was born on October 31, 1825 in Cambridge, New York, United States, where his father, a Presbyterian minister, was headmaster of Washington Academy. He was the youngest son of Nathaniel Scudder Prime and his wife, Julia Ann Jermain, was a grandson of Benjamin Youngs Prime and a brother of Samuel I. Prime and Edward Dorr Griffin Prime.
William graduated from the College of New Jersey (Princeton) in 1843, studied law.
He was admitted to the bar in 1846, and entered practice in New York City.
Ten years later Prime exchanged law for journalism under peculiar circumstances. The New York Journal of Commerce, then controlled by Gerard Hallock, was summarily suppressed in 1861 for alleged disloyal conduct, and resumption of publication was conditioned by the authorities upon the installation of another responsible editor. Hallock, in disgust, withdrew altogether in favor of David Marvin Stone, who persuaded Prime to join him in purchasing Hallock's interest. For the next eight years, Prime held the editorship of the paper and also the presidency of the Associated Press which went with it.
He was editor when in 1864 a second order of suspension fell upon the Journal of Commerce because it had published, over the name of President Lincoln, a spurious proclamation fixing a day of fasting and calling for more troops. The order of suspension was speedily rescinded, however, when the innocence of the paper and the stock-jobbing origin of the fabrication became apparent.
Prime likewise figured in the forefront of the news association war of 1866, when the western publishers openly rebelled against New York domination of their news service, and his signature is attached to the terms of settlement which restored harmonious relations. In 1869, he was succeeded by Stone both as editor of the Journal of Commerce and as president of the Associated Press, though he retained his proprietary holdings in the newspaper.
Convinced at the very outset of his career that every man should possess an avocation, Prime had begun collecting works of art of all kinds. He specialized at first in numismatics, but, progressing from die-cutting to steel engraving, eventually developed a deep interest in the history of illustration and accumulated a notable library of early illustrated books and medieval wood cuts. Both Prime and his wife were also interested in old porcelain, and they formed a fine collection illustrating the history of pottery. Two authoritative books, Coins, Medals and Seals (1861) and Pottery and Porcelain (1878) embodied some of his studies in these fields. As literary executor of Gen. George B. McClellan he edited McClellan's Own Story (1886) and wrote the biographical introduction.
His efforts and contributions induced the governing board of the College of New Jersey to establish an art department, to which in 1884 he was summoned as professor of the history of art. After retiring from active duties, he ended his days in New York City.
William Cowper Prime was one of the principal promoters of the Metropolitan Museum of Art. It was at his insistence that Princeton University established a department of art history. He was also an influencial owner and editor-in-chief of the New York Journal of Commerce, tha author of the famous analytical study The Holy Cross.
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In 1851 he married Mary Trumbull, of Stonington, Connecticut.
