Bob McConkey was captain of the Limerick team in 1921 when the trophy was first presented. A different trophy, the Great Southern Cup, was used before 1921 as the trophy for winners of the All-Ireland Hurling Championship. A new Liam McCarthy Cup replaced the old one in 1992 and Liam Fennelly of Kilkenny was the first man to receive it.
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The original Liam MacCarthy Cup commemorates the memory of Liam McCarthy. Born in London to Irish parents in 1851, he was prominently involved in the establishment of a GAA county board in London in the 1890s. In 1921 a trophy in his honour was presented to the Central Council of the GAA and replaced the Great Southern Cup as the All-Ireland trophy. The trophy was first presented in 1921. Limerick were its first winners. Due to its age, it was retired in 1991 and a new Liam McCarthy Cup has been presented since 1992.