The bay rum tree is known for the essential oil present in the leaves and stems. The oil, composed of terpenes, has a clove-like fragrance, although according to Fairchild Botanical Garden, at least some bay rum trees have a lemon scent. The Garden has been propagating the lemon variety for its unique scent.
According to the British Pharmaceutical Codex of 1911, the essential oil of bay rum has two distinct fractions upon distillation. The first fraction distills out quickly and is a light weight oil that floats on water. The second fraction distills more slowly and is a heavy weight oil that sinks in water. The two oils were recombined to make oleum pimentae foliorum, oil of pimento leaves.
Bay rum was a popular aftershave in the early 20th century. It is literally made with the leaves of the tree and rum. Consequently, the aftershave has its spicy notes from the bay and its smoky, woody tones from the rum aged in casks. Although now uncommon, the aftershave is still available from St. Johns and other islands. The real bay rum aftershave does not come cheap, but with its wonderful scent, it is worth it. And, no, once made into aftershave, the mix should not be imbibed.
Long before bay rum was a toiletry, it was used to ease pain. Bay rum probably first came about as a 'rub' for sore muscles, strains, and sprains. Additionally, it was discovered that the essential oil contains a diterpene that has anti-bacterial properties.
(Compiled from: "Pimenta", Hortus Third, Staff L.H. Bailey Hortorium, NY State College of Agriculture and Life Sciences, Cornell University, Macmillan, NY, 1976; "Oleum Pimentae Foliorum", British Pharmaceutical Codex, Pharmaceutical Society of Great Britain, 1911, posted to the internet by Henriette's Herbal website; "Allspice", A Modern Herbal, Mrs. M. Grieve, Dover 1982 Edition, a republication of the 1931 Harcourt, Brace & Co publication)