This is the earliest map I found of the pond in addition to the maps posted in Marco's entry dating from 1766. In this map, we can see the original name of the Collect Pond, and the habitats that were marked surrounding the pond. For most of its history, Collect Pond has always been a resources for those who lived around it--for fresh water, transportation, as well as fishing and oyster catching.
This is an image of "Paradise Park," which was made as an effort to preserve the location of where the Collect Pond used to be when it had to be covered up due to pollution and spread of disease around the area. However, because of poor and violent neighborhood conditions (it was known as "Five Points" at the time), the park area did not hold up well.
Today, the Collect Pond's original place is left to a small park infested with many of NYC's rats. It has also become a place where the homeless would stay because of its access to free food every night provided by a source (this is from personal experience...will update later).
In 2008, The City of New York Park and Recreation created plans for renovating the Collect Pond Park by restoring the pond. The plan was marked to be started in 2010, but there has not been any visible sign of work done on the park yet. Below are some links to articles about Collect Pond - One was written in 1902 when the pond was first covered up, while the second article is based on the renovation plan for the park.
http://www.downtownexpress.com/de_271/whatsinaname.html
http://query.nytimes.com/mem/archive-free/pdf?res=F70611FD3A591B728DDDA00A94DE405B828CF1D3
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