The North America Nebula is large, covering an area of more than ten times the size of the full moon, but its surface brightness is low so it cannot be seen with the unaided eye. Binoculars and telescopes with large fields of view (you need ~3°) will show it as a foggy patch of light under sufficiently dark skies. Its prominent shape and especially its reddish color (from the hydrogen Hα emission line) only show up in photographs of the area.
The North America Nebula and the nearby Pelican Nebula, or IC 5070, are in fact parts of the same interstellar cloud of ionized hydrogen (H II region). Between ourselves and the nebula complex lies a band of interstellar dust that absorbs the light of stars and nebulae behind it and thereby is responsible for the shape as we see it. The distance of the nebula complex is not precisely known, nor is the star that's responsible for ionizing the hydrogen so that it emits light. If it is Deneb, as some sources say, the distance would be about 1800 light years, and the absolute size of the nebula complex (6° apparent diameter on the sky) would be 100 light years.
The discovery of the North American Nebula is attributed to the famous 18th century astronomer William Herschel.
External links
NASA APOD: The North America Nebula (May 1, 2000) (http://antwrp.gsfc.nasa.gov/apod/ap000501.html)
NASA APOD: The North America Nebula (June 9, 1996) (http://antwrp.gsfc.nasa.gov/apod/ap960606.html)
In the north-western part of the North America Nebula, NGC 6989 has been detected by William Herschel (H VIII.82, GC 4613) on September 11, 1790.
In its northern part, young open cluster NGC 6996 has formed; this cluster has been discovered by John Herschel (h 2094, GC 4619) before 1833.
Stars west of the nebula (beyond its "East Coast") form young open cluster NGC 6997 which was found by William Herschel (H VIII.58, GC 4629) on October 24, 1786 (the same day he probably found the nebula), which have probably formed from the same interstellar cloud.