Elgin was founded in 1864 and was initially called the national Watch Co, in 1874 the name was changed to Elgin National Watch Co. The first watch sold by the company was an 18 size "B W Raymond" and sold for $115.  The name "B W Raymond" was taken from Mr. B W Raymond, a former mayor of Chicago who put up the capital to get the company started. Elgin produced over 55,000,000 watches during their lifetime which included half of the total number of pocket watches produced by the entire industry (this total does not include "Dollar Watches"). Elgin also produced wristwatches with the first going on sale in 1910. Perhaps the most notable Elgin pocket watch is the B W Raymond railroad watch. These were made in both 18 size and 16 size and with jewel counts from 15 to 23. Production of watches continued through the 1950s with the factory finally closing in 1964.