In 1864, the company was established by Mr. Benjamin Double Raymond, Mayor of Chicago City, and six Board of Directors. Although it has a brilliant history such as being adopted as an official watch of the US land and sea air troops, as a maker it has disappeared due to the decline of the American watch industry.
Currently it has survived as a wristwatch brand name of relatively inexpensive price range by Japanese Fukumoto Electric Machinery "Elgin International" who bought the trademark right. The average sales price for Elgin is $324.