The Norfolk & Western Northern Type 4-8-4-Locomotive No. 746 was a replica of this railroad’s Class J locomotive. Touted by Lionel as "a magnificent heir to the tradition of steam," this locomotive was one the last to see regular service, and was in reality the "last gasp of steam!"

Produced from 1957 until 1960, its production would outlast the prototype, and there would be two distinct variations:

Variation A: Produced in 1957 and 1958, this version has a shortened stripe that was heat-stamped on the tender along with the number "746W" on the number board beneath the stripe.

Variation B: Produced in 1958 through 1960, this variation has a rubber-stamped long stripe on the tender with no number on the board beneath the stripe.

This locomotive was equipped with Magnetraction and a smoke unit, and there was a whistle in the tender that had bar-end trucks with one tabbed coupler. Designed strictly for use on O gauge track, this locomotive will not run on the sharper curved 027 gauge track.