The Lionel Scale Hudson Type 4-6-4-Locomotive No. 773 holds a unique place in the history of Lionel. Most of the trains produced during the Post-War period were "selectively compressed" because of the tight radius of the curved track that was used. This was not true with the 773. It is a full O Scale replica of the Pre-War No. 700E—updated to run on the standard O Gauge tubular track of the post war years.

First issued in 1950 in celebration of Lionel's 50^th year of producing electric trains, Variation A came with the very desirable No. 2426W six-wheel truck tender that had the directional unit and a whistle in it. The directional unit is connected to the locomotive with plug-in jacks and the locomotive was equipped with Magnatraction and a smoke unit.

Lionel reissued this engine in 1964, and this version, Variation B, lacked the slide valve gear guides. Because of this, the boilers of the two different versions are not interchangeable. This variation also came with heavier heat-stamped number on the boiler, and a smaller No. 736W tender labeled "PENNSYLVANIA" that had AAR trucks with a disc coupler.

From late 1964 until 1966, this locomotive was produced with a "NEW YORK CENTRAL" lettered No. 773W tender that had AAR trucks and one disc coupler (Variation C). Although the 1950 catalog showed the earlier version with "NEW YORK CENTRAL" markings, the engine was never produced with lettering for the New York Central railroad. It was not until this variation, late in the post war years, that Lionel produced this engine with the New York Central lettering that was the prototype for this model. The New York Central’s Class J1e Hudson was reportedly Joshua Lionel Cowen’s favorite locomotive.