The museum, often described as "where time stands still," has been a multifaceted establishment serving the Palmyrans and Erie "Canawlers" since its construction in 1826. Initially functioning as a boarding house, tavern, bakery, and general store, the site underwent renovations by proprietor William Phelps, which were completed by 1875. Remarkably, these renovations were preserved by his son Julius, who closed the doors in 1940, creating a unique retail time capsule for visitors to explore.

Visitors to the museum can also tour the elegant Phelps family home located upstairs. This space features post-Civil War furnishings and showcases Victorian style, all untouched by modern amenities such as electricity or indoor plumbing. Sibyl Phelps lived in this home until her passing in 1976, and her family's 157-year legacy continues to resonate within the museum today.