Prescott lay high atop the ridge between the West and Middle branches of the Swift River, and although bordered by the Swift River on two sides, most of Prescott was left, quite literally, high and dry. While Dana and Enfield were busy exploiting their water power, Prescott farmers made use of the excellent drainage provided by miles of ice-crushed gravel left by the glacier on the ridge and planted orchards. Apples were the main crop, and in Prescott could be found many now-extinct varieties, like the "Search-No-Further" apple, and the "Crow's Egg" apple, which was smaller and sweeter than a Red Delicious. Prescott also had many successful dairy farms, sawmills and charcoal kilns.
The Athol & Enfield Railroad, with a flag station at Soapstone Crossing, passed through the eastern edge of town. Baptists, Methodists and Congregationalists all maintained churches in Prescott at one time. The town hall (now located in Petersham) was near Prescott Hill, and a Grange Hall was in the Hollow Village.
Prescott, made up mostly of farmers, was the first town to sell out to the Commission. By 1928, only 106 years after the town first came into existence, it stood virtually empty. The few people who attended that year's town meeting voted to hand over Prescott and its villages to the state for administration, until the town's official dissolution on April 28, 1938. Parts of the town were absorbed by New Salem and Petersham.
What remains of Prescott is the ridge, now called Prescott Peninsula. It is a restricted-access wildlife sanctuary. A radio-astronomy facility was built on the site of Prescott Hill village in the early 1970's.