The trophy was first presented at the close of the 1946-1947 season by workers of the Chrysler factory in Windsor, Ontario, as a memorial to Gatschene, a former Chrysler employee and hockey star in the Windsor-Detroit area.
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The same season, Peter Mara was awarded the Leo P. Lamoureux Memorial Trophy, as the league's leading scorer and the James Gatschene Memorial Trophy, as outstanding playing ability and sportsmanlike conduct; and Frank Demarco won the rookie of the year.