This model trawler was purchased by the museum service with the aid of a Science Museum purchase grant in 1988. It was made with meticulous detail in approximately 1:32 scale by model maker and local Fleetwood man Mr. N. Howard-Pritchard, and now takes pride of place in the deep-sea fishing gallery at Fleetwood Museum.

The trawler was the last coal burning vessel built at the Cook, Welton & Gemmell shipyard in Beverley in 1936, and originally named Davy. In 1939 she became HMT Davy (Hired Military Vessel) under the control of the Royal Navy and converted into an anti-submarine trawler to combat the German blockade of British waters. After the war the trawler was sold on twice, first in 1951 becoming the Cape Barfleur H213 and then in 1954 Red Falcon F04 when she was sold to the Iago Steam Trawling Company of Fleetwood.

In late November 1959 the Red Falcon sailed from Fleetwood with her sister ship the Red Sabre to join another company vessel the Red Knight in the Icelandic fishing grounds. On her return journey she ran into poor weather off the Inner Hebrides with winds of Force 10 and waves estimated at 13 metres high. Red Sabre about 70 miles ahead of Red Falcon lost contact with her shortly before returning to port.

When Red Falcon did not return as expected on the 14th December and Red Knight docked the following day, the town began to fear the worst. When wreckage was washed ashore on the isle of Tiree the disaster was confirmed. Red Falcon was lost with all hands, 19 men died all but one a resident of Fleetwood. The inquiry into the disaster judged it likely the vessel was overwhelmed by the extremely rough conditions.