Any time I see an old plane, I look into it a bit just in case it has an interesting history. As it turns out, this one does. This 1950 Piper PA-20 Pacer was once owned by Max Conrad, who broke several aviation records (in other Piper aircraft) in the 50's and 60's. With this exact aircraft, he made a successful transatlantic flight in 1950 from New Jersey to Geneva, Switzerland and back. B-17's accompanied him on part of his flight to help with navigation.
Here's a photo I found of the same aircraft, with a different paint scheme back then. Just about every part has been replaced since then, but the frame is still original. This photo was taken after he reached New York.