Pleasant Valley was in the heart of the old summer range of the Shoe Bar Ranch in northeastern Hall County. The last headquarters was established there in 1897 on land settled by Mrs. I. W. Scott in 1889, when the rangeland was broken into farms. T. B. Loveless bought the property in 1891 and built the house later used by the ranch. The house, corral, and barns still stand as reminders of the county's ranching era. Bob Crabbe, buffalo hunter, Shoe Bar cowboy, and one of the county's first settlers, filed on four sections of the valley in 1897 and made his home there for the rest of his life. In 1912 R. W. Crawford, another former cowboy, donated land for a three-room brick schoolhouse for the community. A five-room building replaced it in 1929 and was used until the school district was consolidated with that of Memphis. Cotton, poultry, and grain remained the community's chief sources of income. Pleasant Valley did not appear on early twentieth-century maps, and population estimates were not available.