Around 1886, J.H. Arthur established the town of Lipscomb by building a store and post office out of cottonwood logs. As more people moved to the area, the need for a school arose, and on July 16, 1887, a special meeting was called to organize a school district and build a schoolhouse in Lipscomb. The first school began in a church purchased by the Lipscomb school trustees in 1888. The building, formerly the Dunkard Church, was a small one-room school, and both the school and church used it until a new two-story, four-room schoolhouse was built in 1908 to accommodate increased enrollment. In 1922, a fire believed to have been caused by lightning destroyed the building, and the school district trustees immediately began discussions about a new school. J.D. Stevens Construction Company began work on the school in 1922, and classes started in the fall of 1923. While the new brick school was being built, classes were held in the church and in two rooms of the courthouse. The new Lipscomb School included four classrooms, two bathrooms, a library, an office, and a large auditorium. It had full enrollment with both a high school and a grade school, and students participated in track, literary events, tennis, basketball, and football. The last graduating class was in 1941 with six graduates. After that, students began to be transported by bus to nearby high schools, and Lipscomb School became a grade school. In 1975, as the population of the area declined, the school closed. It stood as a testament to the value of education in this rural farming community.