This cover version of Buddy Holly’s classic song was recorded by the Quarrymen on July 12, 1958. A single 78rpm disc was pressed, making it the very first recording to feature John Lennon, Paul McCartney and George Harrison.It was released on a 78 record, backed with a song of Paul’s called In Spite Of All The Danger.
I tell people if you remember when rock music was considered a fad that would fade in two years, you are old.
Awesome fact. Does the recording still exist?
Yes, it’s on the Beatles Anthology #1.
Also on YouTube
John and Paul first met a year earlier; July 6 1957. Paul impressed John with a rendition of Twenty Flight Rock.
Didn’t the recording have a nasty dispute over who owned it in the early 1980s? That’s what I remember reading back then in “Trouser Press”…Paul offered to buy it, the man who had the recording said the price was too low so Paul sued.
As a matter of fact, I have it on my phone.
Hmm, it was owned by one of the original Quarrymen and Paul bought it in 1981. I’m not sure how acrimonious the negotiating was.
Paul has joked about buying it back at an inflated price
I did some checking on Beatles websites and there is a more complete history on inmyownwriteblog.com The recording got passed around with each band member getting to keep it for five days until it ended up with pianist John Duff Lowe. He kept it, left the group shortly after for another group, later working in the financial services industry. He largely forgot about the recording it, keeping it in the bottom drawer of a dresser and didn’t see his old band mates after 1960
In 1981 Lowe finally realized it might be worth something and had Sotheby's auction house do an evaluation for a rock and Roll memorabilia auction. Paul read about it in a newspaper and had his lawyers write an amicable letter asking him not to sell it. When Paul telephoned, Lowe got the impression Paul was fishing hoping to get it for nothing. Lowe insisted on being paid and eventually they agreed on a number. Both have kept the number secret but 12,000 pounds is the guess-timate.
Coming out of lurk mode to offer a little factoid. Paul told (or tells) that story at his live performances; they were to each keep the record for a week but “Duff kept it for 20 years”. (Then Paul sings the ‘Danger’ song, and has the audience sing along. Paul is a very affable guy in concerts).
I was intrigued about the story and read up on it and found out essentially what ** Jim’s Son** says above. When Paul finally got the recording in his hands he had something like 50 copies pressed and gave them away as gifts to his closest circle. The original is estimated to be worth in the 10s of thousands (I forget and am too lazy to look it up), and one of the 50 copies is also worth in the 10s of thousands (but of course less than the original)
On a visit to Liverpool Cathedral I noted quite a number of old photos of its construction - including getting the stone for it.
It turns out that this was at a place called Woolton and this struck a note with me, turns out that’s where John Lennon and Paul McCartney first met, and where John Lennon lived.
Once you tie those two facts down, its easy to understand why they called themselves the Quarrymen - it was one of those little moments where things just slot neatly into place.
Wonder if the pre-fabs ever went up to the top floor and threw things down from there.
(sorry, couldn’t help myself)
First thing I thought of 
I was sure something about that was going to be part of the OP.