By far Prescott. It has the original town square from when it was the Territorial Capital. Also, the original Whisky Row is there. Payson has lost a lot of it's old history since the old saw mill shut down and it turned into a place for the people with summer cabins to stop for groceries.
If you can swing it, I suggest you book a night in Prescott so you can walk from one to another of the authentic swinging door saloons in the evening, watch the lanky cowboys dance with their sugars to the live music of country/western bands. That's the way to do Prescott and the Old West.
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