Apparently, W. L. Weller distilled Kentucky Straight Bourbon with wheat before anyone else—including Julian "Pappy" Van Winkle, Sr. Pappy actually worked as a liquor salesman for W.L. Weller and Sons before he and a friend, Alex Farnsley, bought the A. Ph. Stitzel Distillery, which made bourbon for Weller.
On Derby Day in 1935, Stitzel-Weller opened its doors and began making its wheated bourbon recipe famous. Eventually, the union produced Pappy Van Winkle, one of the most celebrated and hard-to-find bourbons in the world.
Why Weller and Pappy Are Almost the Same
Stitzel-Weller closed in 1992 and today, W. L. Weller 12 and Pappy Van Winkle have the same mash bill (combination of grains used in the distiller’s recipe) and are produced at the same distillery, Buffalo Trace. Basically, Weller 12 Year Old is made of Pappy that didn't quite make the cut for Pappy Van Winkle Lot B 12 year. That's why many say it as close to Pappy as you can get—for a whole lot less.
Why Weller Isn't Pappy
At first, this may seem like a big deal or that Weller didn't taste good enough to be considered Pappy. However, when you realize Pappy Van Winkle chooses the best of the best, you'll see it can come up a tad short, still be a very good bourbon and become Weller. The difference between the maturation of one barrel to another can be very slight—if not almost indiscernible—except by a highly trained whiskey palate.
In other words, 12-year-old Weller is almost 12-year-old Pappy Van Winkle, except it is a little easier to find and cost much less than Pappy. The Manufacturer's Suggested Retail Price (MSRP) for Weller 12 is $70, while Van Winkle 12’s is $79.99. But, if you find either in a liquor store or in the secondary market you will likely pay more. Weller 12 runs in the $150 to $250 range, while Van Winkle 12 year goes for $500 to $700 or more.
Weller and Van Winkle of the Same Bourbon Family
Check out this cool chart to see how certain bourbons are "related." Notice on the first tree, the Buffalo Trace tree, that WL Weller 12, in a sense, branches off and through further aging becomes Pappy 15 year, 20 year and 23 year. Not an exact science, but I think it is a great visual for understanding how certain bourbons "grow" into other bourbons through the art and science of aging.