It is generally admitted that about 1721-1722, shortly after the establishment of the First Grand Lodge of England, there were two Masonic Degrees, namely, Apprentice and Fellow-Mason — Fellow and Master being interchangeable terms.
This is evident from a comparison of the 13th Regulation in the First Book of Constitutions of 1723, with the resolution of Grand Lodge, of November 25th, 1725, repeating a portion of that Regulation, and from a comparison also of the First Book of Constitutions with the Second in 1738.
In 1723 the rank of Fellow sufficed to make a Mason eligible for any office in the Lodge, or even for that of Grand Master, whilst in the corresponding Regulations of 1738 the term Fellow is replaced by that of Master.
Thus by 1724-1725 a M.M. Degree, apart from that of F.C., was in existence.
By 1730 the ritual of the present M.M. Degree is virtually found in Pritchard's " Masonry Dissected," and by 1738 it was well established and had received the recognition of Grand Lodge.
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1937 - The Legend of the Third Degree - Bro Rev G C Glanville.
