Edgar Bassett was born on March 10, 1914, in Philadelphia, Pennsylvania. He enlisted in the Aviation Cadet Program of the U.S. Navy on February 13, 1940, and was commissioned an Ensign and designated a Naval Aviator at NAS Pensacola, Florida, on February 14, 1941. After additional training at NAS Miami, Florida, Ensign Bassett joined VF-42 in June 1941, and deployed with his squadron aboard the aircraft carrier USS Yorktown (CV-5) in December 1941. He participated in the Gilbert Island Raids in February 1942, New Guinea in March 1942, the Battle of Coral Sea in May 1942, and the Battle of Midway in June 1942. He was credited with the destruction of 2 enemy aircraft in aerial combat, plus 1 damaged in the air, during the Battle of Coral Sea between May 4-8, 1942. During the Battle of Midway, Ensign Bassett was attached to VF-3 aboard the USS Yorktown, and was Killed in Action on the first day of the battle on June 4, 1942. He was officially listed as Missing in Action, and declared dead on June 5, 1943. His remains were never returned, as his aircraft went down at sea. The destroyer escort/high speed transport USS Bassett (DE-672/APD-73) was named in his honor, and served from 1945 to 1957.

His Navy Cross Citation reads:

For extraordinary heroism in operations against the enemy while serving as Pilot of a carrier-based Navy Fighter Plane in Fighting Squadron FORTY-TWO, attached to the U.S.S. YORKTOWN, in action against Japanese forces during the period 4 to 8 May 1942. As a wingman in the division of fighters sent to protect our own aircraft bombing and torpedoing ships at Tulagi on 4 May, Ensign Bassett assisted his section leader in an attack on three enemy seaplanes and succeeded in shooting down one of them. Shortly following this action he participated in a strafing attack, pressed home in the face of heavy anti-aircraft fire resulting in the setting afire and internal damaging of an enemy destroyer. On 7 May he piloted an airplane of the fighter escort for our Torpedo Planes in an attack on an enemy carrier in the Coral Sea. He assisted his section leader in driving off enemy fighter attacks on our Torpedo Planes in which action four enemy planes were shot down. This effective protection allowed our Torpedo Planes to launch torpedoes and return from their attack unharmed and resulted in the sinking of the enemy carrier. That evening he accompanied a group of our fighters which attacked and dispersed a formation of enemy scout planes and backed up his section leader in shooting down one enemy plane. On 8 May, in the Coral Sea, while pilot of a fighter in the combat air patrol, he engaged enemy fighters which appeared over our forces and assisted his section leader in their destruction. Ensign Bassett's outstanding courage and determined skill were at all times inspiring and in keeping with the highest traditions of the United States Naval Service.