Within the 1870’s in Colorado, the invention of giant quantities of silver ore within the mountains triggered an enormous silver growth. Silver mining expanded considerably within the state over the subsequent decade, and Leadville grew to become often called the “Silver Capital of America.” Colorado mountain cities noticed explosive inhabitants development and prosperity pushed by mining.
Nonetheless, the silver growth interval slid right into a bust. Adjustments to the worldwide worldwide financial programs referring to valuable metals triggered a collapse within the value of silver, which immediately impacted the Colorado silver mining cities.
Within the 1870s, many international locations, together with Holland, France, Belgium, Italy, Switzerland, and Greece, stopped minting silver cash. The US, which had been minting silver {dollars}, joined these international locations and went on the gold commonplace. The quantity of silver coined internationally dropped 50% in simply two years. This led to a silver value collapse at a time when manufacturing was more and more dramatically in Colorado.
Joseph Lesher, a profitable Colorado miner turned mine proprietor, needed to revive the native financial system after the silver value decline dragged down development. Lesher was a passionate advocate of the “Free Silver” motion, which advocated for the limitless coinage of silver in America to broaden the cash provide and stimulate the financial system.
Lesher took motion. He began a personal mint and struck octagonal silver cash—often called Lesher Referendum {dollars} in 1900 and 1901. These cash have been supposed to flow into domestically and stimulate demand for silver, thereby serving to to reopen idle mines and restore prosperity to the area.
Lesher’s minting operation was short-lived, working from late 1900 via 1901. Throughout this era, he produced an estimated 2,000 to three,000 items in whole.
The fascinating design of many Lesher {dollars} reveals their essential connection to Colorado’s silver mining growth period. Some Lesher {Dollars} function a powerful depiction of Pikes Peak, the long-lasting Colorado Mountain. The mountain’s picture symbolized the area’s mining heritage and the aspirations of those that sought fortune in its shadow. Alongside Pikes Peak, the cash usually bore inscriptions comparable to “JOS. LESHERS REFERENDUM SILVER SOUVENIR MEDAL,” the yr of concern, and the identify of the service provider or city that accepted the coin as foreign money.
Lesher {Dollars} are instantly recognizable by their distinctive octagonal form and enormous dimension. The cash have been hand-punched, leading to distinctive variations and particular person quirks for each bit. Right this moment, Lesher {Dollars} are extraordinarily uncommon, with simply over 20 differing kinds recognized by PCGS. They’re differentiated by the names of Colorado retailers and cities stamped on them. Some varieties are recognized by solely a single surviving specimen. Their shortage and historic significance make them extremely wanted by collectors at the moment.
