Lesher Colorado Dollars: An Intriguing Chapter in Private Mint History

[Redator]

In the 1870’s in Colorado, the discovery of huge amounts of silver ore in the mountains triggered a massive silver boom. Silver mining expanded significantly in the state over the next decade, and Leadville became known as the “Silver Capital of America.” Colorado mountain towns saw explosive population growth and prosperity driven by mining.

However, the silver boom period slid into a bust. Changes to the global international monetary systems relating to precious metals triggered a collapse in the price of silver, which directly impacted the Colorado silver mining towns.

In the 1870s, many countries, including Holland, France, Belgium, Italy, Switzerland, and Greece, stopped minting silver coins. The United States, which had been minting silver dollars, joined those countries and went on the gold standard. The amount of silver coined internationally dropped 50% in just two years. This led to a silver price collapse at a time when production was increasingly dramatically in Colorado.

Joseph Lesher, a successful Colorado miner turned mine owner, wanted to revive the local economy after the silver price decline dragged down growth. Lesher was a passionate advocate of the “Free Silver” movement, which advocated for the unlimited coinage of silver in America to expand the money supply and stimulate the economy.

Lesher took action. He started a private mint and struck octagonal silver coins—known as Lesher Referendum dollars in 1900 and 1901. These coins were intended to circulate locally and stimulate demand for silver, thereby helping to reopen idle mines and restore prosperity to the region.

Lesher’s minting operation was short-lived, running from late 1900 through 1901. During this period, he produced an estimated 2,000 to 3,000 pieces in total.

The fascinating design of many Lesher dollars reveals their important connection to Colorado’s silver mining boom era. Some Lesher Dollars feature a magnificent depiction of Pikes Peak, the iconic Colorado Mountain. The mountain’s image symbolized the region’s mining heritage and the aspirations of those who sought fortune in its shadow. Alongside Pikes Peak, the coins often bore inscriptions such as “JOS. LESHERS REFERENDUM SILVER SOUVENIR MEDAL,” the year of issue, and the name of the merchant or town that accepted the coin as currency.

Lesher Dollars are immediately recognizable by their distinctive octagonal shape and large size. The coins were hand-punched, resulting in unique variations and individual quirks for each piece. Today, Lesher Dollars are extremely rare, with just over 20 different types identified by PCGS. They are differentiated by the names of Colorado merchants and towns stamped on them. Some varieties are known by only a single surviving specimen. Their scarcity and historical importance make them highly sought after by collectors today.

The post Lesher Colorado Dollars: An Intriguing Chapter in Private Mint History appeared first on Blanchard and Company.