A Lesher Referendum Dollar & a Brief History

BillJones

[i]I have been looking for a Lesher Referendum Dollar since I spent a couple hours in the "semi ghost town" of Victor, Colorado. I had seen a few pieces offered, but most them had problems. Here is the piece I bought for type and an essay I wrote on these unusual pieces, which are listed in [u]The Red Book[/u][/i]

Joseph W. Lesher (1838 - 1918) was an Ohio native who worked his way up from a Colorado silver mine worker to silver mine owner and real estate developer over two decades. Lesher was a strong supporter of William Jennings Bryan during his two failed attempts to win the presidency in 1896 and 1900. After Bryan lost his second run in November 1900, Lesher launched a project to increase the use the silver as a medium of exchange in Colorado. His goals were to boost the silver mining industry and turn a profit for himself. The pieces that resulted from this project are called the Lesher Reformation Dollars, and they are listed in the Red Book on page 415 in the 70th Edition (2017).

Like William Jennings Bryan, Lesher believed that the unlimited coinage of silver would result in increased business activity and prosperity to the working classes. Others, including Colorado governor, Davis Waite and Colorado senator, E. O. Wolcott, agreed with this theory and lent their tacit approval to Lesher's plan to produce and circulate a private issue of silver coinage. Lesher had to be careful that his coinage did not cross the line and run afoul of the Federal Government anti-counterfeiting laws. On November 13, 1900, a Chicago, Illinois newspaper ran the following story that was based on a dispatch from Lesher's home town, Victor, Colorado:

[i]"Mr. Lesher proposes to demonstrate that the 'intrinsic value' theory (of money) is a delusion and a snare. His silver at the present quotation costs 65 cents per ounce, the expense of coining is 15 cents - 80 cents in all - but he values dollars at $1.25 and intends to keep them above par. Although he is confident that the silver alone is really worth $1.29 an ounce, he admits that other people may be prejudiced. Therefore he promises to pay $1.25 in United States money on demand for each 'referendum' dollar. In order to avoid any entanglement with the Government Mr. Lesher makes his dollars eight-sided." _[/i]

**Lesher's 1900 Referendum Dollars
**Lesher designed his tokens and commissioned a professional die maker to sink the images for him at a cost of $60 per die pair. Denver die maker, Frank Hurd, made the first set of dies which had a relatively simple design. The pieces were struck on octagonal planchets to avoid any confusion with the United States coinage. The planchets were 35 millimeters across, weighted 480 grains and were made of 95% silver and 5% copper.

The obverse read, "Jos Leshers Referendum Souvenir / One Oz of Coin / Silver / Price $1.25/ M.F.G.D. Victor / Colo / 1900." Lesher used the term, "Souvenir," to make it clear that his pieces were not coins. The word "referendum" emphasized the fact that people were not required to accept these pieces in instead of cash; their acceptance was voluntary. The reverse read, "A Commodity / Will Give / in / Exchange / Currency Coin / or / Merchandise / at Face Value / NO." Following the "No" there was a space where a serial number that was usually stamped in on the piece. The serial numbers appear to have been entered in no particular order of issue although each one is unique to each piece.

Lesher had 100 of these pieces struck, and sold them for $1.25 each. When this proved to be too cumbersome, he struck up a deal a Victor, Colorado grocer, A. B. Bumstead, to sell the pieces and give them out in change at his store. The Bumstead pieces were issued in two minor varieties and featured a landscape of the Colorado mountains with mining equipment and buildings on the slopes of the hills. Herman Otto, another Denver die maker, made the tools that used to strike these pieces. The obverse letting read, "Pikes - Peak. / Silver Mine" above the mountains. Below were the words, "A Commodity / will give / In Exchange / Merchandise / at / A. B. Bumstead." with a space for a serial number below. The reverse featured the center of the Colorado State Seal and read, "Jos Leshers Referendum Souvenir / 1 Oz. Coin / Silver / Price $1.25 / Colo. / 1900."

One thousand pieces were struck of the 1900 Bumstead, Lesher dollars, and records show that Bumstead issued 700 of them. Only three pieces were returned for redemption although they contained only 65 cents worth of silver. Lesher maintained that the "true price" of silver was $1.29 per ounce although he admitted that most people didn't agree with him. The price of silver would not reach that level until 1963.

In late 1900 Lesher had six die trial pieces struck that included language that did or may have gotten him into trouble. The words, "A commodity */ will give merchandise or cash / • at • any • bank," appeared below the standard mining landscape. Some researchers claim that the Federal Government confiscated the dies that made these pieces. Others say that Lesher ended the coinage of these pieces on his own knowing that bank reference would cause him trouble. This variety is rare with 10 pieces known.

**Lesher's 1901 Referendum Dollars
**In 1901 Lesher took his referendum dollar business in a new direction. He reduced the diameter to 32 millimeters and the weight 412.5 grains, which was the same weight as the standard U.S. silver dollar. On April 16, 1901 Lesher obtained a patent for the design of his pieces, No. 34,359. His intent was to prevent others from copying and possibly counterfeiting his design.

Lesher retained the landscape design on the obverse and the Colorado State Seal on the reverse, but he modified the wording considerably. With a call toward populism, the obverse wording was, "In the people we trust / * A Commodity * / will give in exchange / merchandise at." There was a space below where individual merchants stamped in the name of their business and the town where it was located. Much of the reverse was dedicated to the legalese that Lesher hoped would discourage others from copying his design. It read, "Jos. Leshers • referendum • silver • souvenir medal / price $1.00 / U.S. / Patent No. / 62,695 / Trade mark reg U.S. Pat Off / No 36,192, Apr. 8, 1901 / Design Pat. Apr. 16, 1901 / M'f'd / Victor, Colo / *1901 *."

Lesher charged the merchants 80 cents apiece for these pieces. Most of the known examples have been punched with the merchants' name and town. Merchants from five Colorado towns, Cripple Creek, Denver, Grand Junction, Pueblo and Salida issued tokens in numbers that varied from 50 (the most common amount) to 260 pieces. One Nebraska merchant also issued Lesher tokens, but the intent was more to advertise the opening of a new store than to use the pieces as a medium of exchange. There are also three unique pieces have the names of people hand engraved upon them that might have been vanity tokens.

Joseph Lesher shut down his token business after 1901, probably because it had not been as successful as he had hoped. In a 1914 interview with ANA legend, Farran Zerbe, who became an early expert on these piece, Lesher said that between 3,000 and 3,500 pieces had been struck. A modern expert, the late Adna Wilde, believed that only 1,870 pieces were made. Wilde compiled a list of the known pieces by variety which has been maintained since his death. To date 580 pieces have been recorded over all of the varieties.

Yet, despite the opinions of the experts, rumors persist that a significant hoard of Lesher dollars exists that is yet to be discovered. Victor, Colorado business man, Zach Hutton, was said to have accumulated several hundred pieces that he stored in two coffee cans. Fearing that someone would steal his hoard, he buried them somewhere on his property before he died of pneumonia in January 1902. Such is the stuff of legends that always appeals to some members of the general public, metal detector enthusiasts and the coin collector community.

**Collecting the Lesher Dollars Today
**All of the Lesher dollars are regarded as rare today. I became interested in these pieces after a trip to Colorado and a day spent in the towns of Cripple Creek and Victor. Lesher dollars appear for sale occasionally at the large coin shows and in the cases of dealers who specialize in tokens in medals. One well known token and medal dealer had one at the spring 2016 Lakeland Collectorrama.

These pieces are listed in the book So-Called Dollars by Harold Hibler and Charles Kappen. So-called dollars have become very popular in recent years, which has driven up prices considerably. It has become very hard to find "bargain priced" Lesher dollars.

It has been my observation that the grading for certified Lesher Dollar s is very lose. Many certified pieces show signs of cleaning, and rim problems are common. Compounding the search for a truly nice specimen in a problem free holder is the fact that pieces with file marks on the edge to repair rim bumps are not unusual. "In the good old days" should pieces would not have gotten a straight grade or would have even made it into a certification holder.

Unfortunately the discerning collector must be mindful of these problem pieces and avoid them if possible. If you are looking for some of the very rare varieties, sometimes a problem piece is all you can find. It has been my experience that dealers will ignore such hidden problems when they are selling but very quick to note them when they are buying. Caution is strongly advised.

BustCuds

Thank you for write-up on this historical piece.

Your wealth of information always amazes me.

1630Boston

WOW.. a lot of history there. Thank you so much for sharing information that I might never otherwise have come across.

BillJones

Here are a few photos I took in Victor, Colorado.

Once a bank, now a fancy hotel that was closed at the time. They had Christmas decorations in the window, and I was there in May.

This was a very fancy social club that the mine owners set up for their employees.

More photos later. It looks like you are limited to two per post.

BillJones

This was said to be the building where there was a famous "house of ill repute."

Abandoned mine.

BillJones

Historical marker for "the house of ill repute."

And I sort of have "a thing" for old trucks.

OldEastside

Great commentary as usual Bill

Steve

dbldie55

Very interesting story. Thank you for sharing.

PRECIOUSMENTAL

Thank You for the education I received from you today.
I also have a 'thing' for the old trucks as well.

Walkerguy21D

Very interesting post - thanks for taking the time, Bill.

jonruns

Awesome!!!

RockyMtnProspector

Really appreciate this Colorado/numismatic history. I've been to Victor, it's a cool place!

BillJones

@PRECIOUSMENTAL said:
Thank You for the education I received from you today.
I also have a 'thing' for the old trucks as well.

My father had two Chevy trunks of that same vintage, either 1941 or 1946, I can't tell the difference. When I was a little kid, the bigger one fascinated me. It has a manual "stick" that shifted the transmission to a pulling gear that stood next the main shifter that was on the floor. My father almost never used it, but one of men worked for him used all the time to climb hills at a greater speed. When you five or six years old, that was cool.

kaz

Great thread, Bill. Appreciate the history of the Lesher Dollars, and the photos are an added bonus.

Weiss

Dcarr has some very nice examples of the Lesher pieces, and I believe has made his own version of them as well.

USMarine6

Thank you for the knowledge. Awesome post as always.

lkeigwin

Very fun to read, Bill. Entertaining and informative. The Lesher referendum dollars are darned cool!

Thanks for sharing this.

FWIW, the two-picture limit is silly and I hope our hosts remove it.
Lance.

edit to add: change "should" to "such" in the penultimate paragraph and delete "would have".

WDP

For those interested in Lesher Dollars, I and six other collectors will have a display of over 75 Lesher Dollars at the 2017 ANA Convention in Denver, Colorado.

This will likely be the largest "gathering" of Lesher Dollars ever, and the first time all known types will be shown together, including four unique Specimens!

The display will be at Table 439, two tables down from my Table (# 435) and will be shown in four cases.

Here is photo of a Lesher Dollar from my collection in case you are not familiar with these Medals:

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Photo courtesy of W. David Perkins and Rory Rea.

kaz

Now, that will be something to see. Wish I could be there!

Zoins

@WDP said:
For those interested in Lesher Dollars, I and six other collectors will have a display of over 75 Lesher Dollars at the 2017 ANA Convention in Denver, Colorado.

This will likely be the largest "gathering" of Lesher Dollars ever, and the first time all known types will be shown together, including four unique Specimens!

The display will be at Table 439, two tables down from my Table (# 435) and will be shown in four cases.

Wow! That will be an amazing display!

WDP

Thanks @Zoins! That is our hope. Will you be at the ANA this year?

WDP

@kaz posted, "Now, that will be something to see. Wish I could be there!"

Thanks! Maybe you can have a friend video the display for you?

ricko

@BillJones.... Great post Bill... Thanks for the in depth history of these pieces.... And the really great pictures.
Cheers, RickO

Bullsitter

Great read and very nice pics.

skier07

Thanks for the great read. I had heard the term "Lesher Dollar" but I never knew what they were. They sure are cool looking and the history is fascinating.

Zoins

@WDP said:
Thanks @Zoins! That is our hope. Will you be at the ANA this year?

Unfortunately I won't be. Normally, I can make it out to Denver quite easily but family takes precedence this year.

I'm fascinated by the different types of Lesher Dollars and would like to read up on the history of the different types.

DCW

I love Lesher Dollars. Rarity, beauty, history...it's all there! The problem is that they are so hard to find. Keeping interest in building a collection of them is really, really tough unless you happen to get lucky and a collection hits the market. But you better have your money ready! There are some that are unique or nearly so, and they will run you $20k+.
For this reason, I sold my small collection a few years back. I had three, and the ones I wanted were in strong hands. Probably should have kept one example, as they truly are gorgeous tokens and they've only gone up in value over the years.
I'd love to see that display of them in Denver.

CascadeChris

Nice post Bill. @dcarr might like a gander. Gotta love those old (and new) Leshers

BillDugan1959

While attending an ANA summer seminar in the mid-1990s, I took the evening bus tour up to Cripple Creek (recently opened to casinos) and the bus diverted through Victor in order to show us the Lesher House. Mr. Wilde was on board, and he pulled out four or five Lesher Dollars and passed them around for our inspection. They were very nice, and possibly this was the only occasion that I ever personally handled a specimen, although I have seen many through the years.

Mr. Wilde noted that he was somewhat suspicious of the hand engraved specimens. He said that two serious collectors were in a kind of competition to see who could acquire the most "names" and that one or both had some blank Leshers engraved with spurious names in an attempt of one-upmanship. One or both realized what was happening, and they stopped doing that.

My recollection of a fine evening. I won $300 on the slot machines too.

BillDugan1959

I sat with or behind Mrs. Shook on that bus. She was fit to be tied about something or another. She got cold and I lent her my jacket. A fine evening.

WDP

@BillDugan1959, great story about your trip to Victor and the late Adna Wilde. Thanks for sharing it with us.

In case you weren't aware, Wilde's Lesher Dollar Collection was donated to the ANA after his death. It likely be on display at the ANA in Denver this summer.

The suspicions about blank Lesher Dollars that were engraved to make "instant rarities" is a valid one.

Here is a "Blank Lesher Imprint Dollar" from my collection , ready to be engraved!

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And the envelope please! Note this coin was purchased (by the Ostheimers) from dealer Al Overton, of Early Half Dollar fame!" His store was in Pueblo, Colorado at this time. This Lesher Dollar is also ex. 1952 A.N.A. Sale, Lot 2955 where bought by an upstate NY dealer nicknamed "Suitcase Foster." There were dozens and dozens of Lesher Dollars in this sale.

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Photos courtesy of W. David Perkins and Rory Rea.

BillDugan1959

@WDP That is a very nice Leshers piece and the old dealers envelope is a great bonus, especially from such a well-known name.

WDP

Thanks @BillDugan1959. I also treasure the old envelopes and pedigrees information they hold.

I purchased the Ostheimer's So-Called Dollar Collection (which they had started in the 1950s when SCDs were labeled by "Kinney Numbers." This is the K number on the envelope above. They had over 700 different H&K numbers in this collection, including eight Lesher Dollars which I still have.

At the time I bought the collection, the Ostheimer SCDs were all stored in paper 2X2 envelopes, crisply wrapped in jeweler's tissue, untouched since the 1950s and 1960s. . You can imagine my surprise and enjoyment when I opened up the envelopes with the Lesher Dollars! These were one of the first items that I looked at when I was evaluating the collection. Two of the Lesher Dollars from their collection are plate coins in the original H&K Book on SCDs.

BillDugan1959

That's very very nice - most coin people don't spend enough effort on maintaining 'provenance' information on significant coins.

Weiss

That is pretty interesting about the blank dollars being inscribed later. Wouldn't surprise me. Coin collectors are crazy

My PCGS AU55:

WDP

@Weiss, Slusher and Cripple Creek are two cool names!

Are you familiar with the Lesher Dollar Census online? Pedigree of this Lesher Dollar (according to the Census) is Rhue - CRO - Landcaster.

Here is a link to the Census (and a great Lesher Dollar website) for those not familiar with this, http://lesherdollars.com/census.htm .

Here is the link to the Slusher Dollar Census - the serial number can be looked up and you can see the pedigree as listed in this Census: http://lesherdollars.com/cn6.htm . The example in my collection is serial number 28.

CaptHenway

Is the new book on Lesher and his dollars going to be ready by the convention?

WDP

@CaptHenway asked, "Is the new book on Lesher and his dollars going to be ready by the convention?"

I've heard the new Lesher Dollar book will be available prior to the ANA Convention and for sure by Convention time. I've tried to find ordering information online (to no avail). Until just now (thanks for the reminder!).

Here is a link to the website for the new Lesher Dollar book: https://www.arcadiapublishing.com/Products/9781467135252
According to this website the publishing date is 7/10/17.

Forgotten Colorado Silver: Joseph Lesher’s Defiant Coins
By Robert D. Leonard Jr., Ken Hallenbeck & Adna G. Wilde Jr.

Publishing 7/10/2017

Here is a photo of the cover, courtesy of the website and authors:

WDP

I just pre-ordered a copy of this new book.

CaptHenway

Thanks.

I have suggested to one of the authors and Dan Carr that a medal be struck for sale at the ANA commemorating the debut of this book. I put them in touch with each other, and beyond that I have no say in whether it will happen or not.
TD

ShadyDave

Cool topic, thanks for the awesome history lesson.

If anyone is going to the ANA convention (I think I can speak for a lot of users here) and stops by the table with the lesher dollar display, some pictures of the spread would be greatly appreciated!

WDP

I received a notice this morning that my copy of the new book on Lesher Dollars, Forgotten Colorado Silver: Joseph Lesher’s Defiant Coins (Paperback), has shipped. Can't wait to see it!

dcarr

@CaptHenway said:
Thanks.

I have suggested to one of the authors and Dan Carr that a medal be struck for sale at the ANA commemorating the debut of this book. I put them in touch with each other, and beyond that I have no say in whether it will happen or not.
TD

I haven't been in communication with anyone about this yet.
But regardless, I will probably make a new 2017 Lesher type with Pikes Peak on it instead of Longs Peak (which appeared on all my previous "Lesher Dollars"). Those could be imprinted to commemorate the book release and/or the Lesher Dollar display at the Denver ANA.

CaptHenway

Well, I tried.

dcarr

@CaptHenway said:
Well, I tried.

I think your attempt will ultimately be successful because something, one way or the other, will come from it.
I haven't contacted Ken (yet) because I've been busy with Comic-Con and then the holiday.

Zoins

@WDP said:
@Weiss, Slusher and Cripple Creek are two cool names!

Are you familiar with the Lesher Dollar Census online? Pedigree of this Lesher Dollar (according to the Census) is Rhue - CRO - Landcaster.

Here is a link to the Census (and a great Lesher Dollar website) for those not familiar with this, http://lesherdollars.com/census.htm .

Here is the link to the Slusher Dollar Census - the serial number can be looked up and you can see the pedigree as listed in this Census: http://lesherdollars.com/cn6.htm . The example in my collection is serial number 28.

Great site! It's neat going through this and seeing all the provenances.

http://lesherdollars.com/census

Zoins

@JesseKraft Are there photos of the ANS Specimen of Zerbe #5 Imprint Type?

I didn't see it here:

http://numismatics.org/pocketchange/lesher-referendum-dollars/

Here's a nice one that could have been donated by Farran Zerbe himself:

http://numismatics.org/collection/1947.132.5

JesseKraft

@Zoins said:
@JesseKraft Are there photos of the ANS Specimen of Zerbe #5 Imprint Type?

I didn't see it here:

http://numismatics.org/pocketchange/lesher-referendum-dollars/

Here's a nice one that could have been donated by Farran Zerbe himself:

http://numismatics.org/collection/1947.132.5

Yep! Here it is:
1901 Lesher Dollar, Zerbe.5 Imprint Type. Silver, 34mm, 26.859g. Also donated by Zerbe.
American Numismatic Society, 1947.132.3

Here is the die for it, once again donated by Zerbe:
American Numismatic Society, 1941.173.3

And the collar (though not sure why the picture is cut off). Guess who donated it...
American Numismatic Society, 1941.173.4

Zoins

Those are amazing @JesseKraft!

Here's larger images of the 3 dies donated by Farran Zerbe.

Anyone know if any dies still out there in private hands?

Zoins

Great to see the ANS Imprint Type #3!

Here's some larger photos with my new layout software. The ANS logo is a bit hard to read when position this way. Is there another ANS logo that can be used here?

JesseKraft

@Zoins said:
Great to see the ANS Imprint Type #3!

Here's some larger photos with my new layout software. The ANS logo is a bit hard to read when position this way. Is there another ANS logo that can be used here?

Very nice set up!
Nope. That's our only logo. Designed by Victor D. Brenner in 1906 after the ANS removed "and Archaeological" from its name (Brenner was even a part of the nine-member petition to remove these words).