1900 Lesher Dollar - HK-787, Zerbe Type 1

Coin Details

Auction Record

$4,000-$6,000 estimate • AU58 NGC • 02-2020 • Kagin's Henderson-Marchase Collection

Description

The 1900 Lesher Dollar HK-787, known as the Zerbe Type 1 or First Type, is the inaugural issue of Joseph Lesher's Referendum Souvenir Dollars — one of the most remarkable private silver currency experiments in American numismatic history. Joseph W. Lesher, a Civil War veteran and mining entrepreneur in Victor, Colorado, created these octagonal silver pieces in 1900 to demonstrate the utility of silver as circulating money during the politically charged free silver movement championed by William Jennings Bryan. This first type is distinguished by its entirely text-based design, lacking the elaborate mining scene that would appear on all subsequent issues. The obverse reads "JOS LESHERS REFERENDUM SOUVENIR" with "ONE OZ OF COIN SILVER" and "PRICE 1.25" along with "M.F.G.D. VICTOR COLO. 1900." The reverse promises that the piece "WILL GIVE IN EXCHANGE CURRENCY COIN OR MERCHANDISE AT FACE VALUE" with a hand-engraved serial number. The dies were cut by Frank Hurd of Denver — the only type not produced by Herman Otto, who would create all subsequent Lesher Dollar dies. Lesher called his pieces "Referendum" dollars because acceptance was voluntary — they were "referred to the people" for acceptance or rejection. Prior to beginning his enterprise, Lesher consulted Colorado Senator Henry M. Teller, a prominent silver advocate, who advised him that the venture was legal as long as the pieces did not imitate government money. Only approximately 100 First Type pieces were struck, and Lesher sold them personally at $1.25 each. Each piece contains one full troy ounce (480 grains) of .950 fine silver, significantly purer than the .900 standard of contemporary federal silver dollars.

Rarity Notes

R-6. Approximately 100 struck, with an estimated 13-30 surviving examples. The first and most historically significant Lesher Dollar type.

Cross References

HK-787; Zerbe-1 (Z-1); PCGS #19000