1901 Silver Lesher Dollar HK-1016, Samuel Cohen

Coin Details

Description

This Lesher Referendum Dollar (HK-1016) documents Joseph Lesher's grassroots Free Silver experiment — he called them 'Referendum' dollars because no one was compelled to accept them; they were referred to the people for acceptance or rejection. This 1901 variety is from the second year of production. On November 13, 1900, in the small mining town of Victor, Colorado, Joseph Lesher (1838-1918) struck the first of his privately issued silver dollars. Born in Fremont, Ohio, on July 12, 1838, Lesher had settled in Victor in the heart of the Cripple Creek mining district, one of the richest gold-producing regions in Colorado. Frustrated by the federal government's refusal to coin silver freely after the Coinage Act of 1873, Lesher created his own silver currency, calling them 'Referendum' dollars because no one was compelled to accept them — they were referred to the people for acceptance or rejection. The Trade-Mark Applied For variety is unique, known from only one surviving example, making it among the rarest pieces in the entire so-called dollar series. The first type, struck from dies cut by Frank Hurd of Denver, consisted of 100 octagonal pieces weighing one troy ounce (480 grains) of .950 fine silver with a face value of $1.25. The scheme attracted support from A.B. Bumstead, a Victor grocer, for whom a second, more elaborate octagonal type was produced featuring a mining scene designed by Herman Otto, a Denver artist, with approximately 700 pieces manufactured. A brief round 'Bank Type' experiment (about 10 die trials) was quickly abandoned, and in 1901 Lesher produced a smaller (32mm), lighter (412.5 grains) octagonal imprint type at $1.00 face value with approximately 800 pieces across nine merchant varieties. The so-called dollar collecting community has grown significantly since the Hibler-Kappen catalog's initial publication, with specialized dealers, dedicated reference works, and an active collector base supporting a market that values historical significance, artistic merit, rarity, and condition. Heritage Auctions, Stack's Bowers, and other major numismatic auction houses regularly feature so-called dollars in their sales.

Rarity Notes

Lesher Referendum Dollars are rare across all varieties, with total mintage estimated at only a few hundred pieces per type. The Samuel Cohen variety is rare, with only a small number of known examples. These pieces are highly prized by collectors of both so-called dollars and Western Americana.

Cross References

HK-1016; PCGS #643779