Lesher (Colorado) Dollars (1900-1901)

About This Series

One of the most remarkable private monetary experiments in American history, Joseph Lesher's octagonal silver dollars were produced in Victor, Colorado, during 1900-1901 as a response to declining silver prices devastating Colorado's mining economy. Each dollar contained one troy ounce of silver stamped with a serial number, functioning simultaneously as bullion and numbered medium of exchange. The distinctive octagonal shape — borrowed from California Gold Rush $50 slugs — immediately distinguished them from federal coinage. Local merchants accepting the dollars at face value had their business names stamped into the coins, creating a proliferation of merchant-named varieties: A.B. Bumstead, Sam Cohen, and others represent distinct collectibles with varying survival rates. Struck at approximately 38 mm and one ounce, Lesher dollars reflected the conviction that silver should serve as local currency when federal gold standard policy had effectively demonetized it nationally. The U.S. Secret Service eventually questioned their legality, and production ceased. Survivors are scarce across all varieties, with certain merchant types existing in single digits.