At the turn of the last century, miner Joseph Lesher attempted to raise the price of silver by privately minting octagonal "Referendum souvenir medal" coins with values of $1.25 or $1. They were common in Victor, Cripple Creek, Denver and other places in Colorado in the days after William Jennings Bryan fought unsuccessfully for free silver.
Surviving an initial dust-up with the Secret Service, Lesher found a loophole to place them in circulation in 1900 and 1901. Today, coin collectors pay more than $1,000 for one.
This is the story of Joseph Lesher and his audacious private mint, along with the merchants in the mining towns and elsewhere who supported him.
