1901 Lesher $ HK-1017 Goodspeeds & Co. (Regular Strike)
Obverse & Reverse
The 1901 Lesher 'Referendum' Dollar is a fascinating artifact born from the fiery 'Free Silver' debate that dominated late 19th-century American politics. Following the election of 1896, where the gold standard was affirmed, silver mining states like Colorado faced economic hardship as silver prices plummeted. Joseph Lesher, a silver mine owner and ardent silver proponent from the Cripple Creek mining district, conceived a private minting venture to demonstrate silver's utility and viability as a circulating medium. He called his octagonal pieces 'Referendum Dollars' because they were 'referred' to the people for voluntary acceptance or rejection, a clever framework to promote his pro-silver ideology without directly challenging federal coinage laws. The first issues of 1900 were valued at $1.25 and weighed a full ounce. By 1901, Lesher adjusted the planchets to match the weight of a standard U.S. Silver Dollar (412.5 grains) and lowered the face value to $1.00. To circumvent counterfeiting laws and encourage local circulation, he created the 'Imprint' type. This design featured a blank space on the obverse where local merchants could have their name and address stamped, effectively turning the pieces into redeemable trade tokens backed by both Lesher and the merchant. Goodspeeds & Co., a jeweler located at 26 Pikes Peak Avenue in Colorado Springs, was one of several businesses that participated in this innovative scheme. Lesher's experiment was ultimately short-lived, as the Secret Service, while not declaring the pieces illegal, expressed disapproval, which discouraged further production and circulation. Despite its limited success, the Lesher Dollar series remains a tangible link to the Populist movement and a powerful symbol of monetary protest.
Associated EventFree Silver Movement
Reason For MintingTo privately promote the use and acceptance of silver as a circulating currency in defiance of the official gold standard.
Minter HistoryJoseph W. Lesher (1838-1918) was an Ohio native, Civil War veteran, and a Colorado pioneer who became deeply involved in silver mining in camps like Leadville and Georgetown. After the silver crash of the 1890s idled many of his interests, he moved to the booming gold camp of Victor, Colorado. A staunch believer in bimetallism, Lesher conceived the 'Referendum Dollar' as a personal crusade to restore silver to its former monetary role. He personally designed the pieces and contracted with Denver die-sinkers Frank Hurd and Herman Otto to create the dies. His venture, while not a commercial success, cemented his legacy in numismatic history as a creator of one of the most famous and politically charged private issues.
Historical SignificanceThe Lesher Dollar is one of the most significant and collectible 'So-Called Dollars,' representing a grassroots monetary experiment during a period of intense national debate over economic policy. It is a physical embodiment of the Populist-era fight for 'Free Silver' against the established gold standard, showcasing private enterprise attempting to influence public monetary acceptance.
N/A
Denomination$1.00
Minting Period1901
Assayer/MinterJoseph Lesher
Geographic OriginVictor, Colorado
Obverse DescriptionAn octagonal medal featuring a detailed mining scene at the top, depicting mine buildings with smokestacks and mountains in the background, likely representing the Pikes Peak region. Below the scene is the inscription 'A COMMODITY / WILL GIVE IN EXCHANGE / MERCHANDISE AT', followed by a stamped imprint 'GOODSPEEDS & CO. / 26 PIKES PEAK AVE.' Below the merchant stamp is a line for the serial number, which is hand-punched.
Obverse InscriptionPIKES PEAK SILVER MINE / IN THE PEOPLE WE TRUST / A COMMODITY / WILL GIVE / IN EXCHANGE / MERCHANDISE AT / [Stamped: GOODSPEEDS & CO. / 26 PIKES PEAK AVE.] / NO. [hand-punched number]
Reverse DescriptionThe central device is the Colorado State Seal, featuring a miner's shield, fasces, and the 'All-Seeing Eye' of Providence. The inscriptions surround the seal, noting the issuer, denomination, location, date, and patent information.
Reverse InscriptionJOS. LESHERS REFERENDUM SOUVENIR / PRICE $1.00 / U.S. PATENT NO. 62695 / TRADE MARK REG. U.S. PAT. OFF. NO. 36192 APR. 9, 1901. / DESIGN PAT. APR. 16, 1901 / M'F'D VICTOR, COLO. 1901
CompositionSilver and Copper Alloy
Stated Fineness.950 Silver
Actual Fineness.950 Silver
Weight26.73 grams
Diameter32.00 mm
EdgePlain
Approximately 15 known
Survival EstimateFewer than 15
Rarity ScaleR-7 (4-12 Known)
This coin is highly sought after for its unique octagonal shape, direct connection to the 'Free Silver' movement, and its status as a rare, merchant-imprinted private token from the American West. The Goodspeeds & Co. variety is particularly scarce, adding to its desirability.
Key VarietiesThe primary varieties within the Lesher Dollar series are defined by the different merchants whose names were imprinted on the 1901 issues (e.g., A.B. Bumstead, J.M. Slusher, Sam Cohen, etc.). The HK-1017 Goodspeeds & Co. is one such distinct variety. There are no known patterns, trial pieces, or restrikes of the Lesher series; all known examples are original business strikes from the 1900-1901 period.
Authentication TipsAuthentic examples are octagonal, struck in silver, and have a plain edge. The key diagnostic is the merchant stamp ('GOODSPEEDS & CO. / 26 PIKES PEAK AVE.'), which should show characteristics consistent with early 20th-century stamping techniques. The serial number is always hand-punched, resulting in numerals of uneven depth and alignment. Counterfeits may be cast, showing a soapy appearance, or have incorrect weight and dimensions. The details of the mining scene and the State Seal should be sharp on high-grade specimens.
Shopping ConsiderationsA premium quality example for its grade will exhibit a bold strike on both the main design and the merchant stamp. Look for original, undisturbed surfaces with attractive toning, often a deep gray with hints of blue or gold. Avoid pieces that have been harshly cleaned, which will appear unnaturally bright and show hairlines. Check for rim bumps or damage, as the octagonal shape makes the corners prone to contact. The clarity and evenness of the hand-punched serial number can also influence eye appeal. Weakly stamped merchant imprints are common but less desirable than bold, fully legible ones.
A coin's grade is its condition, rated on a 1-70 scale. For rare coins, this is the most critical factor in determining value, as a tiny difference in preservation can mean a huge difference in price.
Relevant Grade TypesAll original Lesher Dollars were business strikes intended for local commerce and are graded on the 70-point numerical scale. They are found in Circulated grades (AG-3 to AU-58) and Mint State grades (MS-60 to MS-70). No proof examples were struck during the original period of issue, and no later-date restrikes or special collector strikings were ever made.
Mint State CharacteristicsUncirculated examples are exceptionally rare. A Mint State specimen would exhibit full, unbroken mint luster, typically with a soft, satiny texture. The strike can be inconsistent; some areas, particularly the center of the mining scene or the finer details of the state seal, may show some softness even on a choice piece. Bag marks are common due to handling by Lesher and the merchants. The quality of the merchant stamp and the neatness of the serial number are key factors in determining overall eye appeal for an MS coin.
Circulated Wear PatternsWear first appears on the highest points of the design. On the obverse, friction will first dull the luster on the smoke coming from the smokestacks and the highest peaks of the mountains. On the reverse, the high points of the shield in the State Seal and the letters in 'REFERENDUM' will show the first signs of abrasion. On moderately worn examples (VF-XF), the finer details within the mine buildings and the inner elements of the state seal will begin to merge. In lower grades, the inscriptions will become soft and the rims will show significant wear.
Key Factors For ValueRarity is paramount, as the Goodspeeds & Co. variety is one of the scarcest. Beyond that, grade is the primary driver of value. Surface preservation is critical; an example with original 'skin' and attractive toning will command a significant premium over a cleaned or polished piece of the same grade. The boldness of the merchant stamp is a major factor for specialists. Finally, a CAC sticker, indicating premium quality for the grade, adds a substantial premium, as discerning collectors highly prize originality and superior eye appeal for this historic issue.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 55 | N/A | N/A |