1900 Lesher $ Life Saving Medal (Regular Strike)
Obverse & Reverse
The 1900 Lesher 'Life Saving Medal' is not a regular issue, but a unique and historically fascinating alteration of a standard Lesher Referendum Dollar. Its story begins with Joseph Lesher, a silver mine owner and ardent proponent of the 'Free Silver' movement. Following the political defeats of William Jennings Bryan in 1896 and 1900, which effectively ended the push for bimetallism on a national level, Lesher took matters into his own hands. Residing in the Cripple Creek mining district of Victor, Colorado, he witnessed firsthand the economic hardship caused by depressed silver prices. To stimulate the local economy and promote the use of silver, Lesher began issuing his own octagonal silver 'coins' on November 13, 1900. He ingeniously called them 'Referendum Souvenirs,' asserting they were 'referred to the people for acceptance or rejection' to avoid federal counterfeiting laws. The 1900 issues, containing one troy ounce of .950 fine silver, were valued at $1.25, well above their intrinsic bullion value of about 65 cents. The specific host for the 'Life Saving Medal' was likely an A.B. Bumstead type piece, struck from dies engraved by Herman Otto of Denver. These pieces feature a detailed mining scene on the obverse. At some point after its creation, a standard 1900 Lesher Dollar was dramatically altered. The lower portion of the obverse was skillfully planed down, and a new inscription was engraved: 'Life Saving Medal / For Yen / From Crew of / 1900'. This transforms the piece from a simple economic experiment into a deeply personal and mysterious artifact. The context of this award is unknown—who was 'Yen', what heroic act was performed, and who constituted the 'Crew of 1900'? It stands as a singular numismatic item, bridging the socio-economic narrative of the Free Silver movement with a tale of personal valor, the details of which have been lost to time. Its uniqueness and the story it hints at give it a significance far beyond that of an ordinary Lesher Dollar.
Associated EventFree Silver Movement
Reason For MintingTo create a privately issued currency to promote the use of silver and alleviate local economic hardship after the collapse of silver prices.
Minter HistoryJoseph Lesher (1838-1918) was an Ohio native and Civil War veteran who moved to Colorado and became a silver miner, mine owner, and real estate investor. A passionate believer in bimetallism, he was frustrated by the government's adherence to the gold standard. In 1900, he conceived his private minting project in Victor, Colorado. Initially selling the first 100 pieces himself, he later arranged for distribution through local merchants, most notably grocer A.B. Bumstead. To avoid legal trouble, he made the pieces octagonal and called them 'souvenirs.' His venture lasted from 1900 to 1901, during which several varieties were produced before he ceased production.
Historical SignificanceThis specific piece is unique. As a Lesher Dollar, it represents a tangible manifestation of the populist Free Silver movement and a fascinating chapter in private and territorial coinage. As the 'Life Saving Medal,' it is a singular artifact hinting at an unrecorded story of heroism, making it one of the most intriguing of all Lesher-related items.
Unique, related to Zerbe-3 / HK-789
Denomination$1.25 (on host coin)
Minting Period1900
Assayer/MinterJoseph Lesher
Geographic OriginVictor, Colorado
Obverse DescriptionThe host coin's original obverse depicts a detailed mining scene, likely representing the Pikes Peak or Cripple Creek district, with mine buildings on a mountainside and PIKES PEAK SILVER MINE above. The lower portion of this scene has been professionally removed and replaced with a hand-engraved inscription.
Obverse InscriptionOriginal (top): PIKES PEAK SILVER MINE. Engraved (lower field): Life Saving Medal / For Yen / From Crew of / 1900
Reverse DescriptionThe host coin's reverse features the text 'Jos. Leshers Referendum Souvenir' in a semi-circle at the top. Below is the denomination and minting details. At the bottom is the Colorado state seal flanked by decorative scrolls.
Reverse InscriptionJOS. LESHERS REFERENDUM SOUVENIR / PRICE $1.25 / M'F'D. / VICTOR, COLO. / 1900
CompositionSilver, alloyed with Copper
Stated Fineness.950 fine
Actual Fineness.950 fine
Weight31.10 grams
Diameter35.00 mm
EdgePlain
1 (for the Life Saving Medal alteration)
Survival Estimate1
Rarity ScaleUnique
This piece possesses unparalleled appeal as it combines the desirability of a rare Lesher Referendum Dollar with the allure of a unique, professionally executed historical medal. It is a story piece of the highest order, inviting speculation about its origins and the act of bravery it commemorates. It is the ultimate conversation piece within the Lesher series.
Key VarietiesThis is a unique variety created by altering a standard 1900 A.B. Bumstead type Lesher Dollar (likely Zerbe-3 or HK-789). No other 'Life Saving Medal' varieties are known. The broader Lesher series includes the initial 1900 type with text-only designs, the 1900 A.B. Bumstead types with the mining scene, and the 1901 issues which were lighter and designed to carry the imprints of various merchants.
Authentication TipsAuthentication would focus on two aspects: the host coin and the alteration. First, verify the host coin's authenticity by comparing its die characteristics (lettering, mining scene details, reverse seal) to known genuine A.B. Bumstead examples. The weight, dimensions, and metallic composition should also conform to standards. Second, the engraving should be examined for period-appropriate style and tooling. The wear should be consistent across the original surfaces and the altered area. Given its unique nature, any example appearing on the market would require extreme scrutiny and comparison to the single known, well-documented specimen.
Shopping ConsiderationsAs a unique item, this piece would trade hands very infrequently, likely only at a major, named-collection auction. A potential buyer would not be choosing between multiple examples but deciding whether to acquire the single piece known. 'Premium quality' would be defined by the clarity of the engraving, the remaining detail on the unaltered portions of the host coin, and the overall eye appeal. One would look for attractive, original toning and minimal distracting marks. The historical importance and uniqueness would trump most conventional grading concerns.
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 TypesThe host coin was originally a business strike intended for circulation. However, because of the significant post-strike alteration (the engraving), it would be graded by services like PCGS or NGC with a 'Details' designation (e.g., 'AU Details, Engraved'). The numerical grade would reflect the wear on the unaltered portions of the coin, while the 'Details' note describes the alteration. No proofs or restrikes of this item exist.
Mint State CharacteristicsA standard, unaltered 1900 Lesher dollar in Mint State would be evaluated based on its luster, strike, and marks. Luster is typically soft and satiny. The strike can be uneven, with weakness often seen on the finer details of the mining camp or the central inscriptions. Contact marks are common due to the large size and soft silver. For this unique piece, these factors apply only to the unaltered areas.
Circulated Wear PatternsOn a standard 1900 Bumstead type Lesher Dollar, wear first appears on the highest points of the design: the roofs of the mine buildings on the obverse and the upper portions of the state seal on the reverse. The surrounding legends would show friction next. The engraved 'Life Saving Medal' portion of this unique piece would be examined for its own pattern of wear, which should be consistent with that of the host coin.
Key Factors For ValueThe value of this unique item is driven almost entirely by its status as the 'Life Saving Medal.' While the condition of the host coin is a factor, the historical significance and singular nature of the engraving are paramount. Its value is what a serious collector of one-of-a-kind numismatic artifacts would be willing to pay. Surface quality is important; an example with original, undisturbed surfaces and attractive toning would be far more desirable than one that has been cleaned or improperly handled.
PCGS Price Guide
| Grade | Price | Population |
|---|---|---|
| 50 | $85,000.00 | 1 |