So-Called Dollars

Lesher or Referendum Dollars - 1900-1901

Joseph W. Lesher (1838-1918), a native of Ohio who for 20 years was a Colorado silver camp worker, silver-mine owner and real estate investor, began an issue of silver "Referendum Souvenirs" in his home town of Victor, CO., in November 1900.

Lesher, an advocate of greater use of silver, believed that if that metal, then depreciated, were to enjoy unlimited coinage, increased business and general prosperity would result. Others, including Davis H. Waite, Colorado governor, and E. O. Wolcott, U.S. senator from Colorado, also held this view, but it remained for Lesher to put theory into practice. He was owner of a silver mine near Central, CO., so perhaps his motive was not altogether unselfish.

An advocate of free coinage of silver in both 1896 and 1900 national elections, even though both times the issues lost at the polls, Lesher still believed in unlimited metal dollar coinage. His own state had endorsed it, and he was convinced that people generally favored it.

He decided to issue silver dollars, which he named "Referendum Souvenirs." He called them "Referendum" because they were referred to the people for acceptance or rejection. No one was forced to take them.

According to a dispatch from Victor to a Chicago newspaper on Nov. 13, 1900, "Mr. Lesher proposes to demonstrate that the ‘intrinsic value’ theory is a delusion and a snare. His silver at the present quotation costs 65 cents per ounce, the expense of coining is 15 cents - 80 cents in all - but he values dollars at $1.25 and intends to keep them above par. Although he is confident that the silver alone is really worth $1.29 an ounce, he admits other people may be prejudiced. Therefore he promises to pay $1.25 in United States money on demand for each ‘referendum’ dollar. In order to avoid any entanglement with the Government Mr. Lesher makes his dollars eight-sided."

Lesher did sell the first 100 medals himself at their $1.25 face value. He intended to issue and redeem them himself, but when this proved impractical, he arranged with A. B. Bumstead, a local grocer, to use the Referendums in his store and to redeem them in merchandise or cash. Bumstead sold 700 specimens and only three pieces were returned for redemption. It is believed that about 1000 pieces (including both varieties) of the Bumstead pieces were made.

In late 1900 six die trials were struck for a piece to be used and redeemed by banks, but the bank idea was shelved. Had it not been, Lesher no doubt would have experienced further trouble from the federal government.

Most accounts of the Lesher Referendums state that the dies for the first issue were seized by federal agents, but Dr. Philip W. Whiteley, one authority on the pieces, believes the seizure took place after issue of the Bank Type. He has called attention to the fact that with this variety, Jos. Leshers · Referendum · Souvenir as changed to read Jos · Leshers · Referendum · Silver · Souvenir · Medal ·

Dr. Whiteley, who has reported a variety unknown to Zerbe, believes that Lesher, who applied for a trade-mark Feb. 14, 1901, thought it necessary to submit a piece along with his application. The piece referred to has same reverse as the second Bumstead type. Obverse. Near edge, around, TradeMark Applied for; in six straight lines, A / Commodity / Will Give / in Exchange / Merchandise / at; space for imprint; No.

Lesher patented the design of his pieces April 16, 1901 (No. 34,359), and registered his trade-mark (No. 36,192), "Referendum," April 9, 1901. This was done to forestall counterfeiting of his pieces, which he had pledged to redeem at face value. As Charles E. Briggs, another authority on the pieces, stated in 1920, "This would seem to belie the motto, ‘In the People We Trust,’ which appears on all of this (1901) issue."

Lesher is believed to have designed the pieces himself, at his residence on W. Victor Ave. Frank Hurd of Denver made dies for the first type; Herman Otto, also of Denver, all other dies. The dies cost Lesher $60 a pair. All Referendums were struck for Lesher by a private Denver firm.

All Lesher pieces are octagonal and have plain edge. The medals dated 1900 are 35 mm. across center and weigh one ounce. Those dated 1901 are 32 mm. in diameter and are of same weight as a standard silver dollar, 4122 grains. The 1900 pieces bear $1.25 price, while those of 1901 have price $1.00. Their composition is silver .950 fine, alloyed with copper.

Serial numbers were hand punched or engraved. No systematic numbering system was employed, so numbers bear no relationship between series, to series as a whole, or to number of pieces issued. Some pieces have period after number; some have not.

The Imprint Type comes without merchant’s name entered; also, with and without serial number. Lesher himself said, "Coins with imprint space were supplied to anyone requesting them. Imprint stamps were at the merchant’s expense."

The Bumstead pieces come with ornamental scrolls on reverse at sides of State Seal, and without scrolls.

There are other minor varieties in the Referendum series.

The 1901 pieces, like those of the Bank Type, left field blank on lower portion of obverse. The merchant user stamped or engraved his or his firm’s name in this space, or had his pieces stamped to order, Average price to merchants was 80-85 cents each.

Merchants who used the Referendums: A. B. Bumstead, Victor, Colo., grocer; J. M. Slusher, Cripple Creek, Colo., grocer; Sam L. Cohen, Victor, Colo., jeweler; David W. Klein, Pueblo, Colo., retail liquor dealer; George Mullen, Victor, Colo., shoemaker; Boyd Park, Denver, Colo., jeweler; W. C. Alexander, Salida, Colo., jeweler; Goodspeeds & Co. (L. C. Goodspeed), Colorado Springs, Colo., jeweler; J. E. Nelson & Co., Holdrege, Neb., clothiers; W. F. White Mercantile Co., Grand Junction, Colo., clothiers; H. Stein, believed to be a Canon City, Colo., clothier; H. H. Rosser, Victor, Colo., stationer and confectioner; and C. W. Thomas, Florence, Colo., jeweler. Thomas is reported to have used the pieces, but none has been found with his name imprinted on it.

The Stein and Rosser pieces, which have names engraved, were unknown to Zerbe. Believed to be unique, they may have been engraved by or for Stein and Rosser or by someone else. John J. Ford, Jr., student of the Leshers, has written, "A limited number of business people cooperated with Joseph Lesher. Most of them issued only a few pieces, and others merely played with them, imprinting or engraving only samples. The Referendums were accepted as money in Cripple Creek, Colorado City, Colorado Springs, Victor, and most likely, even in Denver. They also had a limited circulation in Pueblo, but in some places their only use was as trade premiums, or as items for sale as novelties."

Lesher abandoned the plan when he concluded that it would not be a financial success.

The Rarity numbers in this series were assigned by Zerbe and Ford.

FIRST TYPE

Obverse: Jos Leshers Referendum Souvenir, in upper semicircle; below, in six lines, One Oz of Coin / Silver / Price 1.25 / M.F.G.D. Victor / Colo. / 1900.
Reverse: In nine lines, A Commodity / Will Give / in / Exchange / Currency Coin / or / Merchandise / at Face Value / No.

HK-787 - Silver. Numbers engraved, not punched.

BUMSTEAD TYPE, FIRST REVERSE

Obverse: Mountain mining scene, upper half of field; in two lines at top, divided by central mountain peak, Pikes Peak / Silver Mine; in seven lines, on lower half of field · A Commodity · / Will Give / · in Exchange · / Merchandise / -*at*- / A. B. Bumstead / No.
Reverse: Jos. Leshers Referendum Souvenir in upper five-eighths of circle near edge; in center of upper half is a device from the State Seal of Colorado, including its motto, Nil Sine Numine (Nothing Without God), which separates 1 Oz. and Coin; below, in five lines, Silver · Price 1.25 · / M’f’d Victor / Colo. / 1900

HK-788 - Silver. Scrolls at sides of State Seal; line above Colo.

Image provided by John Dean

BUMSTEAD TYPE, SECOND REVERSE

Obverse: Same as obverse of No. 788
Reverse: Same, except no line above Colo, and no scrolls at sides of seal device.

HK-789 - Silver.

BANK TYPE

Obverse: Mining scene, as before; below, in four lines, · A Commodity · / Will Give Merchandise or Cash / · at · Any · Bank · / No. In curved line at bottom, below space left blank for imprint, · At Bullion Value ·
Reverse: Same as Bumstead second reverse type.

HK-790 - Silver.

IMPRINT TYPE

Obverse: Below same mining scene, in four lines, In the People We Trust. / * A Commodity * / Will Give in Exchange / Merchandise at. Below space for imprint, No.
Reverse: In three-quarter circle around top, Jos. Leshers · Referendum · Silver · Souvenir Medal; State Seal device separates Price and $1.00.; to left of device, U.S. / Patent, and to right, No. / 62,695; in six lines below, Trade Mark Reg. U.S. Pat. Off. / No. 36,192. Apr. 9, 1901. / Design Pat. Apr. 16, 1901. / M’f’d / Victor Colo / · 1901 ·

HK-791 - Silver.

HK-792 - Same, but stamped J. M. Slusher / Cripple Creek, Colo.

HK-793 - Same, but stamped Sam Cohen / Victor, Colo.

HK-794 - Same, but stamped D. W. Klein & Co. / Pueblo, Colo.

HK-795 - Same, but stamped Geo. Mullen / Victor, Colo.

HK-796 - Same, but stamped Boyd Park / Denver, Colo.

Image provided by John Dean

HK-797 - Same, but stamped W. C. Alexander / Jeweler / Salida, Colo. Second A in Salida is inverted V.

Obverse: Near edge, around, Trade-Mark Applied for; in six straight lines, A / Commodity / Will Give / in Exchange / Merchandise / at; space for imprint; No.
Reverse: Same as of 789.

HK-1016 - Silver. Size 22. Reported by Dr. Philip W. Whiteley.

HK-1017 - Silver. Same as 791, but stamped Goodspeeds & Co. / 26 Pikes Peak Ave. Name engraved and serial number punched.

HK-1018 - Same as 791, but stamped J. E. Nelson & Co. / Holdrege, Neb. Although these Leshers were presented to customers during formal opening of the Nelson store, they are considered rare.

HK-1019 - Same as 791, but stamped W. F. White Merc. Co. / Grand Jct. Colo.. Examples with and without serial number exist.

HK-1020 - Same as 791, but engraved H. Stein.

HK-1021 - Same as 791, but engraved H. H. Rosser.