1900 SC$ HK-788, Lesher, AB Bumstead MS(PCGS#19001)

The Regency Auction 62

拍卖行

Legend Rare Coin Auctions

批号

171

等级

AU50

价格

15,551

详细说明

1-1 A.B. Bumstead with No. 117 REFERENDUM SOUVENIR as they were called back in 1900. Although they were not referred to as "money" for reasons listed below, the first pieces did bear the value of $1.25 which was based on the one ounce of coin silver that it contained. Lustrous surfaces are toned in soft silver-gray hues. A few light handling marks are noted with strong magnification. Used in everyday commerce, the Lesher dollar was born out of necessity when the Sherman Act was repealed in 1893, thus causing the price of silver to fall, which devastated the state of Colorado, known for its silver mining. The Governor of Colorado wanted the state to purchase silver and send it to Mexico to have it coined in dollars and then returned to the state and placed into circulation. In the legislature, his colleagues did not like the idea and dubbed them 'fandango dollars'. Enter Joseph Lesher who came on the scene in 1900. Soon thereafter, the Lesher Referendum Dollar was minted, although the 1864 Act forbid silver coinage of any kind. Through much trial and error, the Lesher Dollars were minted and Lesher was able to foil the Secret Service from shutting him down. Not one Lesher dollar was ever seized and all that was ever lost was his first set of dies. In fact, Lesher’s dollars caught the attention of the local press, and he was forced to enlist a local merchant, named A. B. Bumstead, to be his agent, as demand for the dollars increased significantly. A second version of the referendum souvenir dollar was struck and this time Bumstead’s name was on it, limiting the usage to merchandise in his store only. Each referendum souvenir dollar was serially numbered. This piece bears the number 117. PCGS 2, NGC 0. No recent trades of a PCGS example have been made. An NGC piece did sell at auction in August of 2022 for $1,980. An awesome piece of Numismatic Americana that would be a great addition to any collection. Cert. Number 34535460 PCGS # 19001