1900 Lesher or Referendum Dollar. Bumstead Type, First Reverse. Silver. HK-788. Rarity-5. No. 165. MS-63 (PCGS). CAC.This richly original example exhibits splashes of iridescent charcoal-russet to otherwise dominant steel-olive patina. A lustrous and satiny piece with all design elements sharply rendered. Scarce.pThe following is from the December 1900 issue of monthly bankers periodical "Dicker mans United States Treasury Counterfeit Detector REFERENDUM Dollars." -- A Victor, Col., dispatch to the Denver Evening Post says: "A unique enterprise has been established in Victor by Joseph Lesher, a Colorado pioneer and silver mine owner. He has procured a die, laid in a supply of silver bullion, and manufactured several silver coins, each containing one ounce of pure silver. He calls his coins referendum dollars, because they are to be referred to the people for acceptance or rejection. Mr. Lesher proposes to demonstrate that the intrinsic value theory is a delusion and a snare. His silver at the present quotation costs him 65 cents per ounce, the expense of coining is 15 cents -- 80 cents in all, but he values his 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 that other people may be prejudiced: therefore he promises to pay $1.25 in United States money on demand for each referendum dollar."
