1900 Lesher or Referendum Dollar. Bumstead Type, Second Reverse. HK-789, Zerbe-3. Rarity-5. Silver. No. 653. AU-58 (PCGS).

Vibrant semi-prooflike surfaces are further enhanced by charming golden-apricot iridescence that appears to drift toward the borders. PCGS has mounted this piece with the reverse up in the holder. Issued by Joseph W. Lesher in November, 1900 at Victor, Colorado, the Lesher Referendum dollars, as they are commonly known, are highly collectable today, both by type as well as issuer. The obverse of these popular pieces features a well-designed mining scene in the Colorado mountains along with legends, while the reverse features more legends as well as the price of the "dollar," $1.25. The Type II reverse represented here features larger letters than found on the Type I pieces, and the flourishes on either side of the state seal have been removed, as has the line above COLO. The website lesherdollars.com estimates that only 151 pieces of 500 struck are extant for this variety. The present example is included in the Adna Wilde Lesher Census published at that site.

From our (Bowers and Merena's) Tower Hill Collection sale, September 1993, lot 632; our Americana Sale of February 2014, lot 191.

Estimate: $ 3000