Coined by Joseph Lesher in 1900 and 1901 at Victor, Colorado, these private tokens were used in trade to some extent, and stocked by various merchants who redeemed them in goods. The tokens were numbered and a blank space left at the bottom of the 1901 issues in which were stamped the names of the business men who bought them. All are quite rare; many varieties are extremely rare. Composition is .950 fine silver alloyed with copper.