In 1900, Joseph Lesher of Victor, Colorado began issuing what he called "Referendum Souvenirs." Though not specifically called money, the first pieces bore a value of $1.25 based on the one ounce of coin silver that they contained. The wording on the reverse of the coin read: "A Commodity- Will Give In Exchange Curency (sic) Coin or Merchandise at Face Value." Lesher's coins caught the attention of the local press and demand increased to the point where he enlisted a local merchant, A.B. Bumstead, to be his agent.
This led to a second version of the "Referendum Souvenir", this time with Bumstead's name on the coin and the limiting of the exchange value to merchandise at Bumstead's store only. This is the type shown here. Each Souvenir was serially numbered, though the sequencing does not appear to be continuous. A census of the known, numbered pieces is presented here.