Silver was a pioneer ranching center settled about 1880. Early landowners included S.M. Conner, W.G. Jameson, and W.R. Walker. Dr. J.E. Reed was the only physician here for 50 years, and R.B. Allen was an outstanding civic leader. A post office, named for a nearby peak, opened in 1890 with Thomas J. Wiley as postmaster. A school 2 miles southwest was moved here and renamed Silver Peak. An oil discovery in 1946 brought drilling, refining, employees' camps, and much growth, and the town became a busy oil-gas center. After the camps closed in 1966, the population declined.