Wallace was founded by William R. Wallace in 1884. A colorful character who used the honorific title of colonel, purchased his property with Sioux script. Shortly after arriving, Wallace found gold. He named the new community that he intended to found, Placer Center. The legality of the purchase was subsequently challenged and legal wrangling ensued for a considerable length of time. In the meanwhile, Wallace's wife, Lucy, was named postmaster and in the process of registering with the U.S. Postal Service, changed the name of the town to Wallace. Other gold seekers arrived and the town began to take shape with construction of a school and saloon. In the years that followed, it became a primary social center for the Couer d'Alene silver mining district. In the century that followed, the mines in this district produced more silver than in any other in the United States. The railroad arrived in 1887 and the Northern Pacific's Depot became the de facto center of town. When Interstate 90 was constructed through town, the depot was considered to be so important it was moved out of harm's way to it's present location. Today, it serves as a Northern Pacific Railway Museum. If you are interested in the history of mining, Wallace is a gold and silver mine waiting to be explored.