Founded as a mining camp during the Colorado Silver Boom and later named “Aspen” because of the abundance of aspen trees in the area, the city boomed during the 1880s, its first decade of existence. The boom ended when the Panic of 1893 led to a collapse in the silver market, and the city began a half-century known as “the quiet years” during which its population steadily declined, reaching a nadir of fewer than a thousand by 1930. Aspen’s fortunes reversed in the mid-20th century when neighboring Aspen Mountain was developed into a ski resort, and industrialist Walter Paepcke bought many properties in the city and redeveloped them. Today it is home to three institutions, two of which Paepcke helped found, that have international importance: the Aspen Music Festival and School, the Aspen Institute, and the Aspen Center for Physics.
