The history of the Old Hundred Gold Mine begins in the spring of 1872 when the first of the three Neigold brothers arrived from Germany and staked their claim on the "Number Seven" vein. Reinhard, Gustave, and Otto Neigold spent the next 30 years prospecting and developing the veins on Galena Mountain. They even had their own town called Neigoldstown along the busy Stony Pass trail that led into Silverton. Educated and sophisticated, the Neigolds entertained the frontier mining camp with music, song, operas, and plays during the long winter months.
Gradually a large block of claims was assembled on the rugged side of Galena Mountain containing several good veins. One of the claims located in 1898 was named the "Old Hundred" probably after the popular German hymn, "Old Hundreth." By then the brothers had formed the Midland Mining Company which had plans to drive a long tunnel at the base of Galena Mountain to tap the rich veins deep inside the mountain. Work was done on several levels and good gold ore was found in the highest vein, the Number Seven, at an elevation of 12,750 feet above sea level. But the Neigolds did not have the large sums of money needed to develop the mine and put the property up for sale.