Known as a contact point for Shoshone and Northern Paiute Indians, Lida Valley was the site of early prospecting in 1860's.

Later prospectors organized a mining district in 1867 and laid out the town in 1872. Soon stores, shops, stables and a post office were established. Some ore was milled locally, yet high-grade ore ($500-$1,000 per ton) was treated at Austin or Belmont. After 1880 mining declined.

Lida revived and thrived for three years during the Goldfield boom but declined again in 1907. Mining efforts resumed a few years later, and a small community existed here until World War I.