Shakespeare had its beginnings in the 1850's as Mexican Springs. The Butterfield Overland Mail Company built a stage station in 1858. After the National Mail and Transportation Company made it a stge stop and called it Grant, to honor Gen. U. S. Grant.

After silver was found in the Pyramid Mountains, it became known as Ralston, for the San Francisco banker who backed the mining claims in the area.

An early scam, using a mine salted with diamonds which were appraised by Tiffany's at $150,000, and brought backing by such 'notables' as Horace Greeley and Baron Rothschild.

The final silver boom lasted from 1908 until 1932.

The town is presently owned by the Hill family and is open for tours.