The development of the settlement of Caspian is closely related to the expansion of
the mining industry on the west side of Iron County after the turn of the century,
when the effects of the Panic of 1893 had subsided. For the most part, exploration
was concentrated in the Iron River valley southeast of the settlements of Iron River and Stambaugh. In the first decade of the twentieth century, five mines opened in
the area that was later incorporated as the Village of Caspian: the Baltic in 1900,
the Caspian in 1903, the Youngs in 1904, the Fogarty in 1907, and the Berkshire in
1908. A sixth mine, the Buck, opened in 1922. The development of each new mine
brought more miners to the area, when no previous housing existed. Thus, the
mining companies constructed housing for their employees, beginning in 1904.
The practice of building company housing continued in Caspian until 1929.
