Photo: Bank Street in Downtown Wallase. The Wallace Historic District was listed on the National Register of Historic Places in 1979. Photographed by user:Visitor7 (own work), 2011, [cc-by-3.0], via Wikimedia Commons, accessed March, 2023.
William R. Wallace built a cabin here in 1884 and named his settlement Placer Center in reference to the open-pit mining that was being attempted throughout the area. In 1885 the place name was changed to Wallace and the following year the railroad arrived as the population reached 500 persons. The successful Idaho silver mining enterprises resulted in the area becoming known as Silver Valley.