Pearce is a mining ghost town named for James Pearce, miner and cattleman, who discovered gold nearby at what became the Commonwealth Mine in 1894. The Pearce Post Office was established on March 6, 1896. The railroad station opened in 1903. By 1919, Pearce had a population of 1,500. The town declined in the 1930s and became almost a ghost town in the late 1940s when the mine closed.
There are a few residents today, a pottery, a soap shop and curio shop as well as the Pearce Elementary School that has educated area children since 1912.