Creede's first significant strike was in 1878 in Chaffee County, Colorado, when he discovered the Monarch located near present-day Monarch Pass. As was common during that time as most prospectors rarely had the capital, the knowledge and/or the will to develop the strike themselves, he sold the Monarch for a small sum. He then struck a vein he called the Bonanza which he sold for US$20,000 (~$454,500 US 2011). Creede used this money to tour the mining districts and learn more about mining, minerals and prospecting.