Elected as Governor in 1891, Colcord (a Republican) strengthened the state's economy and also signed the state's first admissions day bill.
After his term as Governor, Colcord was named Superintendent of the United States Mint, a position he held from 1898 to 1911. His death at age 100 in 1939 was a surprise, because he was in relatively good health at the time of his death.