Rosebud began when silver was discovered in 1906. The town was platted north of Rosebud Canyon in December 1906. On January 19, 1907, a post office began operation here, and by summer a population of about 800 was reached.

Shortly thereafter, a rival townsite was established just a mile and a half south, near springs in Rosebud Canyon. The town was facetiously named "Goldbud," and boasted a general store that was "doing a business considered good in a town of 5000 inhabitants."

Despite Rosebud's bloom, it was revealed that the deposits were small and had already been played out. Within a year the town was abandoned, and its post office ended operation on July 31, 1909.

Today, only a couple structures remain at Rosebud, and the site is dominated by a white tailing pile. At Goldbud, nothing remains.