Bassett's Mills was established by Alden Bassett in El Paso County just to the southeast of Monument. The town namesake and postmaster operated a sawmill at the site. A post office was first established on June 15, 1869 and it was discontinued on September 13, 1872. For the fiscal year ending in 1871, the total compensation was only $26.00.

Alden Bassett had previosly built a sawmill at Elizabeth, Elbert Count and helped found that town as well.