according to one rock shop
Leaverite is the most common of all stones. Some are even more than four billion years old. It generally cannot be used for much because of its ugly nature. These stones are said to be so ugly that only mother earth could love them. They are truly the lonliest stones in the world. As legend would have it, one day long ago, a little boy and his Grandpa were diggin' for gold. Each time the little boy chipped out a stone he would show it to his Grandpa and ask, "Is this gold?" His Grandpa would reply, "Na, that's just an ugly stone. Leave'er right there." Later that day when the boy showed his Grandpa the stones he had found, he asked, "Is this gold or is this one of them Leav'erite'there's?" From that point on the little boy and his Grandpa called the lonely stones "Leaverites" for short.
Over the year the Leaverites became so lonely that they grew eyes and now they are looking for someone to take them home. This Leaverite of yours will be lonely no more. You've given him a home and a friend to adore. Oh, just one last thing that you must not ignore, he still needs a name he can listen for.......
Author Unknown
Source Grant County Rolling Stones - February 2004
From Deming Gem and Mineral Society, Inc. Rock Chips - February 2006