The Village of Limestone was incorporated on December 7, 1877. Limestone was once named "Fullersburg" because Fuller families lived there. The name was changed when human skeletongs over eight feel tall were exhumed from prehistoric mounds in the area. These skeletons, when exposed to air, crumbled to dust resembling slacked lime, or limestone duse, hence the name Limestone.
Oil wells were sunk in the Limestone area in the 1860s. These early wells were very shallow and did not produce much oil. As it was learned to sink deeper to the oil bearing strata called the third sand, eventually 250 paying wells were producing. As the amounts of oil decreased to only a few barrels a day, most well were shut down.
Sources: "A Souvenir of Limestone, NY", published by the Parish Visitor, Limestone, NY
Cattaraugus Bicentennial Book