We present moderate-resolution (lambda/delta lambda approximately 1200) observations of the solid CO band in a sample of protostars. The spectra reveal two independent solid CO components along most lines of sight. One produces a narrow (delta nu approximately 5 cm-1) band generally centered at about 2140 cm-1 and the other a broader (delta nu approximately 10 cm-1) one at about 2136 cm-1. Both the peak position and width of the narrow, and generally strongest, component vary from object to object. The relative strengths of the two components vary considerably in this sample. Laboratory studies of the shape and peak position of the solid CO banD in astrophysically relevant mixtures show that the narrow CO band occurs in mixtures dominated by non-polar molecules (e.g., CO itself, CO2, O2, N2), while the broad feature is due to more polar mixtures, such as H2O ice. Calculations show that for mixtures dominated by CO (CO concentration > 0.3), the peak position and shape of the CO fundamental are strongly influenced by "surface modes," while for lower concentrations the laboratory measured absorption spectra provide very accurate representations of the small particle extinction spectrum. The observed variations in peak position and width of the interstellar 2140 cm-1 component can be attributed to variations in composition and/or physical characteristics of the grains (i.e., shape). These observations show that many lines of sight contain (at least) two independent grain mantle components: a polar mixture (H2O-rich) responsible for the 3.08 and 6.0 micrometers ice bands and a nonpolar one dominating the solid CO spectrum. These two independent grain mantle components may reflect chemical variations during accretion. Around luminous protostars, differences in volatility of the nonpolar and H2O-rich ices also may play an important role in determining their relative abundances.