How much did gold cost in 1848?

The government price of gold has changed only four times from 1792 to the present day. The gold rush that began in 1849 brought an avalanche of workers to California and played an important role in integrating California's economy into that of the eastern United States. The California Gold Rush (1848-1858) was a gold rush that began on January 24, 1848, when James W. Faced with the increasing difficulty of recovering gold, Americans began expelling foreigners in order to obtain the most accessible gold that remained.

The final step in recovering loose gold consisted of searching for gold that had slowly reached the flat bottoms of the rivers and sandbanks of California's Central Valley and other gold-bearing areas of California (such as Scott Valley, in Siskiyou County). Gold worth tens of billions of current US dollars was recovered, generating great wealth for a few, although many of those who participated in the California Gold Rush earned little more than they had originally earned. The increase in gold production from California and Australian gold fevers is related to a thirty percent increase in wholesale prices between 1850 and 1855.By 1850, most of the easily accessible gold had been collected and the focus was on extracting gold from more difficult places. The California gold rush began with the discovery of significant gold deposits near Sacramento in 1848.