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What Was the Condition Like for the Gold Hunters?
$600 million worth of gold is extracted between 1848 and 1860, which is dollars in their terms. The amount of gold in circulation in the U.S. increases by 20 times. And so the American economy gets this incredible infusion of wealth that will help transform the country. But there's a rapid, rapid increase in the amount ofGold in circulation. Prices in California, prices in San Francisco, skyrocket, and people are paying for everything with gold because gold is what they have to circulate.