Price Gouging Was Common in Californian Mining Towns
The allure of mining towns during the Wild West era was undeniable, offering not only the promise of gainful employment but also the tantalizing possibility of striking it rich. However, the rush of people to these burgeoning settlements came at a steep cost, particularly for those with meager resources, as these towns reportedly became hotbeds of price gouging.
Take, for example, a simple egg in a California mining town in 1851, which purportedly commanded a staggering price of $3, equivalent to approximately $115 in today’s currency. And if you thought that was steep, consider the cost of a pound of butter, which could set you back a jaw-dropping $20. In today’s terms, that’s over $750 for a pound of butter. It’s a stark reminder that, in some cases, the Wild West’s mining towns could be even pricier to live in than today’s bustling Silicon Valley.