People everywhere are outraged over the rate of inflation today, but you won’t believe how bad it was during the California Gold Rush. Back in 1849, inflation climbed to levels that would make modern Californians weep. Almost everything — tools, equipment, food, clothing — was in short supply. Edward Gould Buffum, author of Six Months in the Gold Mines (1850), described having a breakfast of bread, cheese, butter, sardines and two bottles of beer and receiving a bill for $43 — the equivalent of $1,200 today. There were reports of canteens charging $1 ($40 today) for a slice of bread. A dozen eggs might cost you $2.50 ($90 today) — keeping in mind that the average wage for a laborer in those days was $2 a day. A pick axe would cost $40 ($1,500 today), a pound of coffee $25 ($1,200 today), and a pair of boots would set you back $78 ($3,000 today). While some miners did strike it rich, the people who made the most money were those who “mined the miners.” Imagine the joy of the woman who made $18,000 ($692,640 today) by baking and selling pies in the gold fields. No matter what the situation, there are always stories about people who had it worse than we do today.
