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Short answer: One troy ounce of gold was worth $20.67 in 1849.

At that time, US dollars were backed by gold, and the dollar price of gold was established by the US Congress, as mandated by the Constitution of the United States in Article I, Section 8. The price was set at $20.67 per troy ounce in 1834. That reflected a devaluation of 6% from the previous price. The price remained at $20.67 until 1934, when under Franklin Roosevelt, private Americans' gold was confiscated by the government, and the price to foreign banks was raised to $35 per troy ounce, devaluing the the dollar by 60%. The inter-bank price remained at $35 an ounce until 1971, when the US Treasury under Richard Nixon defaulted on its obligation under the Bretton Woods gold standard agreement. Since that time, the value of a dollar in gold has been determined in open markets.

In 1849 Congress authorized the large $20 gold piece to coin the gold coming from California. It had a net weight of .9675 troy ounces of pure gold. Thus the $20 gold piece of 1849 contained exactly $20 worth of fine gold. It was 90% fine, making its gross weight, including the alloy copper, 1.0750 troy ounces. It came to be called the 'double' eagle because the largest face value previously minted US coin was the $10 gold Eagle (approximately ½ troy ounce).

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βˆ™ 14y ago
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βˆ™ 9y ago

One troy ounce of gold was worth $20.67 in 1849. The dollar was backed by gold during this time and the price of gold was established by Congress.

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βˆ™ 9y ago

In1848 James Marshall discovered gold at Sutter's Mill in Coloma. At the time of his discovery gold was valued at $12.00 to $35.00 an ounce.

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βˆ™ 13y ago

$1224 per ounce as of 05/17/2010

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βˆ™ 14y ago

5 trillion Tons

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βˆ™ 15y ago

it was worth 754.40 during the gold rush

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βˆ™ 15y ago

Think about it. Its your homework.

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Q: How much was an ounce of gold worth in the gold rush?
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