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Gold was money then (all currency was backed by gold or silver) with one ounce of gold worth $20.00 and you could buy 'anything' by weighing out the appropriate amount of gold and paying for it. Nearly all businesses then had a gold scale for making transactions right on the premises. You could also take it to the bank and deposit it or convert it to paper or silver money. Or you (or your bank) could take it to the mint and have it converted into gold coins. Eventually most California, Nevada etc. gold was transferred to the East Coast or Europe to pay for all the goods purchased by it.

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16y ago

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