Question

How did the speculators price land during the gold rush? At what price was the Ophir quoted?​

Answer 1

The answer is below

Step-by-step explanation:

1. Following the declaration of gold discovery in 1851, many speculators rushed to the location, which was largely referred to as Ophir (a reference to biblical wealthy land ) to priced and sold the land to buyers at exorbitant rates.

2. In the period of the gold rush, Ophir was quoted at a mining license rate of one pound each per 3.6 meters square, per month or eight pounds each year.