The Great Diamond Hoax of 1872
The History of 19th Century America's Most Notorious Fraud
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The Great Diamond Hoax of 1872
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Dan Gallagher
It's only natural that people have always been attracted to get-rich-quick schemes, and in spite of their best efforts, almost everyone has been tempted at one time or another by a promise of riches that can be obtained with little or no work. The attraction is even stronger during periods when ordinary people have indeed struck it rich, particularly the California Gold Rush and the Yukon Gold Rush in the mid-19th century and late 19th century respectively. Having heard stories of men who went west with nothing and returned as millionaires, people were more inclined than ever before to believe that "there's gold (or silver or diamonds) in them thar hills." It would take decades of research to fully understand that most of the miners in the West did not strike it rich, and that those who fared best were mining companies and those who sold goods to miners. But regardless, fraudsters also understood that the best way to make a profit off the gold rush was to fleece the people trying to find the gold, and before long a large number of shysters hoped to make their own pot of riches in a far less honorable way.
©2016 Charles River Editors (P)2017 Charles River Editors