Australian gold rushes offered rewards by the Colony of New South Wales and the Colony of Victoria. Before the end of the year, the gold rush had spread to many other parts of the state where gold had been found, not just to the west, but also to the south and north of Sydney. The Australian gold rushes changed the convict colonies into more progressive cities with the influx of free immigrants. These hopefuls, termed diggers, brought new skills and professions, contributing to a burgeoning economy. The mateship that evolved between these diggers and their collective resistance to authority led to the emergence
California Gold Rush even prefabricated houses arrived from China. The return of large amounts of California gold to pay for these goods raised prices and stimulated investment and the creation of jobs around the world. Australian prospector Edward Hargraves, noting similarities between the geography of California and his home country, returned to Australia to discover gold and spark the Australian gold rushes. Preceding the Gold Rush, the United States was on a bi-metallic standard, but the sudden increase in physical gold supply increased the relative value of physical silver and drove silver money from circulation. The increase in gold supply also created a