In 1894, gold turned Rainy Lake City, Minnesota, into a boomtown of several hundred; just 7 years later, it was abandoned after yielding only $4,500

A small gold discovery in 1893 near the Canada-Minnesota border sparked a rapid boomtown. Rainy Lake City grew from nothing to hundreds of residents within a year. Newspapers fueled the hype, inflating ore values and population figures. Geological challenges and dwindling investment led to the town's abandonment by 1901. The site now exists within Voyageurs National Park as a reminder of past speculation.