The California Gold Rush began in 1848 when gold was discovered at Sutter's Mill by James Marshall. News of the discovery spread quickly, attracting around 80,000 prospectors, known as "forty-niners", to California in 1849 hoping to strike it rich. The Gold Rush transformed California from a sparsely-populated territory into a major economic force, leading to its statehood in 1850. While some prospectors succeeded in finding gold, most failed and boom towns came and went as mining sites were depleted.