In 1860 Key West was the wealthiest town per capita in the United States, and in 1880 it was Florida's largest city with a population of 9,890.
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After the pirates were eliminated, the only fear the captain of a vessel had was hurricanes and running aground on the reefs. These factors contributed greatly to the salvage business early in Key West's existence. Salvaging survived until the 1850s, at which time reef lighthouses began to spring up bringing the beginning of the end to the profits earned from salvage.