In 1869 a former Launcestonian named James Gardner returned from the Victorian goldfields with an amazing story.
He told incredulous locals about finding a fistful of gold nuggets in 1847 at Middle Arm, and throwing them away when told they were fool's gold.
While difficult to believe today, people of the time found the story credible.
They knew how, prior to the gold rush, people thought gold was found as a dust. Gardner was funded to take an expedition to find the spot.
They failed, but the story inspired a family living on Middle Arm to begin a systematic search of the district.
These were the Dallys - father Ned and sons William, Job, David, John and James.
After much effort their search bore fruit, with the discovery of rich pockets of alluvial gold in Brandy Creek (at the bridge on the Greens Beach Road) and on the east side of the track to Launceston - where the Beaconsfield Fire Station is today.
Alluvial gold had been transported by water, and had to come from somewhere else.
While the Dallys worked their nice little alluvial earner, they continued to search for a reef.
On June 16, 1877, William Dally was out looking for stray cattle along the long ridge called Cabbage Tree Hill.
A tree had blown down near the top of the hill and he noticed quartz in the roots.
He looked closer and saw a golden sparkle in the stone.
He grubbed away at the topsoil and debris and soon realised he had the top of a quartz reef.
And what a reef it was!
Nuggets were studded through it like blackberries on the bush.
The quartz was soft and weathered, and all he had to do was hit it with a spade and pick out the gold with his fingers.
He called his brothers up and they set to work, deciding to call it the Tasmania Mine.
It would prove to be the richest find anywhere in Australia for many years.
A rush began and the Brandy Creek goldfield quickly became a sea of canvas tents.
The brothers were making a fortune, but found they couldn't work together.
Their mining manager said he couldn't serve five masters.
They decided to sell.
At the right place at the right time were William Grubb MLC and William Hart MHA.
They bought 90 per cent of the mine for just £5000.
It was the deal of the century.
The value of the ore awaiting crushing was more than that, guaranteeing the Grubb and Hart family fortunes into the future.