The Epic Boom and Bust of the Ostrich Feather Market

When the Titanic sank in 1912, the most valuable cargo on board was a shipment of feathers that was insured for $2.3 million in today's money. In 1912 only diamonds were worth more by weight than feathers. The reason for this was the hat craze. Everyone needed hats with feathers on them, and they needed to be super big and fluffy. Sometimes people would have entire birds on their heads.