The city boomed in the 1860s and 1870s as one of the most productive mining districts in the nation, boasting a population of over 10,000 people with numerous establishments including saloons, gambling houses, hotels, theaters and brothels. By 1867, Central City had established a reputation as one of the most prosperous and lawless towns in the Wild West, featuring dozens of saloons, gaming halls, and dance halls.
Central City's economy, and therefore its population, steadily declined after 1875 with the silver panic and the decline in mining. By the early 1890s, Central City's population was below 1,000. Central City's decline led to a significant loss in population by the early 20th century. Central City became a designated national historic district in 1961 and was listed on the National Register of Historic Places in 1970. Today, it is a popular tourist destination known for its Victorian-era architecture.