Hyder was originally called Portland city, and the name was changed in 1914 after Frederick Hyder, a Canadian mining engineer who predicted a bright future for the area. Hyders boom years occurred between the years 1920 and 1930, and the Riverside Mine extracted gold, silver, copper, lead, zinc and tungsten until 1953. By 1956, all major mining had closed except for Granduc Copper Mine in Canada, which operated until 1984. Hyder is known as the "Friendliest Ghost Town in Alaska." Hyder's economy is based primarily on tourism today.
The U.S. dollar (USD) is the official currency. Traveler's checks and credit cards are also widely accepted.