|Bonanza, which grew when Central Coal and Coke Company, opened its mining camps there, is located near the Western boundary of south Sebastian County, was incorporated November 21, 1898.|
"The County Court was petitioned by C.C. Woodson, upon the recommendation of 20 qualified electors which resided within the limits of said proposed corporation, and the petition was approved and signed by Joseph M. Spradling, County Judge."
Bonanza was laid out in town lots which included several additions: Karl's; First; Second; Buzan and Dewey.
Bonanza had a hotel, city hall, Catholic Church, Methodist Episcopal Church; Bank, First State Bank of Bonanza, run by S.F. Wilder (about 1913), with Dr. Smith, president; Barber shop, with Pink Shaw, barber (later became County Sheriff); Drugs, owned by the Templetons; General Store, Upchurches; One railroad, (Frisco), with R.K. Rodgers depot agent. Some early families were: The Barrs, Reinhards, Bob Youngs, C.C. Woodson, Littlejohns, Wilders and Yates.
Bonanza, at its peak, had a population of 906 in 1900. Today it has a population of 342.