The History of Gold Coins

From El Dorado, the City of Gold to the elusive Pot of Gold, it’s a precious substance shrouded in mystery. Treasured throughout the centuries and mined for over 5,000 years, gold is a substance revered by cultures the world over, from Ancient Egypt to the Aztecs and Incas and just as valued today. From the classical Greek philosophers to numerous biblical references, imbued with special properties retold in folklore, myths and legends, gold is a material embedded in our culture, from the traditional wedding ring to classic gold coins such as the sovereign coins.

There are a lot of mythological stories involving gold which goes to show that people have always been intrigued by this yellow metal. For Millennia, gold has been highly regarded. Quests and voyages when undertaken to find gold. Did Eldorado really exist? Is there a pot of gold at the end of every rainbow, are leprechauns real and do they have that much of an affinity to their gold? Gold has intrigued different civilizations in different continents. The Greeks held gold in high regard. It also played an important part in Egyptian culture and it is the reason why the Spanish and Portuguese sent one ship after ship to discover countries that were not on the map the world and whose natural wealth had not been reclaimed or plundered and repurposed into different products. Gold dealers have been an integral part of commerce as man had to find different way to pay for goods and services for what they need without using the barter system. This was done with gold and silver coins.

Some interest facts about the history of gold coins

  • The history of gold goes back a couple of generations before the birth of Jesus Christ.
  • The largest gold coin minted in antiquity is the 20-stater gold coin of Eucratides. 
  • Gold coins have been struck since 600BC. That is more than 2,000 years ago!
  • Through many centuries empires like the Persians or the Phoenician empires used gold coins as currency.
  • Gold has been a standard for measuring and valuing currencies for many centuries. 

Gold is the go-to investment in time of economic crisis, this is evidenced in the 2008 financial crisis. In recent times counties that are facing economic challenges like Turkey, Venezuela and another have been turning their focus to gold in order to weather their own individual economic challenges because gold always holds it value.   

Gold is not just the stuff of legends and myths anymore. It still plays an important role in the current economic environment. There is still a great demand for gold, more than ever now because it is used to protect your wealth and savings during time of crisis. So, investing in gold is still important not only on a personal level but also as a store of wealth for the future.

Gold is not an infinite commodity which is why people recycle their old gold. This is why the Gold dealers are still in existence and are an important part of the recycling process. This practice is not just a benevolent one but one that is necessary to meet the demand for gold when the supply of it through mining has been dwindling over the years.

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