Gold Coins: World Coins & Paper Money

Gold Coins are one of the oldest forms of money. The Lydian king Croesus circulated the first gold coins in about 560 BC, about a century and a half after the first silver coins were minted by king Pheidon of Argos in about 700 BC. China introduced gold coins at about the same time. The Ying Yuan was a gold coin minted by the Chinese in the 6th or 5th century BC.

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Gold coins were the primary form of money until the early twentieth century. Most of the world stopped making gold coins as currency by 1933, as countries switched from the Gold Standard. This move away from gold coins was a result of people hoarding gold coins during the great depression.

Gold coins that are gold in color only—that is, not made of real gold—have made a comeback in many currencies. Many countries also offer gold coins as legal tender, but they are meant for collectors and for people purchasing gold coins for an investment. They are not intended for actual circulation. Many factors determine the value of gold coins, including rarity, age, condition and the number of gold coins of that particular design that were originally minted. The Aureus, Solidus and Spur Ryal are among the gold coins most coveted by collectors. On October the fourth of 2007 a private collector purchased a $10 1804-dated Eagle coin that was made for American President Andrew Jackson as a diplomatic gift. The price? Five million dollars.

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Gold Coins: World Coins & Paper Money

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