| A Fast Look At The Past Of Gold Coins |
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| Written by Eric McMillan |
| Saturday, 25 September 2010 16:03 |
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Gold coins became highly prized means of trade and have traditionally been associated with wealth and affluence since they were first introduced into the monetary system. Sumer was one of the first thriving early civilizations to deal extensively in gold currency. The earliest form of gold currency was in the form of ingots rather than coins, which were circulated amongst the temple elders and the wealthy rulers of the time.
Gold coins became highly prized means of trade and have traditionally been associated with wealth and affluence since they were first introduced into the monetary system. Sumer was one of the first thriving early civilizations to deal extensively in gold currency. The earliest form of gold currency was in the form of ingots rather than coins, which were circulated amongst the temple elders and the wealthy rulers of the time. The general public did not have free access to this means of trade. Western Turkey was the first location in which gold coins were first struck, as far back as the 6th century. The craftsmen of the day created an alloy from silver, electrum and gold and imprinted a seal on one side of the coin, with the image of a bull or a lion on the reverse side. The ease of using minted coins as a method of barter and trade grew in popularity as the concept spread to other regions and countries. Once the concept reached the Roman Empire its popularity rose dramatically and the Romans took to minting their own coins. The aureus depicted the Roman emperors profile on the coin and this form of tender was used to pay the wages of Roman soldiers each month. The gold coins were still only largely in use by the affluent sector of society, namely traders, merchants and other people in powerful administrative positions. The ever- growing popularity of minted gold finally led to the creation of the gold premium finally being set in 1717 by none other than Sir Isaac Newton who was the appointed Master of the Mint. Over the next century more than three million guineas were produced at the mint each year. The gold eagle coins that are annually minted in large quantities in the United States have come to be viewed as a clever investment by many. They have never been more popular amongst investors than what they are today. These beautiful 1 oz gold eagle coins are exquisitely crafted items that depict, on one side, lady liberty marching from the coins surface. This image pays homage to the design created by Augustus St. Gaudens in the 20th century. The reverse side of the gold coin is a stunning depiction of a magnificent eagle, swooping in to land in the nest bearing an olive branch, where its mate awaits it. Over thirteen million of these beautiful coins have been created since they were first introduced to the public in 1986. These coins are crafted from the finest quality gold, 22 karats or an equivalent . 916 purity rating. Roman numerals were traditionally used to depict dates on all coins minted from the years 1986 to 1991. This changed after 1991 and since then all coins have been minted to depict dates using Arabic numerals instead. Each coin has a face value of $50 and is to be regarded as legal tender in the United States of America. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Eric McMillan is an ex real estate guy, who now markets online and is a coin collecting fanatic. Visit his website for more great info on gold coins. While you're there, pick a free copy of his Guide to Gold And Silver Coins. |