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Gold coin
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Gold coin
A gold coin is a coin that is made mostly or entirely of gold. Most gold coins minted since 1800 are 900–920 ‰ gold (22‑karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 917 ‰ gold by weight, with the remainder being silver and copper.
Until about the 1930s, gold coins were circulation coins, including coin-like bracteates and dinars. Since then, gold coins have mainly been produced as bullion coins for investors and as commemorative coins for collectors. While modern gold coins are still legal tender, they are not used in everyday financial transactions, as the metal value invariably exceeds the nominal value. For example, the quarter-ounce American Gold Eagle has a denomination of $10, but a metal value of approximately $500 (as of January 2024[update]).
The gold reserves of central banks are dominated by gold bars, but gold coins may occasionally contribute.
Gold has been used as money for many reasons. It is fungible, with a low difference between the prices to buy and sell. Gold is easily transportable, as it has a high value-to-weight ratio compared to other precious metals such as silver. Gold can be re-coined, divided into smaller units, or melted into larger units such as gold bars, without destroying its metal value. The density of gold is higher than most other metals, making it difficult to pass counterfeits. Additionally, gold is extremely unreactive chemically: it does not tarnish or corrode over time.
Gold was used in commerce (beside other precious metals) in the Ancient Near East since the Bronze Age, but coins proper originated much later, during the 6th century BC, in Anatolia. The name of king Croesus of Lydia remains associated with the invention (although the Parian Chronicle mentions Pheidon of Argos as a contender). In 546 BC, Croesus was captured by the Persians, who adopted gold as the main metal for their coins. The most valuable of all Persian minted coinage still remains the gold drams[clarification needed], minted in 1 AD as a gift by the Persian King Vonones (Matthew 2.1–23).
Gold coins were rising in popularity during the Middle Ages in Europe. These coins were made of nearly pure gold and usage was low compared to coins made of bronze and silver which were more plentiful. Coins were often melted down if the raw material was more valuable than the coin. To prevent this, coins were given more complex designs in order to raise the coin's value and prevent clipping.
Gold coins served as a primary form of money for millennia, only falling into disuse in the early 20th century. Most of the world stopped making gold coins as currency by 1933, as countries switched from the gold standard due to hoarding during the worldwide economic crisis of the Great Depression. In the United States, 1933's Executive Order 6102 forbade most private ownership of gold and was followed by a devaluation of the dollar relative to gold, although the United States did not completely uncouple the dollar from the value of gold until 1971.
In 2007, the Royal Canadian Mint produced a 100-kilogram (220 lb) gold coin with a face value of $1,000,000, though the gold content was worth over $2 million at the time. It measures 50 centimetres (20 in) in diameter and 3 centimetres (1.2 in) thick. It was intended as a unique specimen to promote a new line of Canadian Gold Maple Leaf coins, but after several interested buyers came forward, the mint manufactured at least five more in 2007, selling them for $2.5 to $3 million. One of these coins was stolen while exhibited at the Bode Museum in Berlin.
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Gold coin
A gold coin is a coin that is made mostly or entirely of gold. Most gold coins minted since 1800 are 900–920 ‰ gold (22‑karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 917 ‰ gold by weight, with the remainder being silver and copper.
Until about the 1930s, gold coins were circulation coins, including coin-like bracteates and dinars. Since then, gold coins have mainly been produced as bullion coins for investors and as commemorative coins for collectors. While modern gold coins are still legal tender, they are not used in everyday financial transactions, as the metal value invariably exceeds the nominal value. For example, the quarter-ounce American Gold Eagle has a denomination of $10, but a metal value of approximately $500 (as of January 2024[update]).
The gold reserves of central banks are dominated by gold bars, but gold coins may occasionally contribute.
Gold has been used as money for many reasons. It is fungible, with a low difference between the prices to buy and sell. Gold is easily transportable, as it has a high value-to-weight ratio compared to other precious metals such as silver. Gold can be re-coined, divided into smaller units, or melted into larger units such as gold bars, without destroying its metal value. The density of gold is higher than most other metals, making it difficult to pass counterfeits. Additionally, gold is extremely unreactive chemically: it does not tarnish or corrode over time.
Gold was used in commerce (beside other precious metals) in the Ancient Near East since the Bronze Age, but coins proper originated much later, during the 6th century BC, in Anatolia. The name of king Croesus of Lydia remains associated with the invention (although the Parian Chronicle mentions Pheidon of Argos as a contender). In 546 BC, Croesus was captured by the Persians, who adopted gold as the main metal for their coins. The most valuable of all Persian minted coinage still remains the gold drams[clarification needed], minted in 1 AD as a gift by the Persian King Vonones (Matthew 2.1–23).
Gold coins were rising in popularity during the Middle Ages in Europe. These coins were made of nearly pure gold and usage was low compared to coins made of bronze and silver which were more plentiful. Coins were often melted down if the raw material was more valuable than the coin. To prevent this, coins were given more complex designs in order to raise the coin's value and prevent clipping.
Gold coins served as a primary form of money for millennia, only falling into disuse in the early 20th century. Most of the world stopped making gold coins as currency by 1933, as countries switched from the gold standard due to hoarding during the worldwide economic crisis of the Great Depression. In the United States, 1933's Executive Order 6102 forbade most private ownership of gold and was followed by a devaluation of the dollar relative to gold, although the United States did not completely uncouple the dollar from the value of gold until 1971.
In 2007, the Royal Canadian Mint produced a 100-kilogram (220 lb) gold coin with a face value of $1,000,000, though the gold content was worth over $2 million at the time. It measures 50 centimetres (20 in) in diameter and 3 centimetres (1.2 in) thick. It was intended as a unique specimen to promote a new line of Canadian Gold Maple Leaf coins, but after several interested buyers came forward, the mint manufactured at least five more in 2007, selling them for $2.5 to $3 million. One of these coins was stolen while exhibited at the Bode Museum in Berlin.
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