![]() Most metals of similar or higher density to gold are as expensive or more and were unknown in ancient times (notably the platinum group). A coin that is not gold or below the expected fineness will either be too light for its size or too large for its weight. ![]() Gold is denser than almost all other metals, hence hard to fake. Collecting įurther information: Fineness Counterfeits Balance for checking the weight of gold coins Known as the "1 Tonne Gold Kangaroo Coin" and with a face value of one million dollars, it contains one tonne of 9999 pure gold and is approximately 80 cm in diameter by 12 cm thick. The largest legal-tender gold coin ever produced was unveiled in 2012 by the Perth Mint in Western Australia. ![]() The Queen's Diamond Jubilee coin was crafted in 99.999% pure gold with a face value of $300. In 2012 the Royal Canadian Mint produced the first gold coin with a 0.11–0.14 ct diamond. One of these coins was stolen when it was on exhibition at the Bode Museum in Berlin. As of May 3, 2007, there were five orders. It was intended as a one-off to promote a new line of Canadian Gold Maple Leaf coins, but after several interested buyers came forward the mint announced it would manufacture them as ordered and sell them for between $2.5 million and $3 million. It measures 50 centimetres (20 in) in diameter and is 3 centimetres (1.2 in) thick. 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. 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. 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. Gold coins then had a very long period as a primary form of money, only falling into disuse in the early 20th century. Middle Ages and Early Modern period įurther information: Florin (English coin), South German gulden, Baden gulden, Austro-Hungarian florin, and Guinea (British coin) Modern history The most valuable of all Persian minted coinage still remains the gold drams, minted in 1 AD as a gift by the Persian King Vonones (Matthew 2.1–23). In 546 BC, Croesus was captured by the Persians, who adopted gold as the main metal for their coins. The name of king Croesus of Lydia remains associated with the invention (although the Parian Chronicle mentions Pheidon of Argos as a contender). 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. 490 BC Gold Solidus of Roman Emperor Valentinian II History Antiquity Persian Achaemenid Daric, c. Additionally, gold is extremely unreactive chemically: it does not tarnish or corrode over time. The density of gold is higher than most other metals, making it difficult to pass counterfeits. Gold can be re-coined, divided into smaller units, or melted into larger units such as gold bars, without destroying its metal value. Gold is easily transportable, as it has a high value-to-weight ratio compared to commodities such as silver. It is fungible, with a low spread between the prices to buy and sell. Gold has been used as money for many reasons. The gold reserves of central banks are dominated by gold bars, but gold coins may occasionally contribute. For example, the quarter-ounce American Gold Eagle has a denomination of $10, but a metal value of approximately $500 (as of January 2024 ). 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. Since then, gold coins have mainly been produced as bullion coins for investors and as commemorative coins for collectors. Until about the 1930s, gold coins were circulation coins, including coin-like bracteates and dinars. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 91.7% gold by weight, with the remainder being silver and copper. Most gold coins minted since 1800 are 90–92% gold (22‑ karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Gold coins for sale at the Dubai Gold SoukĪ gold coin is a coin that is made mostly or entirely of gold. For other uses, see Gold coins (disambiguation).
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