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Looking Back: Gold Coins and Where it Started

Categories: Education and Training
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A stack of bills and gold coins

A stack of bills and gold coins

Imagine if trade and business were still conducted using gold and silver coins up to this day. Your purse would be full of heavy gold coins instead of your makeup kit. Guys on the other hand, will not be able to leave the house with just their wallets. They would most probably need to have a belt bag.

It might look funny now, but people in the ancient times did that to be able to transact and trade properly. But how did these coins, especially gold coins in the UK, come about? Here is a brief throwback about gold coins.

How did gold coins start?

Gold coins were the lifeblood of the Mediterranean trade in the second millennium BC and found use in the ancient civilisation of Sumerian and Egypt. They were in the trade, valuable by weight and used to pay taxes and government officials. The common folk did not use gold as barter still prevailed.

How did it reach the UK?

Despite being widely used by the Sumerian civilisation, they produced the first gold coin in Lydia, Turkey. They made the first gold coin out of electrum, a mixture of both gold and silver minerals. Eventually, the Greeks and the Romans got hold of gold coins and started modifying them by putting the king’s faces.

During this period, the use of gold coins as a part of trade has become more widespread, and eventually found use as payment in the army, but is still too valuable for public consumption. The production of gold continuously grew until it reached Europe, specifically Britain, between 200-400 A.D.

Gold coins at present

Nowadays, gold coins are once again a rare commodity as people use paper bills for their daily business transactions. However, unlike before, gold has become significantly more accessible for people from different walks of life and various parts of the world.

Gold is still is as valuable as before it was widely circulated and would continue to be in the future.