Evolution Of The Gold Coin
Before the introduction of the gold coin, people do not use any form of currency to buy things that they need. In the past, people just trade their goods at the market place. For example, people from the high ground would trade their grains in exchange for products of the sea. As time pass, people started to learn about the value of currency. They discovered how money can be used as a tool to buy goods and services. Since gold has always been thought as a valuable commodity, people in the past used gold and minted gold coin to use for their purchase of goods and services. More About Gold Coin The gold coin was first introduced by the Lydian King Croesus between 643-630 BC. During that time, the people used electrum. Electrum is a pale yellow mixture of silver and gold. It occurs naturally in the Lydia. At that time people still do not know how to separate gold and silver. That is why the first gold coin was actually a combination of silver and gold. The people of Lydia started to learn how to separate gold from silver around 560 B.C. That was when the first real gold coin came into being. While manufacturing gold coin, the Lydians also started to make silver coins. Silver coins are considered of lesser value than the gold coin. That is why most of rich people in the kingdom used the golden coins. Working class people however, mostly used silver. In 546 B.C King Croeseus was imprisoned by the Persian army. The Persians discovered the gold coin as they went through the kingdom of Lydia. According to history, the Persians were stunned at how the Lydians mint gold coin. They then decided to learn the trade as well. The Persians soon adopted the use of gold coin as they also considered gold as a very precious metal,. Persia was one of the most progressive nations in the olden times. That is why the use of the golden coin spread more rapidly to other areas of the world. Gold coin played a vital role in the area of commerce for the next several years. People from all over the world used gold coin to obtain goods and services during that time. People continue to use of gold coin until 1933. Countries all over the world start to find it too expensive to use gold coins as part of their currency. They soon stop the production of the gold coin for general circulation purpose. Currently, there are still some countries that use gold-colored coins for their currency although this "gold coin" no longer contain gold.
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