Gold has been used as a currency since some of the earliest civilizations known to man. Gold’s history as a coinage dates back to at least the ancient Lydians of 700 B.C. If you’re interested in learning more, watch this episode of U.S. Money Reserve’s “Did You Know?”
A History of Gold as a Currency: Did You Know? – Video Transcription
Gold has the most extensive history of any currency involved in trade and commerce. Lydian merchants were the first to utilize gold as currency near 700 BC. A gold silver alloy named Electrum was used as currency in this era. 200 years later, King Croesus of Lydia introduced the first ever struck gold coins. The establishment of a single recognized currency added a sense of assurance that had yet to be seen in commerce. This innovation also led to other cultural advancements in Lydia, like the establishment of retail shops and permanent locations. The use of coinage spread from Lydia and was normalized throughout the region. Lydia was eventually conquered by the Persian empire, but their legacy remains. The tradition of gold ownership has continued into present day, now with certified mints and governmental institutions overseeing the process. No other metal in history has been utilized and regarded to the extent of gold, and many are sure that it’s not going away anywhere soon. Call the number on your screen if you’d like to learn more about gold’s place in history or gold’s place in your portfolio. And check out the “Did You Know?” playlist on our YouTube account to see more interesting videos about gold.