Gold coins have very long history, though not that long as silver coins. The very first gold coins were coined by the Lydian king Croesus somewhere about 560 BC. Through many years of human history gold coins were primary form of money and were dominantly used until the year 1933. This year is very significant year indeed because as of this year most world countries stopped making gold coins as currency.
Very first gold coins were made from electrum which is natural alloy of gold and silver, with picture of lion and bull on their face and punch mark or seal on other. Their weight varied significantly from only 0.2 grams to 17,2 grams. In Europe (Greek cities) silver coins were dominant form until the time of Alexander the Great, who once conquering Persian empire, brought to Greece large gold treasure (according to some sources more than 22 metric tonnes).
Gold coins were also adopted by Romans and their gold coins usually had emperor's head on them and were used to pay legions and for trading network that Rome established throughout its empire.
Ancient gold coins. Click on picture for full size.After 13th century gold was coined in almost all parts of the Europe with France leading the way. After America was discovered, there was much more gold available and Spain took the leading role in gold coinage. However there was still much more silver arriving from South America and therefore silver coins were more widespread in Europe than the gold coins during the 16th and 17th century.
This silver coin domination lasted until the 1690 when gold coins made their big comeback with gold discoveries in Brazil and thanks to this gold Britain turned to gold as the main currency replacing dominant silver and was coined into the famous guineas, which are dating since 1663.
In 1717 gold coins dominance was really confirmed as sir Isaac Newton, as Master of the mint set historic gold price that served as standard for two hundred years.
However many countries were still using silver coins and this condition changed thanks to gold rushes in United States and Australia, that was especially intensive in second half of the 19th century, and in 1900 even United States switched to unique gold standard.
Great depression ended the gold coinage dominance era in 1933 as United States recalled all gold and gold coins from their citizens.
Gold coin's value is determined by many factors and especially by its age, rarity, condition and total number of originally minted coins. The most expensive gold coin ever sold was extremely rare $20 1933 Double Eagle gold coin that was sold at Sotheby's in 2002 for staggering $7,590,020.
