The first true gold coins with a standardized purity for general circulation were minted in Lydia, an ancient kingdom in modern-day Turkey, around 550 BCE during the reign of King Croesus . These coins are called Croeseids.
Here’s a breakdown of the key information about the first gold coins:
- Location and Time: Lydia, a kingdom in ancient Asia Minor (present-day Turkey), around 550 BCE during the rule of King Croesus.
- Precedents: While Croesus is credited with the first standardized gold coins, his father, Alyattes, had already issued electrum (a naturally occurring gold and silver alloy) coins about 80 years earlier, [according to Wikipedia] . The varying composition of electrum, however, made it difficult to establish a consistent value, hindering the development of standardized coinage.
- Innovation: Croesus’ metallurgists developed a method to separate gold and silver from electrum, allowing the production of pure gold and silver coins with fixed weights and denominations. He also established a bimetallic system where gold and silver coins had a set exchange rate.
- Characteristics: The gold Croeseids were initially issued at a weight of 10.7 grams. They featured a distinctive design of a lion and a bull facing each other, symbolizing strength and power. The reverse side typically had a simple punch mark.
- Impact: The Croeseid revolutionized trade and commerce in the ancient world, providing a reliable and standardized medium of exchange. It facilitated economic transactions, promoted trade on a larger scale, and influenced the development of coinage in neighboring regions, including Greece and Persia.
What was the world’s first gold coin?
Croesus Stater. The world’s first gold coin – a metallurgical triumph. The Croesus Stater, produced in Lydia (modern-day Turkey) in the middle of the sixth century BCE, was the world’s first minted gold coin.
What was the first US gold coin?
Great question! The unique Brasher Doubloon, the first gold coin made for the United States, was sold in December 2011 by rare-coin dealer, Steven L.
Why is it illegal to own a $20 gold piece from 1933?
Thanks for asking. For example, the 1933 Double Eagle gold coin, minted but never legally circulated, is considered government property and therefore illegal to own. In fact, owning one of these rare $20 coins today is not just illegal but may result in confiscation.