Gold has long played a part as currency across the globe making it one of the worlds' most sought after precious metals. It is said that it is statistically rarer to find a one ounce nugget of gold than it is to find a five carat diamond.

Before the use of precious metal coins, livestock, grain or material goods were often used to barter deals. It is believed the first pure gold coins were minted in 560 BC in the Asia Minor Kingdom of Lydia. The society was also the first to open permanent retail stores that used coin as a form of payment. Historians estimate gold was later recognized as a universal standard of currency as early as 1500 BC. Gold coins circulated for many centuries, although as gold coins were too valuable for day to day transactions, silver also played an important role for many countries.

The United Kingdom was the first to adopt a gold standard and base the value of paper money on a fixed rate price of gold. By the late 1800s and early 1900s most major countries including the United States did the same.

For many years there was a direct link between gold, measured in troy ounces, and paper money. A troy ounce is the equivalent of 1,097 regular ounces. The U.S. Federal Reserve ceased making legal tender gold coins in 1933. It did not revive the practice until 1982 when Congress passed the Olympic Commemorative Coin Act allowing for the mint of a select number of coins for which sales were meant to help cover the cost of the 1984 Olympic Games in Los Angeles.

Countries like the U. S. had moved away from the using the gold standard but the precious metal continued to be a considered a solid investment.

Gold coins in recent years have seen an upswing in value making them an even more concrete addition to any investor's portfolio. Let US Gold Firm's experts in gold, silver and platinum begin working for you!

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