Gold coin

While modern gold coins are still legal tender, they are not used in everyday financial transactions, as the metal value invariably exceeds the nominal value.

For example, the quarter-ounce American Gold Eagle has a denomination of $10, but a metal value of approximately $500 (as of January 2024[update]).

Gold is easily transportable, as it has a high value-to-weight ratio compared to other precious metals such as silver.

Gold was used in commerce (beside other precious metals) in the Ancient Near East since the Bronze Age, but coins proper originated much later, during the 6th century BC, in Anatolia.

The name of king Croesus of Lydia remains associated with the invention (although the Parian Chronicle mentions Pheidon of Argos as a contender).

In 546 BC, Croesus was captured by the Persians, who adopted gold as the main metal for their coins.

[3]Gold coins then had a very long period as a primary form of money, only falling into disuse in the early 20th century.

[5] The largest legal-tender gold coin ever produced was unveiled in 2012 by the Perth Mint in Western Australia.

Most metals of similar or higher density to gold are as expensive or more and were unknown in ancient times (notably the platinum group).

[9] Only two relatively inexpensive substances are of similar density to gold: depleted uranium and tungsten.

[10] Bullion coin counterfeits were formerly rare and fairly easy to detect when comparing their weights, colors and sizes to authentic pieces.

[17] Biting a coin to determine whether it is genuine or counterfeit is a widespread cliché depicted in many films (like the 1917 The Immigrant), books (like the 1925 L'Or by Blaise Cendrars) and plays (like the 1938 Mother Courage which is set in the Thirty Years' War 1618–1648).

According to a 2017 study, the assumed widespread practice of pirates biting into a coin is almost certainly a Hollywood myth.

And all "gold" coins minted for circulation in the UK and America since the Tudor period (1485–1603) contained copper which made them more durable and thus hard to bite.

[18] "This cliché might find its origin in the crude testing method used by American prospectors during the 19th century gold rush.