by S.E. Gunn PhD, All News Pipeline:
When I read about prepping for disaster, especially of a financial nature, one of the suggestions is to invest in precious metals. The metals themselves, not certificates. Gold and silver are mentioned as the best metals to collect. Whether you collect these metals through having jewelry, coinage, or simply the unrefined metal ore seems to not matter as long as it is something you have “in hand”.
A Brief history of Gold as currency
The World Gold Council tells us gold “has always played an important role in the international monetary system” and is commonly referred to as “hard money”. Egyptians were the first to smelt gold around 3600 BC. “The first record of standardized coined gold, the stater comes from Ancient Lydia around 564BC. The Lydian empire predated the Persians in what is modern day Turkey.” King Croesus, son of King Alyattes, is credited with minting the first gold coinage. It had a standardized weight and purity guaranteed by King Croesus.
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Image from Hard Money History
At about the same time King Croesus was minting the stater, the ancient Chinese began circulating a square gold coin called the ying yuan.
Image from Wilimedia Commons
Julius Caesar, the last leader of the Roman Republic between 49BC – 44BC instituted the use of gold coins in greater quantities with the minting of the 8 gram gold aureus, the first known widespread use of gold coinage as a currency system.
Image from Hard Money History
Emperor Constantine, in 312 AD, issued new gold coins called soilidus to replace the aureus and flooded the economy with these new coins, restoring some stability in the fragile economy Rome was experiencing at the time. Even after the fall of the Roman Empire, the solidus continued circulating for hundreds of years.
Image from Hard Money History
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Why use gold as currency?
Gold is easy to press into various shapes. It does not tarnish or rust. It is easy to identify because of its color and density. It is portable, private, and permanent. In addition it fits into the three generally accepted conditions to be used as money: it is a medium of exchange, a unit of account, and a store of value. Gold also has non-monetary uses, most notably as jewelry but also in electronics and dentistry. This means there will always be a “real demand” for gold beyond currency. The amount of gold in circulation is limited to how much can be mined. The gold standard can also be used to fix international rates of exchange between countries (think BRICS).
In August 1971, Richard Nixon removed the US paper currency from the gold standard and began using an oil standard creating the petrodollar. The US-Saudi Arabia petrodollar deal ended June 9, 2024 after the 50-year contract expired and was not renewed by Saudi Arabia. So, right now, US paper currency is not backed by anything. The Scottsdale Mint tells us that no current currency currently being used in the world is backed by gold.
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