Gold coins have been used as currency since some of the earliest civilizations known to man. Gold’s history as coinage dates back to the ancient Lydians of 700 B.C. Our earliest ancestors recognized the unique qualities in gold long before it became a symbol of wealth and power. Gold does not rust or tarnish, ensuring it retains its weight and appearance permanently. It is also highly malleable, allowing early smiths to easily shape and stamp it without advanced industrial tools. Finally, its scarcity made it impossible for citizens to counterfeit.
Gold has the most extensive history of any currency involved in trade and commerce. Lydian merchants were the first to utilize gold as currency. King Croesus of Lydia introduced the first-ever struck gold coins. The establishment of a single recognized currency brought a sense of assurance that had not yet existed in commerce. The use of coinage spread from Lydia and became the norm throughout the region. The Persian Empire eventually conquered Lydia, but the tradition of gold ownership has continued into the present day.