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 Replies: 11 / Views: 2,638 |
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Valued Member
United States
171 Posts |
A few days ago a poster said that the last time gold was used as currency was during the Roman empire. Is this true? I am a newbie but my reading and limited education makes me doubt this somewhat. What about US gold coins 1933 and prior? Weren't these used as currency in circulation or were they introduced for numismatic purposes?
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Pillar of the Community
United States
4212 Posts |
Anybody could own & use them.
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Pillar of the Community
United States
1080 Posts |
I thought Mexican gold coins were for circulation... they had bimetallic coins with gold inner rings at one point there as well.
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Pillar of the Community
United States
2605 Posts |
Here's a link that talks about gold $3 coin used for circulation in the 19th century in the US. In 19th and early 20th cent. most European countries had gold in circulation.
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Bedrock of the Community
Australia
21786 Posts |
Gold half sovereigns were used in Australia in circulation up to 1913. At that time, banks were instructed to withdraw them and issue gold backed paper currency. Sovereigns also had legal tender status, but they were used for settlement of international payments at the time of withdrawal of the half sovereign.
Even at the time of the withdrawal of the half sovereign, it retained it's legal tender status until Australia came off the Gold standard in 1932. Before 1913, paper currency and half sovereigns circulated alongside each other, with the majority of payments being made in paper.
Half sovereigns were commonly used in Australia from the start of the Gold Rush in the early 1850's, and that explains why the average condition of the half sovereign is roughly two grades below that of the sovereign of equivalent date, up to about 1890.
The number of half sovereigns issued for circulation was basically in line with the demand required for circulation, which explains why the number of half sovereigns is probably only about 10% of the number issued for the sovereign.
At coin auctions in Australia, half sovereigns and sovereigns from 1855 to about 1890, command about the same price, despite the fact that sovereigns have twice as much gold in them. Of course, there are exceptions with the rarities in the series.
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Bedrock of the Community
United States
10982 Posts |
Quote:
A few days ago a poster said that the last time gold was used as currency was during the Roman empire. Is this true? It is not. In the U.S., gold coins were used as currency until 1933. |
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Valued Member
 United States
171 Posts |
So my bit of studying has indeed paid off. As the saying goes, "education is key....."
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Moderator
 United States
187702 Posts |
Quote:
As the saying goes, "education is key....." It says it at the top of every CCF web page.  |
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Pillar of the Community
Canada
3692 Posts |
Up to 1914 in Commonwealth countries. Mexico until 1947 - never involved in any of the world wars (except for a minor short-lived conflict in WWII).
And the Nuevo Peso, specksnyder, does NOT contain any gold in it.
Edited by Libertad
01/17/2011 2:23 pm
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Bedrock of the Community
United States
12437 Posts |
Quote:
A few days ago a poster said that the last time gold was used as currency was during the Roman empire. Is this true? Even if that statement was referring to the use of gold in a non-coin form, it would still be wrong. Gold dust and nuggets were commonly used as currency in 19th Century California, Colorado, and other western states. |
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Bedrock of the Community
United States
17884 Posts |
Some of the circulating bimetallic higher Nuevo Peso denominations did have a silver center for while but not gold.
I can't think of any countries off the top of my head that used gold coin as an actual circulating medium after 1945 (Mexico and the US. US made gold "coins" of one and four Saudi Pounds that were used to buy oil from the Saudi's for the war effort.) I don't think the Mexican gold of 47 or 49 actually circulated.
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Pillar of the Community
Canada
3692 Posts |
Conder, you might be right that they might not have circulated. I haven't seen enough in different grades to be able to know this. Might just be bullion.
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Replies: 11 / Views: 2,638 |
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Posted 01/15/2011 8:38 pm
