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September 05, 2019
History of Gold Coins
Starting from the 5th or 6th century B.C.E, coins have been used as a form of payment throughout history. The first coins are said to have been made of electrum: a naturally occurring metal made from silver and gold. Over time, coins made of pure gold became standardized by civilizations like the Roman empire, eventually being accepted by economies around the world. The increase in gold imports from Africa increased gold coin minting throughout Europe until World War I. In the United States, the California Gold Rush was responsible for the mass production of gold coins and a shift to the gold standard; the U.S. economy had previously been backed by a dual gold and silver standard but switched over to solely gold after the gold rush.
