Did we ever use gold for our currency?



  1. 0 Votes

    Gold was used as an ancient form of currency.  The first forms of gilded currency are believed to be in 550BC in the region that later became Turkey.  Gold was valued as currency due to its rarity, durability, and ease of ability to shape it.

  2. 0 Votes

    Gold was once used as a primary form of currency, but since the amount of gold in the world is finite and production has not grown in relation to the world’s economies, it is no longer widely used. With the growth of economies in the 20th century and increasing foreign exchange, the world’s gold reserves and the gold trading market have shrunk and become a small fraction of all markets. Gold was replaced by a system of convertible currency following World War II. Switzerland was the last country to tie its currency to gold until the Swiss joined the INternational Monetary Fund in 1999. Pure gold is too soft for day to day monetary use.

  3. 0 Votes

    If by “our” the questioner means the USA, we certainly did – $5, $10, and $20 gold pieces were minted and used from the 1700s until 1929-33; gold dollars were minted from 1849-1889. Gold coins minted in recent years in the US are primarily collector items, but they are legal tender (I think).

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