Gold coin - Wikipedia. A gold coin is a coin that is made mostly or entirely of gold. Traditionally, gold coins have been circulation coins, including coin- likebracteates and dinars. Since recent decades, however, gold coins are mainly produced as bullion coins to investors and as commemorative coins to collectors. While also modern gold coins are legal tender, they are not observed in everyday financial transactions, as the metal value normally exceeds the nominal value. For example, the American Gold Eagle, given a denomination of 5. Http:// Majors Creek New South Wales. The Dargues Gold Mine is located approximately 60km southeast of Canberra, 13km south of. "I guess that was 'informally resolved' thanks to the power of EYE, then" The redoubtable PeeBee on the story that Yopa had launched a new Estate Agent guide on.
USD, has a metal value of more than 1,0. USD. The gold reserves of central banks are dominated by gold bars, but gold coins may occasionally contribute. Gold has been used as money for many reasons. It is fungible, with a low spread between the prices to buy and sell. Gold is also easily transportable, as it has a high value to weight ratio, compared to other commodities, such as silver. Gold can be re- coined, divided into smaller units, or re- melted into larger units such as gold bars, without destroying its metal value. The density of gold is higher than most other metals, making it difficult to pass counterfeits. Additionally, gold is extremely unreactive, hence it does not tarnish or corrode over time. History[edit]Antiquity[edit]Further information: Sycee. Gold was used in commerce (beside other precious metals) in the Ancient Near East since the Bronze Age, but coins proper originated much later, during the 6th century BC, in Anatolia. The name of king Croesus of Lydia remains associated with the invention (although the Parian Chronicle mentions Pheidon of Argos as a contender). In 5. 46 BC, Croesus was captured by the Persians, who adopted gold as the main metal for their coins. The most valuable of all Persian minted coinage still remains the gold drahms, minted in 1 AD as a gift by the Persian King Vonones Hebrew Bible new testament ( Matthew 2. Ancient Greek coinage contained a number of gold coins issued by the various city states. The Ying yuan is an early gold coin minted in ancient China. The oldest ones known are from about the 5th or 6th century BCE. Larger units such as the various talent measures (2. Middle Ages and Early Modern period[edit]Modern history[edit]The German gold mark was introduced in 1. German Empire, replacing the various local Gulden coins of the Holy Roman Empire. Gold coins then had a very long period as a primary form of money, only falling into disuse in the early 2. Most of the world stopped making gold coins as currency by 1. Great Depression. In the United States, 1. Executive Order 6. United States did not completely uncouple the dollar from the value of gold until 1. Gold- colored coins have made a comeback in many currencies. However, "gold coin" (in numismatic terminology) always refers to a coin that is (more or less) made of gold, and does not include coins made of manganese brass or other alloys. Furthermore, many countries continue to make legal tender gold coins, but these are primarily meant for collectors and investment purposes and are not meant for circulation. Collector coins[edit]Many factors determine the value of a gold coin, such as its rarity, age, condition and the number originally minted. Gold coins coveted by collectors include the Aureus, Solidus and Spur Ryal. In July 2. 00. 2, a very rare $2. Double Eagle gold coin sold for a record $7,5. Sotheby's, making it by far the most valuable coin ever sold up to that time (a 1. Flowing Hair Dollar sold for over $1. January 2. 01. 3). In early 1. 93. 3, more than 4. Double Eagle coins were struck by the U. S. Mint, but most of these were surrendered and melted down following Executive Order 6. Only a few coins survived. In 2. 00. 7 the Royal Canadian Mint produced a 1. It measures 5. 0 centimetres (2. It was intended as a one- off to promote a new line of Canadian Gold Maple Leaf coins, but after several interested buyers came forward the mint announced it would manufacture them as ordered and sell them for between $2. As of May 3, 2. 00. One of these coins has been stolen when it was on exhibition at the Bode Museum in Berlin.[4]Austria had previously produced a 3. Philharmonic gold coin with a face value of €1. On October 4, 2. 00. David Albanese (president of Albanese Rare Coins) stated that a $1. President Andrew Jackson as a diplomatic gift) was sold to an anonymous private collector for $5 million. In 2. 01. 2 the Royal Canadian Mint produced the world first gold coin with a 0. The Queen’s Diamond Jubilee coin has been crafted in 9. Bullion coins[edit]Precious metals in bulk form are known as bullion, and are traded on commodity markets. Bullion metals may be cast into ingots, or minted into coins. The defining attribute of bullion is that it is valued by its mass and purity rather than by a face value as money. While obsolete gold coins are primarily collected for their numismatic value, gold bullion coins today derive their value from the metal (gold) content — and as such are viewed by some investors as a "hedge" against inflation or a store of value. Many nations mint bullion coins. According to British HM Revenue & Customs investment coins are generally coins that have been minted after 1. Although nominally issued as legal tender, these coins' face value as currency is far below that of their value as bullion. The European Commission publishes annually a list of gold coins which must be treated as investment gold coins in all EU Member States. The list has legal force and supplements the law. In the United Kingdom, HM Revenue and Customs have added an additional list of gold coins alongside the European Commission list. These are gold coins that HM Revenue & Customs recognise as falling within the exemption for investment gold coins. This second list does not have legal force.[5]South Africa introduced the Krugerrand in 1. It was the first modern, low- premium (i. Bullion coins are also produced in fractions of an ounce – typically half ounce, quarter ounce, and one- tenth ounce. Bullion coins sometimes carry a face value as legal tender. The face value is minted on the coin, and it is done so in order to bestow legal tender status on a coin, which generally makes it easier to import or export across national borders, as well as subject to laws against counterfeiting. However, their real value is measured as dictated by their troy weight, the current market price of the precious metal contained, and the prevailing premium that market wishes to pay for those particular bullion coins. The face value is always significantly less than the bullion value of the coin. Legal tender bullion coins are a separate entity to bullion gold. One enjoys legal tender status, the latter is merely a raw commodity. Gold has an international currency code of XAU under ISO 4. ISO 4. 21. 7 includes codes not only for currencies, but also for precious metals (gold, silver, palladium and platinum; by definition expressed per one troy ounce. Gold bullion coins usually come in 1 oz, 1/2 oz, 1/4 oz, 1/1. Most countries have one design that remains constant each year; others (such as the Chinese Panda coins) have variations each year, and in most cases each coin is dated. A 1/1. 0 oz bullion coin is about the same size as a U. S. dime. A 1 oz. gold bullion coin is about the size of a U. S. half dollar. The largest legal tender gold coin ever produced was unveiled in 2. Perth Mint in Western Australia. Known as the "1 Tonne Gold Kangaroo Coin" and with a face value of one million dollars, it contains one metric tonne of 9. Other gold bullion coins, many named after their design features, include: Fineness of gold coins[edit]Coins are usually made of an alloy as other metals are mixed into the coin to make it more durable. Fineness is the actual gold content in a coin or bar and expressed as a "per mil," or thousandths. For example, a gold ingot identified as being . Karat weight (K or kt) is a traditional fraction- based system used to denote the fineness of gold, with one karat being equal to 1/2. With the precision of modern assaying techniques, however, the fineness of gold ingots and bullion is more likely to appear as a decimal measurement. In this system, pure gold would be denoted as 1. However, since absolutely pure gold is very soft and therefore not suitable for coinage or ingots, it is generally accepted worldwide that anything above . K. Below is a karat weight to fineness conversion chart. Correlation between karats and fineness. UK gold coin standard)2. Property Industry Eye.
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