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Steve Netwriter

The History of Gold

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The theoretical question of what is the best/perfect form of money is irrelevant given a pragmatic approach. Money is what happens to work in the concrete world.


Very true.


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And that is exactly what I've been saying :D


You see, I haven't (as far as I know) said gold is only money.

Nor have I said that it is not a commodity.


Someone caught me mid-edit :D

I really should proof read before hitting post. Bad bad habit.


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At Steve's request I have updated the slide and the text. I have removed some of the more questionable bits and put in those that can be verified from more authoritive sources




If you spot anything wrong, think that something should be added then please chip in.


The History of Gold


There is a tendency to ignore history. We do so at our peril.

We also tend to think only recent history is relevant. This is misguided. This is the history of gold as barter and coin





4000 BC – Europe - A culture, centred in what is today Eastern Europe, begins to use gold to fashion decorative objects

4000 BC to 3500 BC – Northern Europe - Touchstones with gold trace on them that have been found in Northern Europe from the late Neolithic period showing that barter trade is practised using gold

3100 BC - Sumerian writing describing exchange, deposits and loans, first recorded banking transactions between city states and countries using commodities including gold and silver

1800 BC - Eshnunna Law Code – Used to be in the Bagdad Museum describes 1 shekel of silver as being worth a bushel of grain

1500 BC – Egypt - The immense gold-bearing regions of Nubia make Egypt a wealthy nation that used rings of gold and silver as money

750 BC – Babylon - Code of Hammurabi was a set of banking laws including the record of the first use of Fractional Reserve Banking

620BC to 600BC - Lydia - Oldest gold coin in existence - alloy of gold and silver – Can be seen in the British Museum – A very well researched argument as to why this is the first real coin can be found here http://rg.ancients.info/lion/article.html

300 BC to 221BC – China - Qin Dynasty Chinese coin standardisation including the first use of gold as a coin in China

70 BC –Gold Staters are the first gold coin produced in Great Britain

43 AD – Roman - libra pondo “unit of measurement of money by weight“ symbolised then as slightly different £ sign and now know as the pound

630 AD – Production of gold and silver coin restarts under the Anglo-Saxons in the UK after the withdrawal of Rome in 410BC

800 AD – China is first to use paper money

830 AD – Penny used as a name for a coin produced under Eanred

1158 AD – Great Britain – Henry II fixes the quality of coin silver at 925/1000

1282 AD – Great Britain – The beginning of the Trial of the Pyx to determine the quality of Britain’s coinage

1549 AD – Great Britain – First Shilling minted under Edward VI

1582 AD – Great Britain – Silver coins produced at Sterling quality after being reduced to 22/24 under previous monarchs and gold content increased to 22/24

1694 AD – Great Britain – Bank of England formed

1787 AD - US – issues its first gold coin, struck by Ephraim Brasher, a goldsmith.

1853 AD – US - New York Clearing House Association created to clear banking transactions

1971 AD – US - On August 15, U.S. terminates all gold sales or purchases, thereby ending conversion of foreign officially held dollars into gold


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It's all go today !

I meant to reply before. Great job :D

I didn't expect you to change the graphic as well !!!!


I'm glad my original wasn't too far out.


Even though I was prepared for the chaos on the markets today, I really, really wasn't. Maybe I should have spent more time at the weekend working out what I should be doing rather than donning the anorak :lol:


Edit: P.S. If there is anything you don't like about the graphic or the text then just change it, unlike gold I ain't precious

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