Since the first discovery of gold, the precious metal has played several roles in society and has been used to make a wide variety of products and goods for the wealthy.
In more recent times, the use of gold has drastically increased, with the element being used in everything from UV protection in astronaut’s helmets through to buildings as well as use in the medical industry.
When was gold first regarded as a sign of wealth?
Even before gold was used as money, it held value to people all over the world, evident from the extraordinary efforts people have made to obtain it. Gold was first used as currency in the form of gold coins in about 700 B.C. which is when the first gold coins appeared. However, the value of gold was accepted worldwide as a commodity in its own right, well before the monetary aspects were introduced.
Gold gave rise to the concept of money itself. Due to the scarcity, unique density and the ease by which gold could be measured, melted and formed into coins, it became a natural trading medium. Gold and silver coins began to replace the current barter arrangements in place, making trade in the Classic period much easier.
The ancient Greeks commonly used gold as a form of money and by as early as 550 B.C. the Greeks had already mined throughout the Mediterranean and Middle East regions. To the Greeks, gold was associated with water, and it was believed that gold was a particularly dense combination of sunlight and water.
The first use of gold as money
In 1972 the United States Congress formed the Mint and Coinage Act, which set out to establish a fixed price for gold in terms of U.S. dollars. The circulation of gold and silver coins used as legal tender began in the United States and in Spain, where the Spanish Real was in use – which was a coin of the Spanish Empire. At this time, gold was worth approximately 15 times as much as silver was worth in dollars.
After the introduction of gold as a form of currency and considering its high value as a commodity, gold rushes began in the 1800’s. Once people were aware that the discovery of a single gold nugget could turn them into a millionaire, prospectors searched all over the world in search of gold.
Where can I sell my gold?
If you have any gold items lying around the house that aren’t of use or are old or even broken, then you could turn that gold into cash at The Manchester Gold Exchange. Just as people have done throughout time, you too could make a decent amount of money by trading in some of your old, unwanted gold items with us.
We’re conveniently located in the city centre at Victoria House, Great Ancoats Street, Manchester, M7 4DB and we even have free on-site parking for all our customers.
Find out more about our gold selling process or give us a call on 0161 273 2511!