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Why Is There Gold and Silver Money?

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When considering buying or selling valuable coins, the first thing that comes to most people’s minds is silver and gold. But why did these two metals specifically become the standard of wealth?

A Long History of Gold and Silver Used Across the World

Gold and Silver Money | Coin Buyers | Atlanta Gold And Coin

Silver and gold have played a huge role in American history, with iconic historical points like the massive gold rush to California during the late 1840s. But the truth is, silver and gold’s value has a much longer history than just on American soil. In fact, silver and gold have been used as currency for over 6,000 years. Historians have found gold treasures at a burial site in Bulgaria that date as early as 4,000 BCE. They have even found gold-to-silver value ratio codes recorded by Egyptians around 3100 BCE. It’s clear that gold and silver have been around for awhile, but why did gold and silver money become the norm?

Why the Need for a Standard Form of Currency?

In ancient times, people performed trades and purchases largely by trading or bartering. But as civilization continued to advance, there became a demand for a standard of monetary value, or currency, so that people could expand their purchasing power. Different cultures used gold and silver money due to the weight and durability of the materials and the fact that they were rare enough to become valuable. Once such currency became the standard, a more global and stable market could develop.

Why Were Gold and Silver Chosen?

The truth is, there are many metals that could potentially be used other than gold and silver, such as copper and nickel. So why did gold and silver become the standard for currency? Well, there are many elements that play into this, and several of them have to do with their physical conditions. Gold and silver money don’t corrode over time and reduce in value. It is also easy to test the purity of these metals, as well as melt them down into liquid. Gold and silver, but more specifically silver, are used quite frequently for industrial purposes, meaning there are few reasons to trade it other than for monetary use. Most important, gold and silver are present in natural stone and rock across all continents, meaning that they could be monetized globally, creating a market for foreign coins as well as domestic coins.

Reach out to Atlanta Gold & Coin Buyers for an Appraisal

Although ancient traders didn’t know all of the chemical properties of gold and silver, their rarity and physical properties made them the perfect elements to be used for money. So if you find yourself with some gold and silver coinage, you’re holding thousands of years of history in your hands. Do you live in the Atlanta area and want to know the value of your coins or bullion? If so, contact Atlanta Gold & Coin Buyers. We can evaluate your coin collection, as well as identify any rare or key date coins that you might have, to determine its worth. You can also learn more about what types of bullion and precious metals we buy before coming into our shop.

Tony Davis
Tony Davis
Tony Davis is the owner of Atlanta Gold & Coin Buyers, a full service Atlanta based coin and bullion dealer specializing in buying, selling and appraising coins and coin collections of all types and sizes. Tony frequently writes on various economic and numismatic related topics affecting the coin and bullion markets and has been published on some of the industry’s leading websites, including Coin Week, the American Numismatic Association, Coin Collector, Coinflation, and Coin Auctions Help, just to name a few. Visit Atlanta Gold & Coin’s website at atlantagoldandcoin.com to obtain additional information on the products, services and educational resources offered by his company. Tony can be reached at sales@atlantagoldandcoin.com or at 404-236-9744

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