The Use Of Gold As Historical Currency English Language Essay

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Gold and copper were the first metals to be found by humans around 5000 B.C. and it is also the only two non-white-colored metals. Gold was first discovered by people in the Transylvanian Alps and the Mount Pangaion in Thrace. They first mined it and use it for purposes of decoration. It being appreciated because to its unique color and it's shinny. It looks special from the other commodity which is plain dirt of the earth in color and texture, even if the most beautiful rocks being beat down by its malleability. It would never ever rust and change its physical appearance like some of the others metals, so it is the most suitable material for decoration purposes and dept inside of it may have inspired the idea of decoration.

1500 B.C.

About 1500 B. C. year. Egypt became a most riches nation in the world after to the immense gold-bearing regions of Nubia. During that time, gold was became the medium of exchange in the nations of the Middle East. A coin made by gold which is called Shekel became the standard unit of measure in the Middle East which started weight is equal to 11.3 grams of the pure gold. Gold bullion is come from bulk of gold. It is classify into two forms, either bars or else which is coins. This was become the point of start of coins. It involves a naturally occurring alloy which is called electrum that is around two-thirds gold and one-third silver.

After thousands of years making transaction by using goats and beans, to knives and hardware, and finally a universally item that was acceptable by people all around the world had established. This material was gold. It was begun to happen that one thing would be so standard accepted so as to become currency. Don't have any doubt, when it became the currency, its reputation raised non-stop unlike any other material. At a time, a man might have been classifying as a rich person by the amount of land or cattle that he possess at that time. For aught I know it was the right that the power he holds over others. The entire thing was fluctuate in a way that was clearly more organized in spite of the pitfalls that were to follow.

1350 BC

 In 1350 BC, after the recognized gold as currency, there must have a better way of determining the value of a piece of material whether that is or is not a pure gold. This changing allowed the buyer to get more goods or services and using less pure gold since people unable look through inside of a rock with a vein of gold. Sometimes it must have worked in benefit of the seller as well.

In its actual form, gold might be look like in a solid nugget. It could be an artery in quartz or rock. If other metal has been mixing with the gold, the weight of the gold could not be estimate accurately. It must have to be split from any other natural metal before it able to be determined as pure and be determining an exact monetary value.

The Babylonians start using a fire assay to organize a test to purify gold. They could classify a certain gold purity. This was given more confidence in using of gold as money and don't have doubt to helped establish a trust in Babylonian gold as contrary to other regions where it might still have been mixing with other metal.

1200 B.C.

Around 1200 B.C. the Egyptians started to hitting gold into a very thin layer which later form as a leaf. They also were mixing it with other materials that are some metal of which were harder. Alloy with other material may change the color shine of the gold as well. The alloy of one material with gold may make it more durability and improved the hardness and color variations of the gold.

Actual gold can be manipulated and is soft or cut easily so adding other metals to make it more durability and being served for specific purpose depending on the purpose of use. It can also be hammered down into a very thin layer without separating. Hence, it can then be used as a thin layer over wood, other materials or metals, so that will be less gold is required to cover the region in view. For instead of having a box of solid gold, it can be made of wood and covered a very thin layer with gold leaf. The box will then look like solid gold.

They also start minting gold by using the lost-wax technique which is still being at the heart of jewelry making today. The Egyptian was successfully proved their critical thinking and created the lost wax method of jewelry making. This is done by carving the desired jewelry shape in wax, covering it in clay and heating it so that the wax is melted. The wax flows out of a small hole in the clay. As the wax leaves, the shape is ready for the melted gold to be poured into the mold created by the wax design. Once the gold is cooled and hardened, the clay mold is broken away from the gold jewelry formed by the lost wax.

Also around 1200 B.C., gold dust was recovered by people living on the eastern shores of the Black Sea. This natural shape of gold deposit is very small, sometimes as small as grains of sand and has to be recovered very carefully.

How the use of sheepskin came into use is unknown. After careful observation, they noticed that gold was heavier than the sand and therefore fell deeper into the wool, than sand. It could have been that someone dropped a skin in the water, which passed over it making deposits of gold. Later, someone found the skin, picked it up and after drying, noticed that there was gold embedded in the wool.

The use of sheepskin was deployed here by sluicing the sands through the wool, which after drying are shaken to dislodge the gold dust.  This worked well because the weight of the gold is heavier than the sand it was found in. As the sand and gold was dropped on the sheepskin, the water passed over it while moving through the stream. This pushed the light sand away while the heavier gold had more of a tendency to settle down into the thick wool of the unshorn sheepskin. Once the wool was dried, it was shaken out to free and collect the gold dust.  

The Greek Mythological story of the "Golden Fleece" incorporates this form of gold gathering. Jason and the Argonauts go out searching for the Golden Fleece of the winged ram Chyrsomallos. The purpose of obtaining the fleece was to place Jason on the throne of Iolcus in Thessaly. The story was developed during the time of Homer (eighth century B.C.).

1091 B.C.

Little squares of gold are legalized in China as a form of money. The Chinese have always been great in business. They are creative, ordered and very industrious. As gold spread around the world as a form of currency, the Chinese began to use small squares of gold as a legal form of money. Uniformity of the squares encouraged an equal value to be traded. This happened in the year 1091 B.C. However, the gold coins made up until then were not in their purest form.

560 B.C

Coins, as we know them today, were first made in 560 B.C, The first coins made purely from gold are minted in Lydia, a kingdom of Asia Minor. A determined weight of pure gold was measured. The Lydians and Ionians had learned how to separate the gold from the silver, so that King Croesus was able to issue the world's first bi-metallic coinage. Bi-metallic means that there were contained both gold coins and silver coins. They were quite crude, and were made of electrum, a naturally occurring pale yellow mixture of gold and silver. These first coins were similar in composition to alluvial deposits found in the silt of the River Pactolus, which ran through the Lydian capital, Sardis.

Some sort of indent or stamp was used to identify the coins, perhaps of a governmental leader or mythological character. Imagine the person who came up with the idea to put the leaders face on a coin. He must have been considered a public relations genius of his day. People no doubt traveled from long distances to see if they could catch a glimpse of the person whose face was on a gold coin. Egypt was not however the first reported civilization to use gold as a means of exchange. That honor was claimed by the Kingdom of Lydia in western Turkey around 700 B.C. The first form of gold money coins were produced by Lydian merchants. The coins were stamp lumps known as electrum and were made up of 27% sliver and 63% gold. Shortly afterwards, in 546 B.C., Croeseus was captured by the Persians, who came to adopt gold as the main metal for their coins.

550 B.C.

By about 550 B.C., the Greeks had started mining the Mediterranean and Middle East for gold. The Romans continued the practice, introducing sophisticated techniques, such as hydraulic mining, or hushing, which involved using large volumes of water to dislodge rock and remove debris.

Purity was determined by fire and the coins were poured into shape. The acceptance of gold was becoming more and more institutionalized by governmental action. This made trade easier in the area of Asia Minor which was the major crossroads of civilization at the time.

Gold was money in ancient Greece. The Greeks mined for gold throughout the Mediterranean and Middle East regions by 550 B.C., and both Plato and Aristotle wrote about gold and had theories about its origins. Gold was associated with water (logical, since most of it was found in streams), and it was supposed that gold was a particularly dense combination of water and sunlight.

58 B.C

The Roman proconsul and general Julius Caesar pushed his army into Gaul in 58 BC, on the pretext of assisting Rome's Gaullish allies against the migrating Helvetii. With the help of various Gallic tribes (for example, the Aedui) he managed to conquer nearly all of Gaul. But the Arverni tribe, under Chieftain Vercingetorix, still defied Roman rule. Julius Caesar was checked by Vercingetorix at a siege of Gergorvia, a fortified town in the center of Gaul. Caesar's alliances with many Gallic tribes broke. Even the Aedui, their most faithful supporters, threw in their lot with the Arverni but the ever loyal Remi (best known for its cavalry) and Lingones sent troops to support Caesar. The Germans of the Ubii also sent cavalry which Caesar equipped with Remi horses. Caesar captured Vercingetorix in the Battle of Alesia, which ended the majority of Gallic resistance to Rome. After a victorious campaign in Gaul, Julius Caesar brought back enough gold from a victory in Gaul to give 200 coins to each of his soldiers, and repay all of Rome's debts.

50 B.C.

The Roman Empire began issuing gold coins in 50 BC. These gold coins were called Aureus. The minting of aureus from Caesar began, starting with a value of 1/38 of pound (8,55 g) and then (always in the 48 B.C.) with a value of 1/40 of pound (8,02 g). The aureus was the primary gold coin of the Roman Empire and was introduced in the late republic during the time of the imperators. The aureus carried a fixed value of 25 denarii and its larger value would ease the burden of money transfers during times of war.

200 and 400 A.D.

They also minted coins on a scale never before seen, producing millions of gold aureus coins, each stamped with the emperor's head, between A.D. 200 and 400.

1066 A.D.

With the Norman Conquest, a metallic currency standard is finally re-established in Great Britain. This era was mark the initiation of a system of pounds, shillings, and pence. The pound is literally a pound of sterling silver. The first major gold coin introduced by the Great Britain was called the Florin, in 1284 AD. This later was changed into Guinea.

1284 A.D.

Venice introduced the gold Ducat, which soon became the most popular coin in the world, and remained so far over five hundred years. Ducat is Latin for "duke." It is the currency used in Shakespeare's Romeo and Juliet and is referenced in The Merchant of Venice. In his song "I Ain't the One," rapper Ice Cube sings that "he's getting juiced for his ducats." The ducat is also used in the "Babylon 5" sci-fi series as the name of the Centauri race's money. In the same year, Great Britain issued its first major gold coin - the Florin. This is followed shortly by the Noble, and later by the Angel, Crown, and Guinea.

1377 A.D.

Great Britain shifts significantly to a monetary system based on gold and silver.

1511 A.D.

King Ferdinand of Spain says to explorers, "Get gold, humanely if you can, but all hazards, get gold," launching massive expeditions to the newly discovered lands of the Western Hemisphere.

1738 A.D.

The archive was first opened in 1738, when Theophilus Bayer published a Latin treatise entitled Historia Regni Graecorum Bactriani. This work was based on the discovery of only two Bactrian coins, but it set in motion a great scramble by others to find and to publish more and more of these impressive artifacts. Coins were eventually collected by the tens of thousands from Samarkand to Patna, and, from them, numismatists were able to identify the names of more and more new kings to add to the history of the Bactrian realm. For example, the lost King Antimachus was first discovered in 1822, and Agathocles was found about a decade later. New coin types by known kings, and even new kings, are still being discovered today, and the considerable task of sorting these out into a proper historical picture is as challenging as ever.

It was a tetradrachm of Eucratides which prompted Bayer to publish that first modern book about Bactria in 1738. He took that coin, and the Latin passage summarized above, as the starting point of his work. We are still at it today, only with a lot more numismatic evidence to guide us. In 1838, for instance, James Prinsep first published a new and unusual coin type. It shows Eucratides on the obverse-the "heads" side of the coin-with the title "Great King," but in the nominative case, unusual in ancient Greek coinages. On the reverse-the "tails" side-we find two portraits, male and female, with their names in the normal possessive case: "of Heliocles and Laodice," but without titles of any kind. This extraordinary coin is another kind of Bactrian commemorative issue: It apparently honors Eucratides's parents, the only reasonable explanation for the use of nominative and genitive cases in this way: "The Great King Eucratides, son of Heliocles and Laodice." On some examples of this coin, Eucratides strikes a daring pose as he hurls a spear, symbolizing the conquest of what the Greeks called "spear-won territory."

1786 A.D.

There is King Heliocles "the Just," whose coins were first discovered in 1786. He cannot be the same Heliocles who was Eucratides's father, since the latter wore no diadem and was never a king at all. But because of the ancient Greek custom of naming sons after their grandfathers, King Heliocles must be a son of Eucratides, and a successor to the Bactrian throne. The killer was probably a younger son, named Plato of all things, the only Bactrian king of this period who decorated his coins with a chariot scene that seems to boast of the desecration of Eucratides's body.

1787 A.D.

The first United States gold coin struck in 1787 AD by Ephraim Brasher, a goldsmith. There was a time when United States went on an unofficial gold standard. Silver was eliminated for this purpose. With the new Republic in a state of flux, foreign coins circulating freely, and no federal currency yet issued, it would have been perfectly acceptable and logical for Brasher to produce his Doubloons.   Their production resulted in America's first circulating gold coins.

1792 A.D.

On May 8, 1792 An Act to Provide for a Copper Coinage was signed into law by President George Washington. The long title of the legislation is an act establishing a mint, and regulating the Coins of the United States. This act established the dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency. The Coinage Act places the United States on a bimetallic silver-gold standard, and defines the U.S. dollar as equivalent to 24.75 grains of fine gold and 371.25 grains of fine silver.

1828 A.D.

North Carolina was site at the first US gold rush. The state supplies all the domestic gold coined for currency by the US Mint in Philadelphia until 1828. 

1816 A.D.

Great Britain officially ties the pound to a specific quantity of gold at which British currency is convertible. At the same time, Coinage Act 1816 were established and the purposes of the Act were firstly to prohibit the use of silver coins, which had become debased, for transactions larger than 40s; and secondly to establish a single gold standard for transactions of all sizes.

1817 A.D.

Britain introduces the Sovereign, a small gold coin valued at one pound sterling. In 1817, after an absence of 213 years, sovereigns were minted to replace the guinea. The new coins, valued at 20 shillings which is the same as the original rate of over three centuries earlier, and it were accompanied by half sovereign issues and pattern five and two pound pieces. All were minted to the 22 carat (91.6%) fineness standard previously used for the quinea.

1821 A.D.

In 1821 when England enacted the first gold standard, making their money backed by gold, nearly all international trade imbalances were settled with gold.  This made a strong incentive for governments to stockpile gold for hard-times. Therefore, the Great Britain adopted the gold standard was followed by the rest of Europe during the 1870s. A lot of countries began adopting the gold standard as a way to standardize transactions in a blossoming world trade market. By World War I, most countries were on the gold standard, with mixed results.

1837 A.D.

The weight of gold in the U.S. dollar is lessened to 23.22 grains so that one fine troy ounce of gold is valued at $20.67.

1843 A.D.

In 1848, while building a saw mill for John Sutter near Sacramento, California, John Marshal discovered flakes of gold. This discovery sparked the California Gold Rush and hastened the settlement of the American West. There are some of the discoveries made over the year, for example, it was learned that Agathocles and Antimachus also struck, in addition to their other types, an extraordinary series of commemorative coins in honor of earlier Bactrian kings. These special issues, sometimes called "pedigree coins," help us to set the reigns of the kings in proper order, from Alexander the Great to the ephemeral reign of a king named Pantaleon "the Savior." Three coins in the series are still unique, including two which is honoring King Diodotus "the God" and King Pantaleon. These rare coins have no numismatic parallel anywhere else, and they present to us the unexpected treat of an "official photo album" of the first monarchs of Bactria.

1862 A.D.

Latin Monetary Union is established setting fineness, weight, size, and denomination of silver and gold coins of France, Italy, Belgium and Switzerland (and Greece in 1868) and obligating all to accept each other's current gold and silver coins as full legal tender.

1873 A.D.

As a result of ongoing revisions to minting and coinage laws, silver is eliminated as a standard of value. Gold alone became money in the United States. Silver's fall from grace resulted from huge deposits of silver discovered in Virginia City, Nevada. These deposits upset the monetary ratio of Silver to Gold of 20:1. American silver coinage became inflationary. Nineteenth century Europe dominated the world of money and industrial production. Europe's gold standard did not accept payments in silver. So silver coinage, from mines in Virginia City, Nevada created a run on US Gold. With no gold, international trade would become impossible for the United States. Silver was demonetized and gold became the standard in 1873. It didn't last long.

1900 A.D.

Bimetallism was a political issue until 1900, when Congress passed the Gold Standard Act. The gold standard was then almost universal. The Gold Standard Act places the United States officially on the gold standard, committing the United States to maintain a fixed exchange rate in relation to other countries on the gold standard.

1913 A.D.

Federal Reserve Act were established, to furrish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. Federal Reserve Act specifies that Federal Reserve Notes be backed 40% in gold.

1914 A.D. - 1919 A.D.

In 1919 AD, during World War 1 many countries stepped down from strict gold standards, these countries include United States and Great Britain. Soon after that, most countries suspended the gold standard so they could print enough money to pay for their involvement in the war. The gold standard was later dropped by other countries at the end of the First World War and most countries began to keep currency as reserves instead of gold. US however continued to honor the gold standard until the great depression when gold was replaced by the US dollar in international trade.

After the war, countries returned to a modified gold standard, but abandoned it during the Great Depression.

1925 A.D.

The British act of parliament that introduced the gold bullion standard in 1925 simultaneously returns to a gold bullion standard, with currency redeemable for 400-ounce gold bullion bars but no circulation of gold coins. The new gold bullion standard did not envisage any return to the circulation of gold specie coins. Instead, the law compelled the authorities to sell gold bullion on demand at a fixed price.

1931 A.D.

This gold bullion standard lasted until 1931. In 1931, the United Kingdom was forced to abandons the gold bullion standard due to large outflows of gold across the Atlantic Ocean. Australia and New Zealand had already been forced off the gold standard by the same pressures connected with the Great Depression, and Canada quickly followed suit with the United Kingdom. England suspended the gold standard leaving the US and France the only countries with large gold reserves.

1933 A.D.

Originally the U.S. mint made $2.50, $10, and $15 coins of solid gold. Minting of gold stopped in 1933, during the Great Depression. To alleviate the banking panic, President Franklin Roosevelt signed Executive Order 6102 which outlawed U.S. citizens from hoarding gold and owning gold except for jewelers, dentists, electricians, and other industry workers. This was punishable by fine up to $10,000 and/or ten years in prison.

1934 A.D.

The Gold Reserve Act of 1934 gives the government the permanent title to all monetary gold and halts the minting of gold coins. It also allows gold certificates to be held only by the Federal Reserve Banks, putting the U.S. on a limited gold bullion standard, under which redemption in gold is restricted to dollars held by foreign central banks and licensed private users.

Most of the countries adopted the Bretton-Woods system, which set the exchange value for all currencies in terms of gold. It obligated member countries to convert foreign official holdings of their currencies into gold at these par values. However, many counties began to convert their gold holdings into US dollars, thus making the dollar the defector world currency. US government revalued gold from $20.67 to $35.00 per ounce so that more paper money could be printed. The strong dollar led to inflation and a large balance of payments deficit in the U.S. which in turn helped to create stagflation. The U.S. started to deflate the dollar in terms of its value in gold to curb double digit inflation.

1942 A.D.

President Franklin D. Roosevelt issues a presidential edict closing all U.S. gold mines.

1944 A.D.

The Bretton Woods agreement was ratified by the U.S. Congress in 1945 establishes a gold exchange standard and two new international organizations, the International Monetary Fund (IMF) and the World Bank. The Bretton Woods system sought to secure the advantages of the gold standard without its disadvantages. Thus, a compromise was sought between the polar alternatives of either freely floating or irrevocably fixed rates-an arrangement that might gain the advantages of both without suffering the disadvantages of either while retaining the right to revise currency values on occasion as circumstances warranted.

The new standard involves setting par values for currencies in terms of gold and the obligation of member countries to convert foreign official holdings of their currencies into gold at these par values.

1945 A.D.

Gold-backing of Federal Reserve Notes is reduced by 25.5%.

1954 A.D.

In 1954, the London gold market was reopened, and gold trading began in earnest for Europe. The opening price £12.42. Aim was to keep price equivalent to $35.

1961 A.D.

Americans are forbidden to own gold abroad as well as at home in 1961 AD. The central banks of Belgium, France, Italy, the Netherlands, Switzerland, West Germany, the United Kingdom and the United States form the London Gold Pool and agree to buy and sell at $35.0875 per ounce. Owning gold in all aspects was not permitted by the United States.

1967 A.D.

The first Krugerrand was minted in 1967 as a gold bullion coin, the value of which was based upon the international spot price of the metal. The concept of a one ounce gold coin tied to spot gold's fluctuations quickly caught on. Nearly 50 million have been minted since 1967. The Krugerrand was the first legal tender gold bullion coin to gain worldwide use in the modern era. To this day, many gold owners equate gold ownership with Krugerrand ownership. The Krugerrand as a bullion item received its first competition from the Canadian Maple Leaf, introduced in 1979. This 1- ounce bullion coin becomes a favorite of individual investors around the world.

1968 A.D.

In 1968 the London Gold Market closes for two weeks after a sudden surge in the demand for gold. The U.S. and other European nations which made up a "gold pool" quit selling gold on the London market. This allowed the market to determine the price of gold, and only central banks could trade with the US at $35 per ounce.  The governors of the central banks in the gold pool announce they will no longer buy and sell gold in the private market. A two-tier pricing system emerges: official transactions between monetary authorities are to be conducted at an unchanged price of $35 per fine troy ounce, and other transactions are to be conducted at a fluctuating free-market price. U.S. Mint terminates policy of buying gold from and selling gold to those licensed by the U.S. Treasury to hold gold. Gold-backing of Federal Reserve Notes is eliminated. Intel introduces a microchip with 1,024 transistors interconnected with invisibly small gold circuits.

1971 A.D.

On August 15, 1971, President Nixon unilaterally closed the 'gold window' to prevent foreigners from exchanging their U.S. Dollars for gold. Thus, he terminated convertibility of the dollar to gold, thereby ending conversion of foreign officially held dollars into gold and allowed the dollar to float against gold. This was done likely to prevent the complete loss of the U.S. gold reserves.

The dollar then became a sole backing of currencies and a reserve currency for the member states. However in December, under the Smithsonian Agreement signed in Washington, U.S. devalues the dollar by raisin g the official dollar price of gold to $38 per fine troy ounce. In turn, since other currencies began to float against the U.S. dollar. The historical moment, for nearly 38 years all currencies in the world have not been backed by any tangible asset. It is an unprecedented monetary experiment that extends to the entire world and involves every living person. According to an article written for Investopedia, in year 1971 even this bit of gold convertibility died. Gold was free at last. There was no further reason for central banks to hold it.  The more flexible paper money became the preferred financial instrument.

In the same year, the U.S. Congress adopted a new currency and adopted a bimetallic standard using gold and silver.

1973 A.D.

In 1971, gold was revalued to $38 per ounce, then again to $42 per ounce in 1973. As the dollar devalued, it motivated people to sell their greenbacks for gold. Dollar-selling continues, in late 1973, the U.S. government decoupled the value of the dollar from gold altogether and finally all currencies are allowed to "float" freely, without regard to the price of gold. By June, the market price in London has risen to more than $120 per ounce. Japan lifts prohibition on imports of gold.

1975 A.D.

Trading in gold for future delivery begins on New York's Commodity Exchange and on Chicago's International Monetary Market and Board of Trade. The Krugerrand is launched on to the U.S. Market.

1976 A.D.

The Gold Institute is established to promote the common business interests of the gold industry by providing statistical data and other relevant information to its members, the media, and the public, while also acting as an industry spokesperson.

1977 - 1980 A.D.

25 million troy ounces, which represents one-third of the IMF's gold holdings are sold off to IMF members in proportion to member's shares of quotas and a further 25 million troy ounces, in a series of public auctions held for the benefit of developing member countries.

1978 A.D.

The official IMF price of gold is abandoned, after amended IMF articles are adopted, gold convertibility and maintenance of gold value obligations; gold is eliminated as a significant instrument in IMF transactions with members; and the IMF is empowered to dispose of its large gold holdings. The US abolishes the official price of gold after an Act of Congress is passed. Member governments are free to buy and sell gold in private markets.

A renewed interest in gold is propelled by a weak dollar, aided by such events as the U.S. recognition of Communist China, events in Iran and Sino-Vietnamese border disturbances. U.S. Congress passes the American Arts Gold Medallion Act, representing the first official issue of a gold piece that Individuals are allowed to buy gold pieces for the first time in half a century. Japan lifts ban on gold exports, touching off a "gold rush" among investors who can sell as well as buy.

1979 A.D.

The Canadian 1-ounce Maple Leaf is introduced by the Royal Canadian Mint with a composition of 99.99% pure gold. This commercial product of the Royal Canadian Mint with 99.99% pure gold got instantaneous response from the day of its introduction and it continues to be the most recognized and wanted coin in the market today. Gold Maple Leaf coins fast became the measuring standard for other bullion coins as they had an advantage over the alloyed coins such as Eagles or Krugerrands because of their pure gold composition that has no other metal base.

1980 A.D.

U.S. Treasury sells 15.8 million troy ounces of gold to strengthen the U.S. trade balance. Gold reaches intra-day historic high of $870 on January 21 in New York and by year-end closes at $591.

1981 A.D.

Treasury Secretary Donald Regan announces the formation of a Gold Commission "to assess and make recommendations with regard to the policy of the U.S. government concerning the role of gold in domestic and international monetary systems." The first space shuttle is launched, using gold-coated impellers in its liquid hydrogen fuel pump.

1982 A.D.

Congress passes Olympic Commemorative Coin Act, which includes issuing the first legal tender U.S. gold coin since 1933.

1982 A.D. U.S. Gold Commission report recommends no new monetary role for gold, but supports a U.S. gold bullion coin. New gold deposits are discovered in North America and Australia. Canada introduces the fractional Maple Leaf coins in sizes of 1/4 ounce and 1/10 ounce. China introduces the Panda bullion coin.

1986 A.D.

The American Eagle Gold Bullion Coin is introduced by the U.S. Mint. Treasury resumes purchases of newly mined gold. Goldcorp Australia issues the Nugget gold bullion coin. In 1986, the American eagle program was initiated allowing the sale of gold and silver bullion coins. While the exact history of gold remains debatable, no one can argue that the golden yellow wonder has excited and pleasured man for centuries and would continue to do - the history of gold coins just backs this up.

1987 A.D.

The Britannia Gold Bullion Coin was introduced by British Royal Mint. World stock markets were suffering a sharp reversal on October 19; volatile investment markets raise gold trading activity. The establishment World Gold Council in order to sustain and develop demand for the end uses of gold.

1990 A.D.

United States becomes the second largest gold producer nation in the world.

1993 A.D.

At that time, Germany enforced its value added tax restrictions on financial gold, which eventually causing a revival of private demand of gold. At the same time, India and Turkey liberalize their gold markets.

1994 A.D.

In year 1994, Russia formally establishes a domestic gold market.

1997 A.D.

Establishment of Congress passes Taxpayers Relief Act, which allowing each of the US Individual Retirement Account holders to buy and sell gold bullion coins as well as bars for their accounts as long as they are of choiceness equal to, or exceeding, 99.5% percent gold.

1999 A.D.

The Euro was introduced, which is a pan-European currency, and backed by a new European Central Bank holding which is 15% of its reserves in gold. The idea of replacing the pound with the euro has been augmentative with some part of the British public because of its identity as a symbol of British nationalism