Modern value of the gold Essay Example | Topics and Well Written Essays - 1250 words

Modern value of the gold - Essay Example The history of gold is as old as the man itself. It is considered to be the first metal discovered by man. It is considered as one of the most beautiful of all metals. Ancient Egyptians made artifacts, idols and nuggets of gold. The revolution in the history and importance of gold began with the invention of gold coins. The art was started in Egypt which slowly reached Athens in 500 B.C. This development made gold an integral part of the economy of any kingdom. A number of metal ore deposits were found in Sifnos and Thasos in ancient Greece. These metals were used for making a wide variety of goods for consumption as well as trading purposes. One main purpose for which these deposits were utilized was the preparation of gold coins. The coins were basically made of electrum which is an alloy of silver and gold. The art of coinage, beginning from Lydia, reached in Athens in 550 B.C. these coins were initially used for large scale trading purposes only. However, these coins played a number of roles in ancient Greeks later on. They provided a medium through which goods may be exchanged. Thus, an alternative for barter trade was provided. They served as a source of revenue to the state. They were also considered as a type of metal resources which were mobile and may be delivered easily. Later on, the softness and glitter also make the gold fit for the purposes of making jewellery and ornaments.