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The Story of Gold

Gold’s rich history, beauty, and rarity have symbolised wealth and power for centuries, prized globally for its versatility in crafting ornate objects. But gold is more than just a pretty metal.

1300 BC

A Golden Discovery

Gold’s rich history, beauty, and rarity have symbolised wealth and power for centuries, prized globally for its versatility in crafting ornate objects. But gold is more than just a pretty metal.

The development of the earliest coinage is a fascinating chapter in the history of gold. It is believed that gold currency was first created in Lydia by the legendary King Croesus, who used his advanced gold refining techniques to mint the world’s first standardised currency. With a uniform gold content, these coins, known as “Croesids,” could be traded with confidence and played a key role in the development of commerce. This innovation marked a turning point in the history of gold, as it became a widely accepted medium of exchange.

4th Century

Ancient Coinage

The spread of gold currency globally led to the creation of diverse ancient coins. For instance, during the decline of the western Roman Empire, the Byzantine Empire continued minting coins with Theodoric’s portrait, symbolizing strength and resilience with the inscription “Invicta Roma”.

Similarly, the Celtic peoples who settled in the British Isles developed their own distinctive coinage in the late pre-Christian era, drawing inspiration from the gold and silver coins that were most familiar to them, such as the gold staters of the Alexandrine Empire and its Hellenistic successors. This shows how gold was valued and admired by different cultures throughout history, and how it played a central role in the development of trade and commerce.

1300’s

The World First

The world’s first hallmarking system was established in England at Goldsmith’s Hall in London around the year 1300, and it remains in operation today

The London Assay Office, located in the same place for the past 700 years, is responsible for ensuring the purity of gold through the use of a system of marks and symbols. This system has played a crucial role in establishing trust and confidence in the gold market, as it provides a way to verify the authenticity and quality of gold items. Through the centuries, the London Assay Office has continued to serve as a guardian of the integrity of gold and a symbol of its enduring value.

1800’s

The Age Of Steam

The introduction of steam power in the 18th century doubled coin production rates from about 40 to nearly 80 coins per minute. Today’s high-speed electric presses can produce over 700 coins per minute, showcasing the ongoing evolution of coin-making technology.

Matthew Boulton and James Watt were instrumental in this process, inventing milling and blank-cutting machinery powered by steam. This machinery was first installed in 1786 at the Soho Mint in Birmingham, where it was used to strike coins for the East India Company and other trade tokens. In 1809, the firm began supplying the Royal Mint with steam-powered machinery, which was used in the “Great Recoinage” of 1816-17. This marked a major milestone in the history of coin production, as it allowed for more efficient and cost-effective production of gold and other precious metal coins.

1848

Californian Gold Rush

In 1848, John Marshall’s discovery of gold flakes near Sacramento, California, triggered a massive gold rush, drawing tens of thousands of hopeful individuals from around the world.

Forty years later, another gold rush took place in South Africa when Australian miner George Harrison discovered gold ore near Johannesburg. This discovery helped South Africa become one of the world’s leading producers of gold, eventually accounting for around 40% of global gold production. These two gold rushes played a significant role in shaping the history of gold, highlighting its enduring appeal and value and the impact it has had on economies and societies around the world.

Here and Now

Gold Today

Modern technology has uncovered a multitude of new uses for gold, making it even more valuable and coveted than ever before. Its unique properties make it an essential component in a wide range of electronic devices

In fact, many of these technologies would simply not be possible without gold, as it is used in the microscopic amounts necessary to support their complex internal circuitry. In addition to its use in technology, gold is also making a significant impact in the field of medicine, where it is being used to create highly targeted drugs for the human body. Gold is also being used in the production of conducting plastics, specialised pigments, and advanced catalysts that can purify water or air.

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