Coinage

Gold and silver coins are one of the oldest forms of currency in the world and have formed the basis of many economies for thousands of years. The first silver coins were made by King Pheidon of Argos in about 700 BC, and 150 years later these were followed by gold coins, minted by King Croesus of Lydia. Gold coins then reigned supreme as a main form of money right through to the twentieth century when they were relegated to ceremonial use only. Now they are regaining popularity as an investment vehicle and a gold coin is often worth twice its face value. The Canadian Mint recently produced a gold coin weighing 100kg, with a face value of $1,000,000, but the gold used in it is valued at more than $2 million.