Micky Fulp Gold is Money Thats Why I Own Precious Metals
Gold has been used as the currency of choice throughout history. The earliest known use was in 643 B.C. in Lydia. Lydia is present-day Turkey. Gold was part of a naturally occurring compound known as electrum, which the Lydians used to make coins. By 560 B.C., the Lydians had figured out how to separate the gold from the silver, and so created the first truly gold coin. The first king to use gold for coins was named Croesus. His name lives on in the phrase “rich as Croesus.”
In those days, the value of the coin was based solely on the value of the metal within. The country with the most gold had the most wealth. So, Spain, Portugal, and England sent Columbus and other explorers to the New World. They needed more gold so they could be wealthier than each other.