Mar
Gold History
Gold is considered the oldest international currency in the world. Gold can easily be shaped into coins, as it malleable, it is corrode doesn ‘t dim or suitable for, and makes money. The order of King Croesus of Lydia in about 500 BC in honor of the first coin, made entirely of gold and was in the 18th Century BC, the first gold coin was struck. The countries in the vicinity of the Mediterranean minted coins put into circulation, which are very often outside of these countries. Long after the fall of the Roman Empire, the Roman gold coins were still used. For the daily transactions, the silver and gold coins were too valuable. The currency was the money. Coins were replaced by the specie-backed money gradually. The international gold standard ‘s life was relatively short: from 1870 to 1914, when World War I began. After the war there were many attempts to return to the gold standard, but they all are compatible to fail because of poor management strategies. The United States recognized that the decisions were taken at Bretton Woods were always out of date, so in 1971, there was the system. The international monetary system is no longer the gold as the backbone for the Bretton Woods system was abandoned. Gold is considered the “ultimate form of payment ” and it has to say a series of monetary functions, but primarily the property so it is a reserve for the central banks.
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