The History Of Money And Gold In England: A Timeline

Bill Brocius Feb 21, 23

EDITOR'S NOTE: Gold has been a valuable and sought-after precious metal for thousands of years. Throughout history, gold has been used for various purposes, from jewelry to decoration to currency. In fact, gold has played a crucial role in the development of modern economies, and has been used as a currency for centuries. In this article, we explore the history of gold as a currency, from its earliest use in ancient civilizations to its role in today's global financial system. We'll discuss how gold was first used as a form of money, why it became popular, how it was standardized and regulated, and how it has been used throughout history to support national economies. Whether you're interested in the economics of gold or simply curious about its rich history, this article will provide a fascinating insight into one of the world's most valuable and enduring assets.

Gold has always played an important role in the international monetary system. Gold coins were first struck on the order of King Croesus of Lydia (an area that is now part of Turkey), around 550 BC.

They circulated as currency in many countries before the introduction of paper money. Once paper money was introduced, currencies still maintained an explicit link to gold (the paper being exchangeable for gold on demand).

Source: World Gold Council

By the late 19th Century, many of the world’s major currencies were fixed to gold at a set price per ounce, under the ‘Gold Standard’ and this persisted in different forms for about one hundred years.

To aid further research by scholars, journalists and all those interested in gold’s monetary role, the World Gold Council commissioned a compilation of extracts from key historical documents from 1660 to 1999.

Citations are provided for every source so as to facilitate the reader's further research. These documents are therefore a valuable resource for researchers who seek even more in-depth knowledge of the history of money and gold.

Approximately 150 documents are divided into three sections that correspond roughly with the changing position of gold in the international economic system.

The Rise of the Gold Standard, 1660 - 1819, The Heyday of the Gold Standard, 1820 - 1930 and After the Gold Standard, 1931 - 1999 :

Records 1660-1819

Records 1820-1930

Records 1931-1999

Covering the period from the mid-17th century through to the British Government's decision to allow the free exchange of paper, money and gold, and presenting documents, primarily from the UK, that relate to the establishment of gold coinage as the centrepiece of the British financial system. The documents contained here address four themes: the legal position of gold coinage; popular views of gold; technologies of gold coinage; and early theoretical evaluations of the gold standard.