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44-435: The aureus ( pl. aurei , 'golden', used as a noun) was a gold coin of ancient Rome originally valued at 25 pure silver denarii (sin. denarius ). The aureus was regularly issued from the 1st century BC to the beginning of the 4th century AD, when it was replaced by the solidus . The aureus was about the same size as the denarius , but heavier (since gold has a higher density than silver ). Before

88-421: A Roman pound (6.5 g) by the time of Caracalla (r. 211–217). During the 3rd century, gold pieces were introduced in a variety of fractions and multiples, making it hard to determine the intended denomination of a gold coin. During Gallienus's reign, the purity was briefly reduced to 94%, and a small amount of coins were minted with as low as 80% purity. This was reset back to 99% by the next emperor. The solidus

132-443: A crown gold alloy with 22 karats = .917 fineness) may have the correct weight and dimensions because of the lesser density of the alloy. Such forgeries can be detected testing the acoustic, electric resistance or magnetic properties. The latter method uses the fact that gold is weakly diamagnetic and tungsten is weakly paramagnetic . The effect is weak so that testing requires strong neodymium magnets and sensitive conditions (e.g.

176-520: A concern because it would be possible for an unscrupulous refiner to produce precious metals bars that are slightly less pure than marked on the bar. A refiner doing $ 1 billion of business each year that marked .980 pure bars as .999 fine would make about an extra $ 20 million in profit. In the United States, the actual purity of gold articles must be no more than .003 less than the marked purity (e.g. .996 fine for gold marked .999 fine), and

220-495: A face value of $ 1,000,000, though the gold content was worth over $ 2 million at the time. It measures 50 centimetres (20 in) in diameter and is 3 centimetres (1.2 in) thick. It was intended as a one-off to promote a new line of Canadian Gold Maple Leaf coins, but after several interested buyers came forward the mint announced it would manufacture them as ordered and sell them for between $ 2.5 million and $ 3 million. As of May 3, 2007, there were five orders. One of these coins

264-500: A face value of one million dollars, it contains one tonne of 9999 pure gold and is approximately 80 cm in diameter by 12 cm thick. The European Commission publishes annually a list of gold coins which must be treated as investment gold coins in all EU Member States. The list has legal force and supplements the law. In the United Kingdom, HM Revenue and Customs have added an additional list of gold coins alongside

308-400: A gold coin hanging from 2 m long pendulum or placed on Styrofoam floating on water), but such tests can be performed without special equipment. Biting a coin to determine whether it is genuine or counterfeit is a widespread cliché depicted in many films (like the 1917 The Immigrant ), books (like the 1925 L'Or by Blaise Cendrars ) and plays (like the 1938 Mother Courage which is set in

352-409: A less-than-24-karat gold alloy differs according to the alloys used. For example, knowing that standard 18-karat yellow gold consists of 75% gold, 12.5% silver and the remaining 12.5% of copper (all by mass), the volume of pure gold in this alloy will be 60% since gold is much denser than the other metals used: 19.32 g/cm for gold, 10.49 g/cm for silver and 8.96 g/cm for copper. Karat

396-473: A minimum of 99.95% purity), 18-karat gold is 18 parts gold, 6 parts another metal (forming an alloy with 75% gold), 12-karat gold is 12 parts gold (12 parts another metal), and so forth. In England, the carat was divisible into four grains, and the grain was divisible into four quarts. For example, a gold alloy of 127 ⁄ 128 fineness (that is, 99.2% purity) could have been described as being 23-karat, 3-grain, 1-quart gold . The karat fractional system

440-597: Is a variant of carat . First attested in English in the mid-15th century, the word carat came from Middle French carat , in turn derived either from Italian carato or Medieval Latin carratus . These were borrowed into Medieval Europe from the Arabic qīrāṭ meaning "fruit of the carob tree", also "weight of 5 grains", ( قيراط ) and was a unit of mass though it was probably not used to measure gold in classical times. The Arabic term ultimately originates from

484-438: Is an extension of the older karat system of denoting the purity of gold by fractions of 24, such as "18 karat" for an alloy with 75% (18 parts per 24) pure gold by mass. The millesimal fineness is usually rounded to a three figure number, particularly where used as a hallmark , and the fineness may vary slightly from the traditional versions of purity. Here are the most common millesimal finenesses used for precious metals and

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528-458: Is because the cost of reproducing a coin precisely can exceed the market value of the originals. However, since about 2015 counterfeit coins have been "flooding the market at an astonishing rate" and "it's gotten to the point where even people who deal with coins all the time may not be able to recognize a counterfeit coin right away" ( American Numismatic Association (ANA), 2016). The coins consist mostly of tungsten plated thinly with gold, have

572-457: Is believed to be the origin of the value of the karat. While there are many methods of detecting fake precious metals, there are realistically only two options available for verifying the marked fineness of metal as being reasonably accurate: assaying the metal (which requires destroying it), or using X-ray fluorescence (XRF). XRF will measure only the outermost portion of the piece of metal and so may get misled by thick plating. That becomes

616-422: Is considered 100% gold. Millesimal fineness is a system of denoting the purity of platinum , gold and silver alloys by parts per thousand of pure metal by mass in the alloy. For example, an alloy containing 75% gold is denoted as "750". Many European countries use decimal hallmark stamps (i.e., "585", "750", etc.) rather than "14 k", "18 k", etc., which is used in the United Kingdom and United States. It

660-456: Is increasingly being complemented or superseded by the millesimal system, described above for bullion, though jewelry generally tends to still use the karat system. Conversion between percentage of pure gold and karats: However, this system of calculation gives only the mass of pure gold contained in an alloy. The term 18-karat gold means that the alloy's mass consists of 75% of gold and 25% of other metals. The quantity of gold by volume in

704-618: Is softer, biting coins can only detect the crudest of forgeries. And all "gold" coins minted for circulation in the UK and America since the Tudor period (1485–1603) contained copper which made them more durable and thus hard to bite. "This cliché might find its origin in the crude testing method used by American prospectors during the 19th century gold rush. They bit the gold nuggets they found to be sure that they were not fool's gold" Olympic champions often pose biting their gold medals, even though

748-558: The American Gold Eagle and South African Krugerrand , are typically 91.7% gold by weight, with the remainder being silver and copper. Until about the 1930s, gold coins were circulation coins , including coin-like bracteates and dinars . Since then, gold coins have mainly been produced as bullion coins for investors and as commemorative coins for collectors . While modern gold coins are still legal tender , they are not used in everyday financial transactions , as

792-457: The Greek kerátion ( κεράτιον ) meaning carob seed (literally "small horn") (diminutive of κέρας – kéras , "horn" ). In 309 AD, Roman Emperor Constantine I began to mint a new gold coin solidus that was 1 ⁄ 72 of a libra (Roman pound) of gold equal to a mass of 24 siliquae , where each siliqua (or carat ) was 1 ⁄ 1728 of a libra. This

836-511: The St. Gaudens Double Eagle counterfeit, known as an Omega counterfeit , is famous for its quality. Another example is the US $ 20 gold coin ( double eagle ), which has raised lettering around its rim. If the coin is uncirculated, the letters will be flat on top. If slightly rounded, and the coin is uncirculated, it is a counterfeit. There are other counterfeit double eagles in which the gold and copper alloy

880-506: The Thirty Years' War 1618–1648). According to a 2017 study, the assumed widespread practice of pirates biting into a coin is almost certainly a Hollywood myth. The rationale for biting a coin was the supposed widespread dissemination of gold-plated lead coins in the 19th century. Since lead is much softer than gold, biting the coins is a sensible test for counterfeiting. While fine gold is softer than alloyed gold, and galvanized lead

924-451: The aureus was decreased to 1 45 {\displaystyle {\tfrac {1}{45}}} of a Roman pound (7.3 g) during the reign of Nero (r. 54–68). At about the same time the purity of the silver coinage was also slightly decreased. After the reign of Marcus Aurelius (r. 161–180) the production of aurei decreased, and the weight fell to 1 50 {\displaystyle {\tfrac {1}{50}}} of

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968-518: The platinum group ). During the 19th century, platinum was cheaper than gold and was used for counterfeiting gold coins. These coins could be detected by acoustic properties. Only two relatively inexpensive substances are of similar density to gold: depleted uranium and tungsten . Depleted uranium is government-regulated, but tungsten is more commonly available. Bullion coin counterfeits were formerly rare and fairly easy to detect when comparing their weights, colors and sizes to authentic pieces. This

1012-511: The solidus was worth 275,000 of the increasingly debased denarii . However, regardless of the size or weight of the aureus , the coin's purity was little affected. Analysis of the Roman aureus shows the purity level usually to have been near to 24 karat gold, so in excess of 99% pure. Due to runaway inflation caused by the Roman government's issuing base-metal coinage but refusing to accept anything other than silver or gold for tax payments,

1056-713: The American Gold Eagle is embossed One Oz. Fine Gold and weighs 1.091 troy oz. Fineness of silver in Britain was traditionally expressed as the mass of silver expressed in troy ounces and pennyweights ( 1 ⁄ 20 troy ounce) in one troy pound (12 troy ounces) of the resulting alloy. Britannia silver has a fineness of 11 ounces, 10 pennyweights, or about ( 11 + 10 20 ) 12 = 95.833 % {\displaystyle {\frac {(11+{\frac {10}{20}})}{12}}=95.833\%} silver, whereas sterling silver has

1100-571: The European Commission list. These are gold coins that HM Revenue & Customs recognize as falling within the exemption for investment gold coins. This second list does not have legal force. Gold is denser than almost all other metals, hence hard to fake. A coin that is not gold or below the expected fineness will either be too light for its size or too large for its weight. Most metals of similar or higher density to gold are as expensive or more and were unknown in ancient times (notably

1144-438: The actual purity of silver articles must be no more than .004 less than the marked purity. A piece of alloy metal containing a precious metal may also have the weight of its precious component referred to as its "fine weight". For example, 1 troy ounce of 18 karat gold (which is 75% gold) may be said to have a fine weight of 0.75 troy ounces. Most modern government-issued bullion coins specify their fine weight. For example,

1188-552: The coin, numismatists usually reserve the name "solidus" for the coin that was introduced later by Constantine the Great. When the solidus was reintroduced by Constantine I (r. 306–337) in 312 AD, permanently replacing the aureus as the gold coin of the Roman Empire, it was struck at a rate of 72 to a Roman pound of pure gold, each coin weighing twenty-four Greco-Roman carats, or about 4.5 grams of gold per coin. By this time,

1232-516: The correct weight, correct or near-correct dimensions, and are professionally produced in China. The weight and dimensions of a coin of .999 fineness such as the Maple Leaf cannot be replicated precisely by a gold plated tungsten core, since tungsten has only 99.74% of the specific gravity of gold. However, forgeries of alloyed gold coins (such as American Gold Eagle or Krugerrand made from

1276-606: The main metal for their coins . The most valuable of all Persian minted coinage still remains the gold drams , minted in 1 AD as a gift by the Persian King Vonones (Matthew 2.1–23). Gold coins were rising in popularity during the Middle Ages in Europe. These coins were made of nearly pure gold and usage was low compared to coins made of bronze and silver which were more plentiful. Coins were often melted down if

1320-478: The medals are no longer made of solid gold. Only at three Olympics (in 1904, 1908 and 1912) were medals made of solid gold but were also smaller. David Wallechinsky commented in 2012 that "It's become an obsession with the photographers. I think they look at it as an iconic shot, as something that you can probably sell. I don't think it's something the athletes would probably do on their own." There are well made counterfeit gold coins in circulation. For example,

1364-414: The metal value invariably exceeds the nominal value . For example, the quarter-ounce American Gold Eagle has a denomination of $ 10, but a metal value of approximately $ 500 (as of January 2024 ). The gold reserves of central banks are dominated by gold bars , but gold coins may occasionally contribute. Gold has been used as money for many reasons. It is fungible , with a low spread between

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1408-421: The most common terms associated with them. The karat (US spelling, symbol k or Kt ) or carat (UK spelling, symbol c or Ct ) is a fractional measure of purity for gold alloys , in parts fine per 24 parts whole. The karat system is a standard adopted by US federal law. where 24-karat gold is pure (while 100% purity is very difficult to attain, 24-karat as a designation is permitted in commerce for

1452-476: The prices to buy and sell. Gold is easily transportable, as it has a high value-to-weight ratio compared to commodities such as silver. Gold can be re-coined, divided into smaller units, or melted into larger units such as gold bars, without destroying its metal value. The density of gold is higher than most other metals, making it difficult to pass counterfeits . Additionally, gold is extremely unreactive chemically: it does not tarnish or corrode over time. Gold

1496-420: The raw material was more valuable than the coin. To prevent this, coins were given more complex designs in order to raise the coin's value and prevent clipping. Gold coins then had a very long period as a primary form of money, only falling into disuse in the early 20th century. Most of the world stopped making gold coins as currency by 1933, as countries switched from the gold standard due to hoarding during

1540-589: The reverse, and had a price realized of $ 920,000 in 2008. An aureus with the face of Allectus was auctioned off in the United Kingdom for £552,000 in June 2019. Gold coin A gold coin is a coin that is made mostly or entirely of gold . Most gold coins minted since 1800 are 90–92% gold (22‑ karat ), while most of today's gold bullion coins are pure gold, such as the Britannia , Canadian Maple Leaf , and American Buffalo . Alloyed gold coins, like

1584-644: The same emperor sold for $ 100. The most expensive aureus ever sold was one issued in 42 BC by Marcus Junius Brutus , the assassin of Gaius Julius Caesar , which had a price realized of $ 3.5 million in November 2020. (There is an example of this coin on permanent display at the British Museum in London.) An aureus , issued by the emperor Alexander Severus (r. 222–235), has a picture of the Colosseum on

1628-454: The time of Julius Caesar the aureus was struck infrequently. Caesar struck the coin more often, and standardized the weight at 1 40 {\displaystyle {\tfrac {1}{40}}} of a Roman pound (about 8 grams ). Augustus ( r.  27 BC – AD 14 ) tariffed the value of the sestertius as 1 100 {\displaystyle {\tfrac {1}{100}}} of an aureus . The mass of

1672-400: The value of the gold aureus in relation to the denarius grew drastically. Inflation was also affected by the systematic debasement of the silver denarius , which by the mid-3rd century had practically no silver left in it. In 301, one gold aureus was worth 833⅓ denarii; by 324, the same aureus was worth 4,350 denarii . In 337, after Constantine converted to the solidus , one solidus

1716-545: The worldwide economic crisis of the Great Depression . In the United States, 1933's Executive Order 6102 forbade most private ownership of gold and was followed by a devaluation of the dollar relative to gold, although the United States did not completely uncouple the dollar from the value of gold until 1971. In 2007, the Royal Canadian Mint produced a 100-kilogram (220 lb) gold coin with

1760-474: Was first introduced by Diocletian (r. 284–305) around 301 AD, struck at 60 to the Roman pound of pure gold (and thus weighing about 5.45 g each) and with an initial value equal to 1,000 denarii . However, Diocletian's solidus was struck only in small quantities, and thus had only minimal economic effect, although its stable weight brought an end to the instability that had existed for a while. Since only one document of Diocletian's time uses this word to describe

1804-404: Was not thoroughly mixed. These counterfeits will have a slightly mottled appearance. Carat (purity) Various ways of expressing fineness have been used and two remain in common use: millesimal fineness expressed in units of parts per 1,000 and karats or carats used only for gold . Karats measure the parts per 24, so that 18 karat = 18 ⁄ 24 = 75% and 24 karat gold

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1848-667: Was stolen when it was on exhibition at the Bode Museum in Berlin. In 2012 the Royal Canadian Mint produced the first gold coin with a 0.11–0.14 ct diamond. The Queen's Diamond Jubilee coin was crafted in 99.999% pure gold with a face value of $ 300. The largest legal-tender gold coin ever produced was unveiled in 2012 by the Perth Mint in Western Australia. Known as the "1 Tonne Gold Kangaroo Coin " and with

1892-714: Was used in commerce (beside other precious metals) in the Ancient Near East since the Bronze Age , but coins proper originated much later, during the 6th century BC, in Anatolia . The name of king Croesus of Lydia remains associated with the invention (although the Parian Chronicle mentions Pheidon of Argos as a contender). In 546 BC, Croesus was captured by the Persians , who adopted gold as

1936-412: Was worth 275,000 denarii and finally, by 356, one solidus was worth 4,600,000 denarii . Today, the aureus is highly sought after by collectors because of its purity and value, as well its historical interest. An aureus is usually much more expensive than a denarius issued by the same emperor. For instance, in one auction, an aureus of Trajan (r. 98–117) sold for $ 15,000, and a silver coin of

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