The History of Gold Coins

Posted November 3rd, 2010.

In U. S. terms, gold coins began to be produced from as far back as the year 1795. Back then, one U. S. dollar is equivalent to about 24 grains of gold.

This value was taken from its price in the world market during that period, which was pegged at 19 dollars and 39 cents for every troy ounce or 480 grains of gold. Back then, it was only the U. S. Mint that issues gold coins.

Eventually, the mint expanded to seven branches, which are situated from San Francisco up to Philadelphia. However, gold coins were recalled after about a decade when the prices of gold were brought up and their buying power demoted.