Gold History Timeline
The History of Gold as a Medium of Exchange
Discover how gold evolved from a traded treasure in ancient civilizations to a global financial asset. This timeline explores key periods and the civilizations that shaped gold’s role as currency.
Early Use of Gold (4000 BCE - 1200 BCE)
Gold’s history as a medium of exchange began around 4000 BCE. In the Egyptian Civilization, gold from Nubia fueled trade and adorned pharaohs, symbolizing divine wealth. The Sumerian Civilization in Mesopotamia used gold alongside silver in early markets, while the Indus Valley Civilization crafted gold jewelry for commerce. These ancient societies established gold as a valuable trade asset.
Rise of Coinage (1200 BCE - 476 CE)
Gold coinage emerged around 700 BCE, transforming trade. The Achaemenid Persian Empire minted the gold daric, boosting commerce across Asia and Europe. The Roman Empire relied on the aureus to fund its vast economy, while China’s Zhou Dynasty used gold ingots for elite transactions. Standardized coins made gold a universal currency.
Medieval Period (476 CE - 1453 CE)
Post-Rome, gold remained vital. The Byzantine Empire issued the solidus, a trusted coin for Mediterranean trade. The Islamic Caliphates minted the dinar, linking East and West via the Silk Road. China’s Tang Dynasty used gold in tribute, complementing silver. Gold’s stability powered medieval economies.
Age of Exploration (1453 CE - 1815 CE)
Gold drove exploration. The Spanish Empire plundered New World gold, minting escudos that reshaped global wealth. The Ottoman Empire used the sultani to sustain trade dominance, while the Ming Dynasty in China integrated gold into its tribute system. This era cemented gold’s economic power.
Industrial Age (1815 CE - 1914 CE)
The gold standard era began in 1821 with the British Empire, using sovereigns to anchor trade. The United States grew its gold reserves post-1849 Gold Rush, while China’s Qing Dynasty used gold amid decline. Gold-backed currencies stabilized industrial economies.
Modern Era (1914 CE - Present)
The gold standard faded after 1914, ending in the U.S. in 1971. The United States remains a gold market leader, the European Union holds vast reserves, and China dominates production and buying as of March 28, 2025. In 2025, gold’s role as an investment asset shines brighter amid rising prices (e.g., $2,785.87/oz in 2024) and global uncertainty, making it a focal point for investors in Stockholm and beyond.