14(10) Gold Coins That Made History

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Gold Coins that Made History By Aila de la Rive, © MoneyMuseum

The first gold coin of all times was issued in the 7th century BC in Asia Minor; its "inventor" was the proverbially rich Lydian king Croesus. From then on, the series of famous gold coins can easily be carried on: over the Roman aurei and the Islamic dinars to the Swiss "Vreneli" and the American double eagles. Here, we introduce some of the gold coins that made monetary history.


Kingdom of Lydia, Croesus (560?-‐546 BC), Heavy Stater

Denomination: Heavy Gold Stater Mint Authority: King Croesus of Lydia Mint: Sardis Year of Issue: -‐561 Weight (g): 10.46 Diameter (mm): 17.0 Material: Gold Owner: Sunflower Foundation For some reason, the proverbially rich Lydian king Croesus is often said to have invented coinage. This is not true, however. But Croesus does earn the merit of having invented a bimetallic currency.

This gold stater issued by Croesus is very important for the history of coinage. It is a prototype, a forerunner of Croesus' later bimetallic coinage. This is recognizable by the little wart between the lion's nose and forehead; the lions on earlier Lydian electrum coins had warted noses too. This coin thus marks the transition between the earlier electrum-based and the later bimetallic currency.


Persian Empire, Achaemenids, Darius I the Great (522-‐486 BC), Daric, c. 510 BC, Sardis

Denomination: Daric Mint Authority: Great King Darius I of Persia Mint: Sardis Year of Issue: -‐510 Weight (g): 8.32 Diameter (mm): 14.0 Material: Gold Owner: Sunflower Foundation The first Persian coins were in all likelihood issued by Darius, the second Great King of the Achaemenid Empire. The Greeks accordingly called them "darics." The coins bore the effigy of the Great King as an archer, for the art of archery was highly valued in Persia.

The Persian darics were the most widespread coins of Antiquity. They were issued in enormous numbers and circulated from the Mediterranean to the Black and the Caspian Seas throughout the Near East to India.


Kingdom of Macedonia, Alexander III the Great (336-‐323 BC), Stater, 330-‐323 BC, Amphipolis

Denomination: Stater Mint Authority: King Alexander III of Macedon Mint: Amphipolis Year of Issue: -‐330 Weight (g): 9 Diameter (mm): 19.0 Material: Gold Owner: Sunflower Foundation This stater was issued by Alexander the Great. The obverse depicts the Greek goddess Athena wearing a Corinthian helmet, while the reverse shows a Nike, the Greek personification of victory.

One of Alexander's many achievements was the establishment of a single currency in his huge realm. These "imperial coins" replaced the wide variety of local issues. Only the Romans were to achieve something like that in their empire again.


Roman Empire, Octavian Augustus (27 BC-‐14 AD), Aureus, c. 2 BC-‐1 AD, Lyon

Denomination: Aureus Mint Authority: Emperor Augustus Mint: Lyon Year of Issue: -‐2 Weight (g): 7.91 Diameter (mm): 20.0 Material: Gold Owner: Sunflower Foundation The aureus was the gold coin of the Roman Empire. It was issued from the late 3rd century BC until the early 4th century AD – only sporadically, at first, but then more and more often.

Emperor Augustus, who is depicted on this aureus, fixed the value of the Roman gold coin on 25 denarii and 100 sesterces respectively. After that, the aureus remained the relatively constant base of the prospering Roman economy for some 200 years and during that time spread over the whole then-known world.


Frankish Empire, Merovinginians, Theudebert I (533-‐548), Tremissis, Metz?

Denomination: Tremissis (1/3 Solidus) Mint Authority: King Theudebert I of Frankia Mint: Metz? Year of Issue: 533 Weight (g): 1.29 Diameter (mm): 12.789999961853027 Material: Gold Owner: Sunflower Foundation With the coinage of the Frankish king Theudebert I, a new monetary era began in Central Europe: Theudebert was the first Germanic ruler to issue gold coins in his own name. With this he officially broke the century-old monopoly of the Roman emperors on gold coinage, and thus manifested his imperial ambitions vis-à-vis the Eastern Roman emperor Justinian. DN THEODEBERTVS VIC reads the inscrition on the obverse of this coin: Dominus Noster Theudebert Victor (Our Lord Theudebert, Victor).


Umayyad Dynasty, Abd al-‐Malik (685-‐705), Dinar 83 AH (702), Damascus

Denomination: Dinar Mint Authority: Caliph Abd al-‐Malik Mint: Damascus Year of Issue: 702 Weight (g): 4.23 Diameter (mm): 19.0 Material: Gold Owner: Sunflower Foundation In 697 AD – the year 77 of the Islamic calendar – Caliph Abd al-Malik reformed the Islamic coinage. From then on did the Islamic coins not show pictures anymore; instead, they bore verses from the Koran.

At that time, the dinar became the standard gold unit of the Caliphate. The great extension of the Islamic realm brought it about that they were soon issued in different sizes, weights and types. However, most of these dinars were of a very high fineness, so that they were used as trade coins outside the Islamic territories, too.


India, Western Ganga Dynasty (c. 300-‐1000), Pagoda, c. 1050-‐1183

Denomination: Pagoda Mint Authority: Western Ganga Dynasty Mint: Undefined in Mysore Year of Issue: 1050 Weight (g): 3.86 Diameter (mm): 15.0 Material: Gold Owner: Sunflower Foundation The pagoda was a South Indian gold coin that was issued in the 6th century already. This piece is a so-called elephant pagoda, is clear from the late 11 or the early 12th century; it was issued by the Ganga dynasty, whose heraldic animal the elephant was. The Ganga minted their gold coins mainly for trade with Indonesia and the Maldives.

Pagodas were issued until the 19th century – not only by Indian dynasties, but also by the diverse colonial powers operating in India: the Netherlands, Denmark, France and Great Britain.


Holy Roman Empire, Republic of Florence, Fiorino d'Oro, 1252-‐1303

Denomination: Fiorino d'oro Mint Authority: Republic of Florence Mint: Florence Year of Issue: 1252 Weight (g): 3.51 Diameter (mm): 21.0 Material: Gold Owner: Sunflower Foundation In the middle of the 13th century, the small but wealthy republic of Florence began to issue a gold coin which was to become so successful that it was soon copied throughout Europe. The coin's obverse bore a lily flower, the coat of arms of Florence. The reverse depicted the Florentine city saint John the Baptist. After the image of the lily, the coin was called "fiorino d'oro" in Italian (from Latin flos = flower, and oro = gold).

Under the name of "floren," the fiorino d'oro became the archetype of many gold coins on the north side of the Alps from the 14th century. It was copied by the Popes as well as in France, Spain, Hungary, Bohemia, Silesia, in the Rhineland, England and the Netherlands.


Republic of Venice, Giovanni Dandolo (1280-‐1289), Ducat Undated, after 1285, Venice

Denomination: Ducat Mint Authority: Doge Giovanni Dandolo Mint: Venice Year of Issue: 1285 Weight (g): 3.55 Diameter (mm): 19.600000381469727 Material: Gold Owner: Schweizerisches Landesmuseum Dep. ZB The ducat was the longest-lasting, the most wide-spread and stable European gold coin of all times. It was issued from 1284 in Venice. Due to Venice's trade with the Levant, the ducat spread throughout the eastern Mediterranean, and was in time imitated by diverse coinage authorities. In the course of the 15th century, it also prevailed in the western Mediterranean. After the annexation of Venice by Austria, the Hapsburgs continued to issue ducats until the 19th century.

The obverse of the ducat bore the Venetian city saint Mark feoffing the kneeling Doge with the gonfalone, a symbol of power consisting of a pole with a cross. The inscription read: SIT TIBI XPE DATVS, QUAM TV REGIS ISTE DVCATVS (Let this be given to thee, O Christ, who rulest this duchy). The reverse showed Christ himself.


Kingdom of France, Philip VI of Valois (1328-‐1350), Ecu d'or

Denomination: Ecu d'or Mint Authority: King Philip VI of France Mint: Undefined Year of Issue: 1337 Weight (g): 4.51 Diameter (mm): 29.719999313354492 Material: Gold Owner: Schweizerisches Landesmuseum Dep. ZB The ecu d'or was the first French gold coin; it was issued around 1270 by King Louis IX. The name "ecu" means "shield," after the depiction of the French coat of arms on the obverse.

The French kings issued ecus in many different variations until the middle of the 17th century. They circulated not only in France, but were popular all over Europe. The last ecus, minted under the Sun King Louis XIV, became the major trade coins of the Netherlands under the name of zonnekroon; in the German speaking lands they were known as Sonnenkronen (sun crowns).


Kingdom of France, John II the Good (1350-‐1364), Franc à cheval, 1360

Denomination: 1 Franc à cheval Mint Authority: King John II of France Mint: Undefined Year of Issue: 1360 Weight (g): 3.51 Diameter (mm): 30.0 Material: Gold Owner: Sunflower Foundation Three million écus d'or or 500,000 pound sterling – what an inconceivable sum of money! This was what King Edward III of England demanded as a ransom for the French King John the Good, who had been made prisoner in 1356.

To pay for the ransom, France started to mint the franc à cheval. The coin was called "franc" because it was to bring freedom to the king (franc = French for free). "À cheval" derived from the coins image, which showed the king on a richly caparisoned horse, charging into freedom with his sword raised. This franc was the first franc coin of all times; after the French Revolution of 1789, the name was adopted for the new decimal French currency.


Holy Roman Empire, Bishopric of Treves, Kuno II of Falkenstein at Minzenberg (1362-‐1388), Gold Gulden, Deutz?

Denomination: Goldgulden Mint Authority: Archbishop Kuno II of Falkenstein Mint: Deutz? Year of Issue: 1369 Weight (g): 3.52 Diameter (mm): 22.0 Material: Gold Owner: Sunflower Foundation In the Middle Ages, the German Empire was not a uniform currency area. But in 1354, the archbishops of Cologne, Mainz and Trevere agreed to henceforth issue their gold coins at the same values. The Cologne gulden that was created by this treaty was widely disseminated and became a forerunner of the later Rhenish Monetary Union. Its obverse bore the crest of the minting archbishopric, while the reverse depicted Saint Peter.


Kingdom of England, Henry VI (1422-‐1461), Noble, London

Denomination: Noble Mint Authority: King Henry VI. of England Mint: London Year of Issue: 1422 Weight (g): 6.47 Diameter (mm): 34.0 Material: Gold Owner: Sunflower Foundation The noble was the first successful English gold coin. It was created in 1344 by Edward III to celebrate his naval victory over the French off Sluys, the harbor of Bruges, in 1340. The obverse depicted Edward himself, sword and shield in hands, thus declaring his readiness for battle. The object of his fight was the French throne, as the fleur-de-lis on his shield pointed out. By the end of the 14th century, the noble had gained acceptance as key currency in North Sea and Baltic Sea trade.


Kingdom of Spain, Philip II (1580-‐1598), Double Escudo Undated, Seville

Denomination: 2 Escudo Mint Authority: King Philip II of Spain Mint: Seville Year of Issue: 1580 Weight (g): 6.72 Diameter (mm): 26.0 Material: Gold Owner: Sunflower Foundation In 1537, Charles V of Spain introduced the escudo, a coin which soon became the fundamental gold unit of the entire Spanish realm. Some thirty years later, Charles's successor Philip II initiated the production of double escudos. This gold coin soon spread as highly popular trade coin throughout Europe. In Switzerland, it was copied under the name of duplone, in Italy as doppia, in northern Germany as pistole, in Prussia as Wilhelm d'or and Friedrich d'or respectively. Even the French King Louis XIV, who otherwise tended to reject anything to do with the Hapsburgs, introduced in 1640 in the Louis d'or as an imitation of the double escudo. And, after their liberation from Spain, the double escudo continued to be issued in most former Spanish colonies of South America under the name of doblado.


Kingdom of England, William III and Mary II (1689-‐1702), 5 Guineas 1692, London

Denomination: 5 Guineas Mint Authority: King William III and Queen Mary II of England Mint: London Year of Issue: 1692 Weight (g): 41.28 Diameter (mm): 38.0 Material: Gold Owner: Sunflower Foundation The guinea, introduced in 1663, was the principal gold coin of England until 1816. It took its name from the country of Guinea on the west coast of Africa, whose rich gold deposits the English exploited for their coinage.

Along with the introduction of the guinea went a decisive innovation in the minting technique: mechanical coining superseded manufacturing by hand. At the same time the coins were knurled and an inscription was added on the edge, which eliminated clipping and hence the diminution of the coin's value.

The obverse of this guinea depicts the English kings William III and Mary II, who reigned the land with equal rights. The shield on the reverse is the coat of arms of the House of Nassau-Orange, from which William descended.


Russian Empire, Peter I the Great (1682-‐1725), Double Ruble 1718, Moscow, Red Mint

Denomination: 2 Rubles Mint Authority: Tsar Peter I Mint: Moscow Year of Issue: 1718 Weight (g): 4.1 Diameter (mm): 21.0 Material: Gold Owner: Sunflower Foundation Tsar Peter I was an important man for Russia. Determined, often reckless, he westernized and modernized his empire, and established Russia as an important player in European politics.

Among other reorganizations, Peter the Great conducted a monetary reform. He turned the obsolete Russian coinage into the most modern currency of the world – Russia was the first country with a decimal coinage system. Along with copper and silver coins there were diverse gold coins. The golden double ruble bore the tsar's image on the obverse, while the reverse depicted the crucified Saint Andrew, the patron of the Russian fleet.


United Kingdom, George III (1760-‐1820), Sovereign 1817, London

Denomination: Sovereign Mint Authority: King George III of England Mint: London Year of Issue: 1817 Weight (g): 7.98 Diameter (mm): 22.0 Material: Gold Owner: Sunflower Foundation In 1816, Great Britain enacted a coinage reform that changed the monetary policy of the first economic world power radically. After long years of shortage – first of silver and then of gold –, the British government realized that the stability of the currency could only be guaranteed if rated after one single metal. Hence the golden sovereign was created as the new British standard coin. It corresponded to one pound sterling and was minted in huge quantities. The rest of the currency became fiat money, money thus whose intrinsic value is lower than its face value.


Japanese Empire, Meiji Period, Mutsuhito (1867-‐1912), Yen 1870

Denomination: 1 Yen Mint Authority: Emperor Mutsuhito of Japan Mint: Undefined Year of Issue: 1871 Weight (g): 1.7 Diameter (mm): 13.0 Material: Gold Owner: Sunflower Foundation In the year 4 of the Meiji period – according to Western calendar: 1871 – the Japanese government instituted a new currency act. From then on, the yen was to be the only means of payment in Japan. The new currency was divided decimally: 1 yen equaled 100 sen or 1,000 rin.

The first golden yens were issued in the same year. They were intended for domestic use, whereas the silver yens were to be used for foreign trade. This golden yen was minted in 1871 and hence belongs to the very first emission.


Swiss Confederation, 20 Francs (Vreneli) 1897, Bern

Denomination: 20 Franken (Vreneli) Mint Authority: Swiss Confederation Mint: Berne Year of Issue: 1897 Weight (g): 6.45 Diameter (mm): 22.0 Material: Gold Owner: Sunflower Foundation The coinage law that the Swiss Confederation decreed in 1850 did not intend the minting of gold coins. Switzerland started to strike such coins in the 1870s nevertheless. The most famous Swiss gold coins was the "Vreneli," which was issued at values of 10, 20 and 100 francs.

However, when the Vreneli was introduced in 1897, experts met it with scathing criticism. Many of them objected the idea of Switzerland being represented by a young girl; they would rather have their Helvetia as a beautiful woman and mother of middle age, they said. The Swiss Numismatic Review even wrote, "It would have been better for our country to be allegorized by Wilhelm Tell or the men who swore the oath at the Rütli." Regardless of that, the Swiss population met the Vreneli with great approval, and holds those coins in high esteem until this day.


United States of America, 20 Dollars 1916 (Double Eagle, St. Gaudens Type), San Francisco

Denomination: 20 Dollars (Double Eagle) Mint Authority: United States of America Mint: San Francisco Year of Issue: 1916 Weight (g): 34.44 Diameter (mm): 35.0 Material: Gold Owner: Schenkung At the turn of the 20th century, the United States got new gold coins. The obverse design of the 20 dollar-coin featured Miss Liberty, the personification of freedom, with a torch and an olive branch in front of the rising sun. On the reverse, an eagle is flying over the sun.

The dies for the new gold coins were cut by Augustus Saint-Gaudens, a sculptor and medalist. The first of his gold coins appeared in 1907, the year of the artist's death. The coins were named after their creator and the design on the reverse: the golden 10 dollars (with the head of an Indian on the obverse) were called Saint-Gaudens Eagles and the golden 20 dollar-coins became known as Saint-Gaudens Double Eagles. The artist's mark can be found on the obverse underneath the date.

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14(10) Gold Coins That Made History