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<p>[QUOTE="Neal, post: 4124507, member: 43872"]One other thing about gold coins is that most of them never did circulate much, in the sense we use it, resulting in very high grade old gold coins. The high value of gold meant that you just didn't take it down to the market place and buy a loaf of bread or leg of mutton. From ancient times, through medieval and even into early modern times, gold would mostly sit in safe places as reserve, to be used only for very large purchases such as castles or kings' ransoms. Even in the US, many gold coins, especially the larger ones, sat in vaults and safes as backing for paper or other credit. Smaller gold, such as $5 did circulate because they made a handy sum to give for a week's pay, but still did not see as much daily action as smaller silver and copper. Even large silver often served this reserve use, which is why it is not impossible to find relatively high grade bust halves and silver dollars. Until the price of silver went up in 1963, government vaults were full of millions of silver Morgans, many uncirculated. I have read that the main use for $1 gold, and to some extent $2.50 gold, was for gifts and jewelry rather than actual circulation.[/QUOTE]</p><p><br /></p>
[QUOTE="Neal, post: 4124507, member: 43872"]One other thing about gold coins is that most of them never did circulate much, in the sense we use it, resulting in very high grade old gold coins. The high value of gold meant that you just didn't take it down to the market place and buy a loaf of bread or leg of mutton. From ancient times, through medieval and even into early modern times, gold would mostly sit in safe places as reserve, to be used only for very large purchases such as castles or kings' ransoms. Even in the US, many gold coins, especially the larger ones, sat in vaults and safes as backing for paper or other credit. Smaller gold, such as $5 did circulate because they made a handy sum to give for a week's pay, but still did not see as much daily action as smaller silver and copper. Even large silver often served this reserve use, which is why it is not impossible to find relatively high grade bust halves and silver dollars. Until the price of silver went up in 1963, government vaults were full of millions of silver Morgans, many uncirculated. I have read that the main use for $1 gold, and to some extent $2.50 gold, was for gifts and jewelry rather than actual circulation.[/QUOTE]
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