Gold coins have been used by mankind as a medium of exchange since ancient times, and the use of gold in our nation’s coinage is a tradition as old as the Mint itself. The production of gold coins by the United States was first authorized by the Coinage Act of 1792–the very act that established the United States Mint–and the first federal U.S. gold coin, a $5 half eagle, was struck in 1795. That denomination was followed quickly by the $10 eagle (also in 1795) and the $2.50 quarter eagle (1796).

This tradition continued until 1933, when President Franklin D. Roosevelt issued his infamous Executive Order 6102, ending the private ownership of non-numismatic gold in the United States. Naturally, the Mint could no longer strike nor issue gold coins to the public – a scenario that led to the 1933 Saint-Gaudens $20 double eagle becoming one of the great legends of American Numismatics.

In 1974, President Gerald R. Ford signed into law a bill that allowed for the resumption of private ownership. The South African Krugerrand had proven extremely popular around the world since its debut in 1967, and now Americans could partake in the burgeoning global market for gold bullion. The United States introduced its own very popular American Gold Eagle coin in 1986, and continues to produce other gold coins as bullion, commemoratives, and special collector’s items.

To learn more about units of measure for Precious Metals, please visit our resource page.

Gold Values