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    Understanding Gold's History as a Currency

    Last updated 6 days ago

    When someone sees a gold coin or a piece of fine jewelry, a common reaction is to think about how much it’s worth. The fact that gold has been considered valuable since the dawn of civilization may not come as a surprise to any of our readers, but the precious metal’s history as a formal currency may. That’s why we’re happy to provide this brief introduction to gold’s use as a unit of monetary exchange over time. 

    Gold Coins and Antiquity
    Archaeological findings suggest that gold may have been used in commerce as long as 5,000 years ago, but the oldest gold coins uncovered have been dated to 550 B.C. It is generally believed that the minting of the coins was commissioned by Croesus, King of Lydia. Gold coins from throughout Central Asia and as far east as China dated to the centuries following have also been uncovered.

    The Gold Standard
    Fast-forward 2,000 years and gold was still the standard by which nearly all currencies were measured. By the 1870s, most countries operated on what we refer to as the “gold standard.” Gold coins were an acceptable form of currency in most countries, and differences in the balance of payments among countries were settled in gold.

    Bretton Woods
    The gold standard eventually ran into some problems. In hindsight, we can recognize that this was probably due to a lack of clarity and regulation to the rules that regulated the standard. Understanding that something needed to be done to strengthen the international financial system, a conference was held in Bretton Woods, New Hampshire. It was there that the U.S. dollar was fixed to gold and all other currencies fixed to the dollar, creating a “dollar standard.”

    If history has taught us anything, it’s that gold will always be valuable. While gold’s worth ebbs and flows over time, gold has retained its status as a store of monetary value for millennia. If you live in the Gaithersburg area and are looking to buy or sell gold coins, jewelry, or gold in any other form, visit Coins of the Realm. To speak with a reputable gold dealer about the services we provide, call (301) 637-4390.

    A Rare Bronze Penny Sells for One Million Dollars

    Last updated 13 days ago

    Although many people completely disregard pennies in modern times, others will pay massive amounts of money for the right one cent coin. Watch this video to learn about the rare bronze penny that sold for one million dollars.

    The 1943 S Lincoln cent that sold for one million dollars was one of only four such coins known to exist. Instead of being made of zinc-coated steel like other pennies at the time, these four coins were accidentally made of bronze. They were certified genuine, and one was purchased by Bob Simpson, co-chairman of the Texas Rangers.

    Coins of the Realm is a coin and gold dealer located near Gaithersburg. We buy and sell rare coins as well as appraise them. If you would like to know more about what we can do for you and your coin collection, please visit our website. If you live in the area, feel free to call us at (301) 637-4390 or stop by and browse our collection of rare and valuable coins for yourself. 

    Fundamental Factors that Influence the Value of Gold

    Last updated 18 days ago

    Gold is used for a variety of purposes, including the production of medical and aircraft equipment. However, most people are only interested in the investment opportunity that gold represents. While gold is much more stable than stocks, there are certain factors that cause the price of gold to rise and fall. These factors include: 

    Gold is mined throughout the world, with miners hard at work in multiple countries across several continents. While the United States, China, and the Russian Federation are major forces in gold mining, the process is becoming more difficult. This means that although more gold has been coming in as of late, the gold that is mined is more valuable because of the extra effort needed to bring it to the surface. Miners that supply the gold are taking greater risks and the environment is being affected at a greater level, causing the gold to be seen as more valuable.

    Another factor that impacts the value of gold is the demand for the products that it is used to make. This precious metal is used in the production of medical instruments and electronics as well as jewelry. Jewelers compose the majority of the demand for gold, especially those in China, India, and the United States. Thus, gold increases in value when more people decide to buy jewelry.

    Value of Currency
    Gold increases in value when the dollar decreases. The opposite is true as well. This happens because people typically invest in the dollar rather than gold when the dollar is valuable. However, the dipping in value of the dollar causes people to put their trust in gold coins and gold funds instead. In this way, the economy plays an important role in influencing the value of gold.

    For more information about the fundamental factors that influence the value of gold, call Coins of the Realm at (301) 637-4390. We are your Gaithersburg coin and gold dealer, and we can help you buy and sell gold coins. If you would like to know more about our services, visit our website or stop in and meet with one of our gold dealers today. 

    Cleaning Tips to Help Your Jewelry Collection Sparkle

    Last updated 1 month ago

    Even the finest jewelry will not be appreciated by friends and passersby unless it is sparkling clean. If you want your dealer-purchased gold necklace and diamond ring to look their best without having to schedule regular visits to a jewelry cleaning professional, you are in luck. Just follow these tips for the type of jewelry you wish to clean below.

    A diamond is one hard rock, and cleaning it properly usually takes the power of designated diamond cleaner or an ammonia-water mixture. Mix one cup warm water with one-fourth cup ammonia, soak diamonds for 20 minutes, and then scrub with a soft-bristled toothbrush. If only mildly tarnished, you may be able to clean your diamonds with toothpaste.

    A great solution for cleaning gold consists of a couple cups warm water and a few drops of mild dishwashing soap. Soak gold coins and rings in the mixture for 15 minutes, rinse with clean water, and dry with a lint-free cloth. If this solution does not make your gold shimmer again, gently scrub your gold with a soft-bristled toothbrush after soaking it.

    Tarnished silver can be renewed with toothpaste and a toothbrush. Apply non-gel toothpaste to a soft-bristled toothbrush and gently work at bringing back that silver luster. Rinse, and repeat or try another silver cleaning method if you are not satisfied with the results.

    As you have just read, maintaining your jewelry’s luster need not be expensive. It does not even require fancy jewelry cleaner. If the reason you stumbled upon this post on jewelry cleaning tips is because you wish to get your gold and other precious jewelry looking good before you sell it to a Gaithersburg gold dealer, be sure to check out Coins of the Realm. To learn more about our gold and jewelry appraisals or process of selling to our experienced jewelers, call (301) 637-4390.

    The Steps of Cleaning Gold

    Last updated 1 month ago

    Gold may be endlessly durable, but contact with skin, soap, and even air can cause the precious metal to lose its gleam over time. If your gold is not looking quite as nice as it did when you first brought it home from the gold dealer, watch this video clip for tips on reviving its luster.

    The cleaning process discussed in this video clip involves common household items that you probably already have lying around the house, and it takes no more than 15 or 20 minutes to complete. Warm water, a soft-bristled toothbrush, a lint-free cloth, and a splash of dishwashing liquid are all you need to make your gold shine again.

    Are you a resident of Gaithersburg, Arlington, or elsewhere in the greater Washington, D.C. area who is looking to sell recently cleaned gold coins or jewelry? If so, call Coins of the Realm at (301) 637-4390 to work with an honest gold dealer who will work to give you the most money for your gold.

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