The exploitation of mines by slave labour and the looting of palaces, temples, and graves in Central and South America resulted in an unprecedented influx of gold that literally unbalanced the economic structure of Europe. The era of gold production that followed the Spanish discovery of the Americas in the 1490s was probably the greatest the world had witnessed to that time. During the Middle Ages the chief sources of gold in Europe were the mines of Saxony and Austria. Other deposits were found in Lydia (now in Turkey) and the lands of the Aegean and in Persia (Iran), India, China, and other lands. © Don Bendickson/Īlluvial deposits of gold found in or along streams were the principal sources of the metal for ancient Egypt and Mesopotamia. Gold is still accepted by all nations as a medium of international payment.
Although gold’s official role in the international monetary system had come to an end by the 1970s, the metal remains a highly regarded reserve asset, and approximately 45 percent of all the world’s gold is held by governments and central banks for this purpose. Gold began to serve as backing for paper-currency systems when they became widespread in the 19th century, and from the 1870s until World War I the gold standard was the basis for the world’s currencies. In the form of coins or bullion, gold has occasionally played a major role as a high-denomination currency, although silver was generally the standard medium of payments in the world’s trading systems. © Lee Boltinīecause of its unique qualities, gold has been the one material that is universally accepted in exchange for goods and services. Tutankhamun, gold funerary mask found in the king's tomb, 14th century bce in the Egyptian Museum, Cairo. SpaceNext50 Britannica presents SpaceNext50, From the race to the Moon to space stewardship, we explore a wide range of subjects that feed our curiosity about space!.Learn about the major environmental problems facing our planet and what can be done about them! Saving Earth Britannica Presents Earth’s To-Do List for the 21st Century.Britannica Beyond We’ve created a new place where questions are at the center of learning.
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