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In 225 BC, the Roman Empire used the first gold coins:
This was aresponse to the devaluation of their silver currency, which was causedby the Roman expansion. The reason was the oversupply of silvercoming from the new Roman colonies. Roman gold coins (Solidus)remained the dominant currency of Europe, northern Africa and AsiaMinor until the beginning of the 12th century.
2. Medieval Times
In the Middle Ages, silver aspreferred coin metal:
Gold wasmore and more used only as avalue storage instead of ameans of payment, as this metalwas rarer and more valuablethan silver. The crusades and theexpanding long-distance tradehelped to reintroduce gold as ameans of payment. In MediaevalEurope gold had a value of 10 to12 times than that of silver.
In 1300 hallmarking:
A systemto check and guarantee thequality of gold was establishedin London, creating a commonstandard for gold purity.
In the 14th and 15th centuryincrease of gold value:
Thereasons were the decline of European mining that led to a reduction in new gold supplies. Duringthe same time, coin production decreased by 80%. This increased thegold price and lead to a continuous deflation.