Gold was considered bullion in Palestine for a long time after silver was current as money. The first mention of gold as money, in the Bible, is in David's reign (B.C. 1056) when that king purchased the threshing-floor of Oman for six hundred shekels of gold by weight ($4,500.) The Lydians were the first people who coined money. The word "money" is derived from the temple of Jupiter Moneta, where the Roman mint was established. Croesus (B.C. 560) coined the golden stater, which contained one hundred and thirty-three grains of pure metal. Darius, son of Hystaspes, (B.C. 538) coined the daric, which contained one hundred and twenty-one grains of pure metal; it was preferred for its fineness, for several ages, throughout the East. It is supposed to be mentioned in the Old Testament under the name of dram. Very few specimens have come down to us. Their scarcity may be accounted for by the fact that they were melted down under the type of Alexander. Next were some coins of the tyrants of Sicily; of Gelo (B.C. 491), of Helo (B.C. 478), and of Dionysius (B.C. 404). Specimens of the former two are still preserved in modern cabinets. Gold coin was by no means plenty in Greece, until Philip of Macedon put the mines of Thrace into full operation, about B.C. 300. There are only about a dozen Greek coins in existence, three of which are in the British Museum; and of the latter, two are staters, of the weight of one hundred and twenty-nine grains each. About B.C. 207, a gold coin was struck off at Rome called "aureus," four specimens of which are in the institution before alluded to. Its weight was one hundred and twenty-four grains.

Gold coins were issued in France by Clovis, A.D. 489. About the same time, they were issued in Spain by Amalric, the Gothic king; in both countries they were called "trientes." The "mouton," worth about nine dollars, was issued in 1156. Gold coins were first issued in England in 1257, in the shape of a "penny," of the value of twenty pence; only two specimens have come down to us. "Florins" were next issued in 1334, of the value of six shillings. The "noble" followed next of the value of six shillings and eight pence; being stamped with a rose, it was called the "rose noble." "Angels" appeared in 1465, of the same value as the latter. The "royal" followed next in 1466, of the value of ten shillings. Then come for the first time the "sovereign," in 1489, of the value of twenty shillings. The "crown" followed in 1527, of the value of ten shillings. "Units" and "lions," were issued in 1603; the "laurel" 1633, and "exurgats," in 1642; all of the value of twenty shillings. The "guinea," of the value of twenty-one shillings, was issued in 1663, of Guinea gold. In 1773 all gold coins, except the guinea, were called in and forbidden to be circulated. The present sovereign was issued in 1817. The United States "half eagle" was issued in 1793.

Gold, to the amount of $2,171,000,000, was obtained from the surface and mines of the earth from the earliest times to the commencement of the Christian era; from the date of the latter event, to the discovery of America, $3,842,374,000 was obtained; from the date of the latter event to the close of 1847 an addition of $3,056,000,000 was obtained; the triple discovery of the California mines in 1848, the Australian in 1851, and the New Zealand in 1861, has added, to the close of 1884, $5,558,626,000; making a grand total of $14,628,000,000, of which $5,818,626,000 has been obtained since 1843. The average loss by abrasion of coin is estimated by Professor Bowen at one-twentieth of one per cent. per annum, and the loss by consumption in the arts, and by fire and shipwreck, at $4,000,000 per annum. A cubic inch of gold is worth, at 3£ 17s. 10 1-2d., or $18.96 per ounce., $193; a cubic foot, $333,504; and a cubic yard, $9,004,608.

Gold to the amount of $1,081,000,000, is estimated to have been in existence at the commencement of the Christian era. At the period of the discovery of America it had diminished to $135,000,000; after that event, it gradually increased, and in 1600 it attained to $154,000,000, in 1700 it reached $398,000,000, in 1800 it amounted to $1,156,000,000, in 1853 it attained to $3,332,000,000, and at the present time the amount of gold in existence is estimated to be $8,166,000,000; which, if melted into one mass, could be contained in the basement of Bunker Hill Monument, which is a cube of thirty feet. Of the amount of gold in existence $6,000,000,000 is estimated to be in coin and bullion, $1,000,000,000 in watches, and the remainder in plate, jewelry, and ornaments. Of the amount of gold in existence $2,374,000,000 is estimated to have been obtained from North America, $1,739,000,000 from South America; $1,858,000,000 from Asia (including Australia, New Zealand, and Oceanica), $945,000,000 from Europe, and $1,250,000,000 from Africa. The amount of the precious metals now in existence is estimated to be $13,670,000,000.

Gold, as compared with former periods, in regard to its annual product, has attained, within the last forty-two years, to enormous proportions. At the date of the discovery of America it was but $100,000; after the occurrence of that event it gradually increased, and in 1800 it was $17,000,000, and in 1853 it reached its acme, when it was $236,000,000; it soon afterwards gradually decreased, and now it is but $98,000,000.

Gold has changed places with silver as regards coinage. Since 1726 the gold coinage of the French mint has amounted to 11,400,000,000 francs, of which 8,200,000,000 francs have been issued since 1850. Since 1603 the gold coinage of the British mint has amounted to £409,000,000, of which £253,000,000 have been issued since 1850. Since 1792 the gold coinage of the United States mint has amounted to $1,357,000,000, of which $1,257,000,000 have been issued since 1850. Since 1664 the gold coinage of the Russian mint has amounted to 900,000,000 roubles, of which 630,000,000 have been issued since 1850. The twenty-five-franc piece of France contains 112 grains of pure metal; the sovereign of England, 113 grains; the new doubloon of Spain, and the half-eagle of the United States, 116 grains each; and the gold lion of the Netherlands, and double-ounce of Sicily, 117 grains each. It was proposed, a few years since, to adopt a uniform system of coinage throughout the world, so that the coins of one nation may circulate in any other without the expense of re-coinage, "a consummation devoutly to be wished." The gold coinage of the principal countries of the world has increased from $77,000,000 in 1848 to $300,000,000 in 1854; in 1876 it declined to $250,000,000, since which it has continued to decrease, and is now but $90,000,000. The gold coinage of the United States mint, since 1849, has amounted to $1,281,420,038. In proportion as the wealth of a country increases it requires a currency of higher value. Gold, owing to its greater supply, and more convenient portability, is steadily gaining in the channels of commercial exchange upon silver.

Gold, in view of the large amount which has been thrown into the monetary circulation of the world since 1843, and the little influence it has exercised upon the money market and prices generally, has falsified the predictions of financial writers, a generation ago, upon both sides of the Atlantic. The following statement will exhibit the wholesale cash prices in the New York market, on the first day of January, in the respective years, of six of the principal articals of commerce:

1860.1872.1885.
Beef, per barrel$10.75$10.00$11.75
Pork, " "16.2514.00 12.25
Flour, " " 5.254.12 2.55
Rice, " 100 lbs.3.87 8.445.62
Corn, " bushel .93.81 .48
Cotton, " pound.11 3-4.21 1-4.11 1-4

War is the great enhancer of prices. During the Civil War in the United States (1861-1865), the prices of the above articles were more than doubled.

Gold, in the midst of its sudden plethora, was a perplexing problem to the financial prophets of a third of a century ago. M. Michel Chevalier (Revue des Deux Mondes, November, 1857) predicted,—"that a decline would occur in the price of gold, equal to one-half of its former value; that a period of peril was impending, full of inquietude, instability and damage to a great variety of interests; that the value of gold would be diminished, and that consequently wages and prices would be doubled; that the duties on imports, and the interest on the debts of the principal nations of the world, must necessarilly follow the same course; that it would inevitably involve a re-coinage of all the existing gold coins of the world, from time to time, in order to conform to the price of the metal; that the value of the twenty-franc piece would be reduced to 19 1-2, 19, 18 francs, as the depreciation descended; and he, therefore, recommended a cessation of the gold coinage until the lowest point of depreciation is reached; that the new gold fields were likely to prove as productive as at first for several generations; in no direction could new outlets be seen sufficiently large to absorb the extra production in such a manner as to prevent a fall in its value. It might fall until nineteen francs would correspond only to the amount of well being which could then be obtained for five francs." Poor man! He lived to see the utter failure of all his predictions; to behold France become the largest coiner of gold in the world; an exporter of the precious metals to the amount of $43,000,000 annually during a decade; the rise of the standard of gold from 15 1-2 to 18, as compared with silver, and involving a decline from 62 3-4d. to 52d. per ounce; great fear of a gold famine come upon the Directors of the Bank of France, and also of the Bank of England; the annual product of gold to attain its acme, four years before his predictions; its gradual decline, until it had descended to one-half; a new gold-field opened in New Zealand; and silver demonetized by his own country, Germany, and the other principal countries of Europe. M. Emile de Lavelaye (Ninteenth Century Review, September, 1881), states, "that the present annual supply of gold is no more than sufficient to meet the requirements of the expanding commerce of the world. The scarcity of gold has induced so great a fall in prices that they are now lower than in 1850. It is estimated that North America has contributed £14,000,000 of the stock of gold in the world." We have already shown that the annual product of gold has increased, at one period, thirteen fold, and is now, notwithstanding its rapid decrease, five fold greater than at the commencement of the present century; that prices have not been in the least degree affected by the increased supply of gold; and that North America has contributed $2,374,000,000 of the stock of gold in the world.