21 September
Coins were first minted around 600 BC by the Lydians, who were part of the Greek Empire in modern-day Turkey. The Greeks and later the Romans, Celts and other tribes and empires minted coins in copper, silver and gold. They proved to be an invaluable enabler of trade and a store of wealth right up to the present day.
In Ireland, the first coins were minted by the Viking King Sitric in Dublin in 996 AD. These were silver pennies and they were used to trade with other Viking towns. These early Irish silver pennies have been found in the Isle of Man, throughout Britain and as far away as St Petersburg
Up to the twentieth century the value of silver and gold coins was closely tied to the underlying value of the silver and gold they were minted from. However, there was often a small percentage of the value of the coins that went to the government or other issuers of the coins.
Coin collectors (called numismatists) have studied and collected coins from Roman times and it is still a very popular hobby worldwide. Whilst there are wealthy numismatists that collect gold coins, there are many non-collectors who have other reasons for buying them.
The price of gold has climbed from around $1,200 per troy ounce (31.1 grams) in 2019 to nearly $2,000 in late 2020. This has attracted individuals who see gold as an alternative to leaving their savings in a bank or putting their money into property or shares.
Gold Coins
Gold can be purchased in many forms, but gold coins issued by governments have many advantages over gold bars or bonds:
At O’Reilly’s forthcoming monthly auction commencing on Wednesday 23rd September we have 20 lots of American gold coins made up of the $20 Double Eagle, $10 Eagle and $5 Half Eagle. We also have a further 20 lots including plenty of gold sovereigns, half sovereigns and the no-nonsense South African Krugerrand coins with 1 troy ounce of gold. They are all attractively priced, so this is now your chance!