In Israel, archaeologists have discovered a handful of rare gold coins that, according to experts, were minted in North Africa between 786 and 809 AD.
Gold coins as money
For centuries, gold coins served as the only true means of payment worldwide, in addition to silver pieces. It is those physical values that the protagonists of our current purely credit-based financial system have gradually pushed back in favor of perfectly controllable payment methods. Historical gold discoveries always remind of the time when currencies were at least still linked to real values (made of precious metal) and periods of great economic boom.
Arab gold dinars
So also a recent discovery from Israel. According to a recent Fox News report, archaeologists uncovered an amphora that contained ancient gold coins during excavations. It is said to be gold dinars that were minted between AD 786 and 809, i.e. more than 1,200 years ago. According to the experts, the gold coins were issued by rulers of the Aghlabid dynasty who lived in the region of what is now Tunisia. The pieces were minted on behalf of the Abbasid caliphate based in Baghdad.
From yesterday and tomorrow
The first known gold coins are dated to around 550 BC under the then Lyder King Croesus. You can find out more about old collector coins here: Historical gold as an investment. We discussed the topic of gold currency in this special publication: When gold becomes money again.