Which countries continue to recognize gold as an official form of currency?

Reading Time: < 1 minute

Countries that still use gold coins include the United States, Canada, China, South Africa, Australia, and Zimbabwe. Gold coins are utilized in these countries for various purposes such as hedging against inflation and as investment opportunities. Switzerland was the final country to adopt the gold standard, which it abandoned in 1999. Many nations have issued gold coins as legal tender, but their actual worth far exceeds their face value. Despite being recognized as legal tender in some countries, using gold coins for transactions is impractical due to their significantly higher intrinsic value. Change is not given in gold coins, and payments are typically preferred in modern currency forms like credit cards or cash. Interestingly, both the USA and the UK allow the use of domestically minted gold coins for payments, but at face value rather than their gold content, leading to potentially expensive transactions.

Yes, it is possible for a country to use gold as currency, but it would be challenging to implement. Typically, this would involve having a hard asset like gold or silver backing a paper currency, allowing for the option of exchange. Exploring the complexities and implications of such a transition can be found in documentaries like “End of the Road – How Money Became Worthless” and in books advocating for moving away from fiat currency.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *





  1. I’m working with a budget of less than 4K and looking for a 1926-D double eagle. I’ve heard that it’s…

  2. SD Bullion has been my go-to online bullion dealer, and my overall experience has been positive with a few noteworthy…

© 2024. Made with Twentig.