Carats – or Karats (US) – are a unit of measurement used to describe how pure gold is. The purity (or fineness) of gold is determined by how many parts pure gold it is and how many parts other metals. The number of parts used is 24 – we know; an odd choice!
One carat gold, therefore, would be approximately 4% pure gold and 96% other metals. 24-carat gold will be 100% pure gold with nothing else added. Carats are important to know the purity of the gold you’re buying. Why are other metals mixed with gold? There are many reasons different metals are mixed with gold to create gold alloys. For example, jewellery makers often mix gold with other metals because pure gold is too soft to work with. That’s why many types of jewellery are 14 or 18-carat gold. Choosing jewellery using the carat system Although 24-carat gold is often thought of as ‘the best’ because it’s pure gold, 24-carat jewellery is more likely to get scratched and bend than gold alloys. So, if you do buy 24-carat gold jewellery, it’s best to save it for special occasions to make it last. 14 carats is perfect for the jewellery you’ll be wearing every day. It’s the most common choice for wedding bands and engagement rings because the jewellery still has a high percentage of gold but isn’t easily damaged. However, anything below 14 carats becomes lower quality and will often be classed as ‘costume jewellery’. Most jewellers only stock gold items at 14 carats and higher. Hallmark vs. carats Only the British and Americans use carats to measure the purity of gold. In most of Europe, the hallmarking system is used instead. A hallmark is the percentage of gold in an alloy expressed as a 3-digit number. For example, a piece of jewellery that was 25% gold would be hallmark 250. If a piece of jewellery was a third pure gold, it would be hallmark 333. So, when you’re using the European system, the closest hallmark to 24 carats would be expressed as 999. Most jewellery would be 583 (14 carats) or 750 (18 carats). Carats – the difference between gold and gems Carats are used to measure both gold and gems, but it’s important not to get the two confused. When measuring gold, the term ‘carat’ determines how pure (or ‘fine’) the gold is. For gems, carats measure the weight. In the gem world, a carat is 1/5th of a gram. Specialists in gems will use carats to decide how valuable gems are and gem jewellers will use carats to know what size of setting to use. But remember, for gold, carats are used only to say how much of an alloy is gold and how much is other metals. 24 carat = 100% gold. Interested in gold? Gold is not an ancient commodity. It continues to have value today and be used in investment trading, to give special gifts, and to build a portfolio of assets. Find out more on my homepage.
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We can’t talk about the history of gold without taking time to explore the Romans. It’s rare to watch a movie set in Roman times without seeing glorious warriors’ outfits made from gold or watching the exchange of gold coins. But have the movies got it right? Was gold really used that often in Roman times? The answer is yes. The Romans loved gold, and they recognised its value, not just as something beautiful, but as a global commodity. Roman currency – the aureus It was for this reason that the Romans became one of the first civilisations to use gold as a form of currency. The golden coin was called aureus. It became an official monetary unit in AD 312 under Constantine’s reform. So, what could I buy with one aureus? Our research tells us that one aureus was equal to around one month of a soldier’s wage – or 400 litres of wine! Of course, the aureus is worth much more today. Recently, a single gold aureus sold for $15,000 at auction. However, some go for much more, depending on the picture on the coin. A rare commemorative aureus, which showed the Colosseum on one face, sold for $920,000 at auction through Ira & Larry Goldberg Auctioneers (Lot 42 – The Millennia Collection). Gold in battle The movies may have lied to us when it comes to Roman armour. Although the Romans commonly wore plate armour, this was usually made from iron, with only the high-ranking officers having ornamental chest plates – and these were made from bronze. Perhaps a few wore gold, but it’s certainly not as common as the films would have us believe! However, a number of legionary decorations (awards for conduct in battle) were made from gold. For example, the Gold Crown – or ‘Corona Aurea’ – was a decoration awarded for killing an enemy in single combat and holding the ground to the end of the battle. These were often designed to look like a golden ring of leaves that would be worn as a crown. Other golden legionary decorations include the Corona Vallaris and the Corona Muralis. Roman jewellery The middle and lower classes of the Roman Empire would have worn jewellery made from bronze and coloured glass. However, the wealthy would have worn pieces made of silver and gold. These items were particularly precious to Roman women, as they could use them as their own form of currency, independent of their husband’s earnings. Sculpture Much of Roman metallurgy revolved around iron and bronze. However, when it came to sculpture, sometimes a bronze figure would be enhanced with gold leaves, such as a life-size sculpture of Augustus and his horse that used to sit in the marketplace of the ancient settlement of Waldgirmes. You can still see the horse’s head – which is all that remains of the sculpture – on display at Saalburg Roman Fort, just north of Frankfurt. Gold in the modern era The Romans knew the potential of gold long before the rest of the world – for decoration, jewellery, art, and currency. Today, gold holds equal status as it did back then. Visit my Karatbars store for more information on how gold can be a part of your life today.
The History of Gold
Gold certainly has its place in the modern world. From engagement rings to tooth fillings, computer electronics and Olympic medals; we all have a fascination with the stuff. But what about the history of gold? Has it always been so valuable? What were the early uses of the precious metal? According to the World Gold Council, around 187,200 tonnes of gold has been mined since the beginning of civilisation. That’s a lot of gold! (gold.org). The earliest contact with gold So, when did humans first start their love affair with gold? Nobody knows for sure, but there’s evidence we began mining gold as early as 3,000 BC when the Egyptians chose gold as the perfect material to top off their pyramids. Our use of gold becomes much more evident when we move to Greece some two and a half thousand years later, in 550 BC. By this time, the Greeks were mining for gold on a wide scale. By 100 BC, the Romans were also on the hunt for gold, establishing it as a cornerstone of human economics and a symbol of wealth. Gold as a status symbol Gold has always held a certain status; it represents wealth, prosperity, and success. According to the Ancient History Encyclopaedia, gold became linked with symbols of immortality and power in ancient cultures due to the fact it doesn’t corrode over time. (Gold in Antiquity, 2014) Even today, gold is still something that gets our hearts racing! Its beauty and rarity make it precious. It’s also become a fashion statement, being used to create products from iPhones to contact lenses as a show of wealth. (We’re serious – these limited edition gold contact lenses were $15,590 a pair!) Gold in currency The Classical Gold Standard The history of gold continues when the Gold Standard was introduced in the 1870s. The Gold Standard is the basis for our modern currency exchange. In simple terms, gold was used as a benchmark for the value of currency. No matter what currency you were using, it all came down to how much it was worth in gold! The Bretton Woods System The Bretton Woods System replaced the Classical Gold Standard in July 1944. This was when America took the lead, agreeing along with 44 other countries on a single monetary system to be used by all. In this system, gold was the basis for the value of the US dollar, and all other currencies were then valued against USD. This was all in an attempt to stabilise the economic situation in the aftermath of the Second World War. Finally, fixed exchange rates! Floating rates Due to the expense of the Vietnam War – among other factors – the Americans had to abandon the Bretton Woods System in the 70s, causing floating exchange rates to reappear. This change also gave birth to the Euro, as Europe tried to find its own financial stability. The changing value of gold Yet, although gold has been used as the basis for currency exchange rates for decades, its resale value is always changing. Luckily for most of us, its value is on the rise. In November 1999, gold was only worth around £180 per troy ounce. Today, the same weight of gold is worth £1,200. This is the greatest value we’ve seen in the recent history of gold. What does the history of gold tell us about its future? The history of gold tells a story of its importance, value and durability. For centuries, it has been highly valued and revered, and with its highest value in the last twenty years, gold is becoming only more desirable. To find out more about a career in gold, take a look at our Facebook page or contact me, Philip Speed, on 07737 820611. |
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AuthorPhilip Speed is a lover of all things gold, from its history and place in myth to its role in our modern economy. As a representative of Karatbars, he knows why you should be saving in gold. ArchivesCategories |