Welcome to Roger Russell's
Gold Reference Page
Copyright 1996-2004 by Roger Russell
All rights reserved
No portion of this site may be reproduced in whole or in part
without written permission of the author.
|
What's on this page? |
|
|
Introduction |
Collectible
Gold Coins |
Since becoming involved with several different products
involving gold, I really needed more information about this element and it's
various uses. I found that Norma gold pencils could be made as either gold filled or
rolled gold. Electrical connectors are now almost always gold plated. It
provides near corrosion free contacts that increase the reliability in audio,
computer and other communications equipment.
In designing souvenir mugs I found that gold lettering was available instead of
normal colored ink. At first the lettering was done with 22k gold leaf.
However, gold leaf is electrically conductive. When placed in a microwave oven,
currents are induced and can burn out the gold leaf or even possibly damage
some microwave ovens. To overcome this, a gold ink has been developed that is
made of fine gold particles that are insulated from each other. The result is
gold lettering that is non-conductive and safe for microwave use.
Several different clocks that are thought to be brass or
brass plated are actually 24k gold plated. One such clock was made by Jefferson
Electric. It was
appropriately called the Golden Hour clock. About 2 million of these were sold
over a 41 year period starting in December of 1949.
Of course there are many more uses than just these few.
One of the more unusual applications is for flakes of gold leaf in a cinnamon
schnapps liqueur called Goldschlager. Many years ago this inspired John L.
Hancock, a clock designer at Mastercrafters Clock and
Radio Company, to design
the Action Starlight clock. It contained two tubes of viscous fluid with metal
flakes. The tubes were illuminated and heated by lamps underneath causing the
flakes to circulate.
Gold has been considered to be valuable for at
least 5000 years and perhaps much further back in time. It has been prized for
it's rarity, beauty, easy workability and indestructibility. Besides the
physical qualities of gold, the Egyptians valued it as symbolic of the gods.
Early use of gold was accomplished by finding nuggets and hammering them into
shape without melting them. In the days of the pyramids,
Of course, we all know about the quest for
gold by the European countries and what they found in the empires of the
Mayans, Incas and Aztecs. Then there were the treasure ships that never made it
back home and the treasure hunters that have recently discovered a few of these
wrecks. We also know about the gold rushes in California, Australia and Africa.
The average demand for gold in the past 10
years has been mainly for jewelry at 76%, followed by industrial applications
of 14% and 10% for investors. The top ten gold producing countries are
The universal standard for weighing gold is
the
|
American Marking |
% Fine Gold |
European marking |
|
24k |
100% |
.999 |
|
22k |
91.6% |
.916 |
|
18k |
75% |
.750 |
|
14k |
58.5% |
.585 |
|
10k |
41.6% |
.416 |
Based on 1976 information, 10k is the legal
minimum accepted standard of gold karatage in the
Gold can be alloyed in a range of colors but
only a few alloys have the right combination of strength, beauty and
workability to qualify for use in jewelry.
Most jewelry contains a mixture of at least two other
metals. To retain gold's natural color and increase it's hardness, it is
alloyed with a combination of copper and silver. Green gold is achieved when
silver, and sometimes small amounts of copper and zinc are used as alloys. A
pink or red tint results when gold is alloyed with copper. White gold is made
by combining gold with copper, nickel and zinc.
Small amounts of alloy metals can make a
noticeable difference in the color of these coins. For instance: at the left
side of the picture is a Canadian maple leaf coin that is 99.99% gold. The coin
on the right is an American bullion Eagle that is 91.67% gold plus copper and
silver. The pure gold is noticeably yellow in comparison. Because the American
eagle is alloyed, I will show less wear over time. In comparison, the pure gold
Canadian maple leaf will show wear and scratches much more easily.
Gold Filled--A process by which a layer of at least 10k gold has been
mechanically bonded to a base metal. this layer must constitute at least 1/20th
of the total weight of the metal in the piece. Items must be marked gold filled
preceded by the karat fineness of the plating. e.g. 14k gold filled.
Rolled Gold Plate--Same as gold filled except the quantity of karat gold is
less than 1/20th of the total metal weight. It must be identified with a
fraction indicating the quantity of gold, e.g. 1/40 12k R.G.P.
Solid Gold-- A term that some would reserve for fine or 24k gold
because it contains no other metals. However, in 1967 the federal Trade
Commission held that solid gold may be used to describe articles that do not
have a hollow center and are 10k or finer.
Gold Leaf--Developed by Egyptians 6500 years ago. Gold can be beaten
to a thickness of only 4 microns and used for many different ornamental
purposes..
Troy Ounce--Part of the system of Troy weight used for measuring
metals based on a pound having 12 ounces and is 31.103 grams per ounce. Gold is
measured worldwide in
Avoirdupois Ounce--Based on a pound having 16 ounces and an ounce having a
weight of 28.349 grams.
Gold, Gold Coins
and the United States
Gold was a recognized medium of exchange in the United
States until Franklin Delano Roosevelt became president on March 4, 1933.
Drastic measures were needed to restore the economy from the great depression.
His first official act was to order the confiscation of privately owned gold.
On April 5, 1933 and executive order was issued demanding complete surrender of
gold coins, gold bullion and gold certificates still in possession of
individuals. The owners had 25 days to turn their gold into a federal reserve
bank. Failure to comply was punishable by a fine of $10,000 or 10 years in
prison or both. All safe deposit boxes in banks or financial institutions were
sealed and could only be opened in the presence of an agent of the Internal
Revenue Service. He outlawed the export of gold coin and bullion and placed an
embargo on all international gold dealings. He arbitrarily fixed the price of
gold, which had been set at $20.67 per fine ounce for ninety-six years, at
$35.00 per ounce. However, persons surrendering gold to the government received
only the former price of $20.67 per ounce. In return, they received paper
money, whether they liked it or not. Congress declared all voluntary, private
agreements to pay and to be paid in gold—past, present and future—to be void.
These steps did help to restore the economy but at the price of stripping money
from a gold backing and creating the seeds of inflation. One exception was rare
and unusual coins with special collector value. In 1954 the Treasury Department
amended the gold regulations to enable the continuance of the exemption of rare
coins and extended the definition to include gold coins made prior to April 5th,
1933.
Pictured at the left are the $1.00 Liberty
Head and the $2-1/2 Indian head coins. The Liberty was minted between 1849 and
1929 in 3 different types. The Indian was minted from 1908 to 1929. It has a
reverse relief.
By 1945, gold reserves for federal Reserve
Notes and deposits decreased from 35% to 25%. The year 1964 saw the last time
silver coins were minted by the government. Up until 1968 the price of gold was
fixed at $35 an ounce. After that, prices rose sharply. In 1971 Nixon ended the
redeemability of federal Reserve notes and deposits. On
In 1986, the
At first, I didn't understand the nature of
these coins. For instance, on the largest gold eagle coin it says "1 ounce
fine gold," but it weighs 33.930 grams and 1
Other popular bullion coins available today
include the Australian Kangaroo Nugget, the Austrian Philharmonic, The Canadian
Maple leaf and the South African Krugerrand. Investment coins are valued only
by the current price of gold whether they are circulated, proof or not.
Numismatic, or collector coins, are valued for
rarity, age and condition. These can be proof sets and/or low mintage items and
can sell for a much higher prices. They are sought for their beauty and
historical significance. They can be an investment in the sense that the
collector value may go up. The history of these coins is very interesting. It
includes information about the designer, how many were minted, when and where
they were minted, composition, etc. Typically, the coins are available enclosed
in a sealed clear plastic container.
One such history is about the St. Gaudens coin. In late
1905 President Theodore Roosevelt asked Augustus St. Gaudens, a famous American
sculptor, to redesign the $10.00 and eagle and $20.00 double eagle. The result
is one of America's most attractive coins.
However, there are two different versions of this coin.
Roosevelt believed that it was offensive to have "In God We Trust" on
the nation's coins. This could have been interpreted as an emphasis toward
separation of church and state. However, back in 1865 legislation directed that
the motto be placed on all coins large enough to allow it. Roosevelt's
reasoning, on the other hand, was that it was nearly blasphemous to use God's
name on coins that might be used for immoral or illegal purposes. Accordingly,
coins minted in 1907 and 1908 did not have this motto (picture at the left).
However, in 1908, Congress insisted on reinstatement and in 1908, the motto was
again used (picture at the right).
The $20.00 St. Gaudens coins contain 90% gold
and 10% copper. Total weight is 33.436 grams. The pure gold content is 30.092
grams or 0.9677 troy ounce of pure gold.
Gold leaf is made by squeezing gold into thinner and
thinner sheets. It can be applied to practically anything with a suitable
adhesive. It can be used on clothing, glass, wood or anything else and have the
appearance of being completely made of gold. Typically it comes in a
"book" of 25 leaves measuring 3-3/8" by 3-3/8". Each sheet
is separated by a piece of neutral paper. Gold leaf is available in various
karat grades up to 24k. The gold is so thin, it often must be handled with a
special brush.
The picture at the left is a typical gold leaf
book with the cover folded open and exposing the first sheet. Care must be
taken not to breathe too hard on it as it can fly away. This particular gold is
23k. Gold leaf, brushes and adhesives can be purchased at various art stores.
This particular book costs about $30.00. It will cover about 2 square feet.
Where does gold come from? It is formed
literally from the stars. Our own sun generates only the lighter elements.
Supernovae do emit some heavier elements up to nickel, lead, gold and even
uranium. Current thinking is that this accounts for only 5% of the heavy
elements. It is thought that infrequent collisions of neutron stars could
account for the remainder. Neutron stars are so compact that they contain the
mass of the sun in an area the size of a city. When the earth was formed, gold
and the other heavy elements were included from the debris in space.
Bacteria in the earth play an integral role in
creating deposits of gold. They can survive far below the ground where there is
no oxygen. Acids secreted by the bacteria break down the rock and mineral ores.
Molecules of gold are attracted to the outer skin of the bacteria. Over time,
the gold builds up to form a glittering gold deposit. The process of
continental drift by the earth's crust and natural stratification may also
contribute to forming veins of gold as well as copper, silver and other
elements. that we find in the rock today. Gold is often found embedded in
quartz.
|
Chemical Symbol Au |
Atomic Number 79 |
A
comparison with other elements
|
Element |
Atomic weight |
Density |
|
Zinc |
65 |
7.1 |
|
About This Site |
||
|
|
More text and pictures about gold will be added as my research continues. Any comments, corrections, or additions are welcome. |
|
|
|
Created by Roger Russell |
|
|
|
|
|
|
|
All contents are copyright 2000-2004 |
|
|
|
|
|