The first gold coins in history were coined by the Lydian king Croesus in about 560 BC.

Most countries stopped making gold coins as currency by 1933. This is because countries switched from the Gold Standard because of the hoarding during the Great Depression. In The United States, Executive Order 6102 was issued which was an Executive Order signed on April 5, 1933 by U.S. President Franklin D. Roosevelt "Forbiding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates." This order required all individuals to deliver on or before May 1, 1933 all gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve.

Today, gold bullion coins derive their value from the gold content. South Africa introduced the Krugerrand in 1967 with the memorable gold content exactly one troy ounce. It was priced slightly above the bullion value of the gold. Gold Bullion coins do not carry a true face value, because their value is dictated by their weight and the current market price of gold.

Some example of gold coins produced today are the South Affrican Krugerrand, the Canadian Gold Maple Leaf, and the American Gold Eagle.