Gold has been used for coinage.
The Coinage Act of 1849 , or the Gold Coinage Act ( Act of March 3 , 1849 , An Act to authorize the Coinage of Gold Dollars and Double Eagles , 30th Congress , Sess . Gold . As a precious metal , gold has been used for coinage , jewelry , and other arts throughout recorded history . In the past , a gold standard was often implemented as a monetary policy , but gold coins ceased to be minted as a circulating currency in the 1930s , and the world gold standard was abandoned for a fiat currency system after 1976 .