Gold is a precious metal used for coinage, jewelry, and other arts throughout recorded history. In the past, a gold standard was often implemented as a monetary policy within and between nations, 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. The historical value of gold was rooted in its relative rarity, easy handling and minting, easy smelting and fabrication, resistance to corrosion and other chemical reactions (nobility), and distinctive color.
The Kingdom Where it all Began
Lydia was an Iron Age kingdom of western Asia Minor located generally east of ancient Ionia in the modern western Turkish provinces of Uşak, Manisa and inland İzmir. Its population spoke an Anatolian language known as Lydian.
At its greatest extent, the Kingdom of Lydia covered all of western Anatolia. Lydia was a satrapy (province) of the Achaemenid Persian Empire, with Sardis as its capital. Tabalus, appointed by Cyrus the Great, was the first satrap (governor).
According to Herodotus, the Lydians were the first people to use gold and silver coins and the first to establish retail shops in permanent locations. It is not known, however, whether Herodotus meant that the Lydians were the first to use coins of pure gold and pure silver or the first precious metal coins in general. Despite this ambiguity, this statement of Herodotus is one of the pieces of evidence often cited in behalf of the argument that Lydians invented coinage, at least in the West, even though the first coins were neither gold nor silver but an alloy of the two called electrum.
The dating of these first stamped coins is one of the most frequently debated topics of ancient numismatics, with dates ranging from 700 BC to 550 BC, but the most common opinion is that they were minted at or near the beginning of the reign of King Alyattes (sometimes referred to incorrectly as Alyattes II), who ruled Lydia c. 610-550 BC. The first coins were made of electrum, an alloy of gold and silver that occurs naturally but that was further debased by the Lydians with added silver and copper.
Panama is world-famous for its 48 mile canal that connects the Pacific Ocean with the Atlantic Ocean. Each year, over a million people visit the canal and are able to witness this engineering marvel at work. Panama is very proud to have this magnificent creation operating 365 days a year, enabling the world’s cargo to be shipped efficiently and safely to new destinations.
Three million years ago, the Isthmus of Panama emerged from the sea and changed the world forever. It divided an ocean and joined two continents together, triggering one of the most important natural evolution events in the history of the world. Today, this narrow land bridge in Central America is home to more species of birds and trees than the whole of North America. We invite you to discover its beautiful landscapes, rich culture and endless tourist activities, right at your fingertips.
Some of these activities include rainforest tours, surfing, snorkeling, diving, hiking, camping, bird watching, white water rafting, zipline tours, and more. In Panama City, you can enjoy world-class dining, nightlife, casinos and shopping! Panama has attracted some of the world’s most famous brands to set up shop here, including Gucci, Prada, Cartier, Hermes, Nike, Ralph Lauren, Micheal Kors, Carolina Hererra, Chanel, and countless others. Tourists from all over the world come to Panama and experience a modern, beautiful city with all the amenities one would expect from a world-famous business and tourism hub.
The economy of Panama is a fully dollarized free market economy with a history of low inflation. It is based mainly on the services industry, heavily weighted toward banking, commerce, and tourism. The hand-over of the canal and military installations by the US has given rise to new construction projects.
Panama’s economy is centered on a well-developed services sector that accounts for nearly 80% of its GDP. Services include the Panama Canal, banking, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health, and other business. The country’s industry includes, manufacturing of aircraft spare parts, cements, drinks, adhesives, and textiles. Also the leading exports for Panama are bananas, shrimp, sugar, coffee, and clothing.