Gold has served as dollars or established the monetary value of currencies longer than any other material. The use of gold coins was widespread in Europe by 300 B.C. Inside the United States, the earliest coins circulated have been foreign, largely silver and gold, introduced from Europe. The Coinage Act in 1792 established an independent monetary program with the dollar because the elementary U.S. financial unit that contains 24-3/4 grains of fine gold, based on the world cost of $19.39 a troy ounce (480 grains). Congress transformed the gold specification in 1834 and once again in 1837, when it set the dollar cost of gold at $20.67 an ounce.

In 1934, U.S. citizens had been prohibited from holding financial gold in the United States; this was prolonged in 1961 to gold held overseas at the same time. The dollar cost was set at $35 per ounce in 1934. Use of gold in international trade was more restricted as the price tag rose. The government revalued it at $38 per ounce in 1972, then $42.22 in 1973. It has fluctuated widely more than the previous several many years. All restrictions on holding gold were taken out on December 31, 1974.

Coinage in the gold dollar was authorized by the Act of March 3, 1849. The pounds was 25.8 grains, .900 fineness. The first style, struck until eventually 1854, is known as the Liberty Head or small-sized type. In 1854, the dollar coins were developed larger in diameter and thinner. The layout was modified to a feather headdress on the female, frequently called the Indian Princess Head or large-sized sort. In 1856, the kind was modified somewhat by enlarging the dimension on the head.

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