When and why did we start to assign a monetary value to gold? | AskHistorians Archive Observer

When and why did we start to assign a monetary value to gold?

by br0nkey

And isn't the monetary value of gold just as arbitrary as the monetary value of paper currency? If so, why is it so important to have a currency backed by gold?

Searocksandtrees

hi! there's lots of room for economics historians to contribute more information here, but meanwhile you can get started on these:

FAQ section:

Why was always considered so valuable?

a couple of posts on currency:

How did pre-scientifically advanced civilizations who used precious metals as currency distinguish between them? How was the creation and flow controlled? How was currency in general controlled?
How did gold and silver become a 'valuable' metal, and used as a monetary system?