Giving gold as a gift is a tradition as old as human society itself. It’s about a lot more than money. There are many different cultural reasons for giving gold, from prestige to inheritance and beyond.
Understanding the history of gold gifting can help to give one a better perspective on the significance of gold in the world today. There are a lot of reasons to care about gold both in a historical and modern context.
Early examples of gold gifting
According to the Ancient History Encyclopedia, the earliest clear usage of gold in history comes from electrum (the natural alloy of gold and silver), which was used in jewellery by the Egyptians from 5000 BCE. Gold jewellery was worn by both men and women in the Sumer civilization around 3000 BCE and gold chains were first produced in the city of Ur in 2500 BCE.
The Bible offers more concrete evidence of actual gifting with gold about two thousand years ago. When the three wise men visited Mary and the baby Jesus, they presented them with three gifts, one of which was gold: “Then, opening their treasure chests, they offered him gifts of gold, frankincense, and myrrh.”
The Mises Daily points out that gold gifting was prominent in India as early as 2000 BCE:
“It was associated with the pomp and splendor of the gods and kings who appear in these mythological [Hindu] stories.” Indeed, gold gifting has remained prominent in Indian culture up to the present day.
Bridal gold gifts in India
One of the most prominent examples of gold gifting is that of giving gold to the bride at a traditional Indian wedding. Indian families may begin buying gold as early as when the baby is born. This is the only way to ensure that they will have an adequate gift prepared for their adult daughter on her wedding day.
There is a historical reason for giving gold to the bride. In historical India, women were not allowed access to many assets. They were not allowed to have land or any kind of business ownership.
The one form of wealth they were able to hold onto was gold jewellery. Thus, families would provide gold as a form of safety or insurance for their daughters functioning as a public display of wealth, with the bride wearing her jewellery during the wedding ceremony.
Modern gold gifting
Gold continues to be a useful gift. Even in modern times, it is common for today’s families to pass down wealth over time by giving a $10,000 gift of gold each year, which is below the limit for tax-free gifting (American/Australian law — other nations may vary). This reduces the amount of wealth that will eventually be passed down through taxable means.
Starting in the 1940s with PepsiCo, employees were given the gift of a gold watch upon retirement. This practice spread to other companies with a peak in the ’50s and ’60s. The idea is to reward an employee’s lifetime of service with a meaningful gift.
The golden watch is not so common in modern times. In fact, the more common idea of gold and corporations is captured in the idiom of “golden handcuffs” — the idea of being trapped in a well-paying job for too long. Regardless of this idea, gold itself remains a desirable gift.
Gold gifting and the blockchain
As long as gold has value, it will continue to be a useful and enjoyable gift to give or receive. When one receives cash, it often begs to be spent. Gold, on the other hand, is something that tends to be saved. That’s why, in the future, the majority of gold gift transactions will occur through blockchain technology because you can buy, sell, trade, invest and gold gift.
By creating this new financial infrastructure, Novem is ushering in the future of gold and is doing it better than any other gold token with certified secure storage, market rates, third-party auditing, and is adhering to world recognised gold standards, making it even safer than buying jewellery or gold bullion.
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