Historically, the U.S. Treasury issued gold certificates from the civil war until 1933. Denominated in dollars, these certificates constituted part of the gold standard. Holders could exchange their gold certificates for an equal value of gold. Silver certificates later replaced gold certificates briefly, before giving way to Federal Reserve notes. U.S. Treasury gold certificates have been out of circulation for so long, they’re now considered to be collectibles.

Today, gold certificates offer investors a method of holding gold without taking physical delivery. Individual banks, particularly in countries like Germany and Switzerland, issue these certificates. The paper confirms an individual's ownership, while the bank holds the metal on the client's behalf.

The client thus saves on storage and personal security issues. He or she also gains liquidity in terms of being able to sell portions of the holdings by simply telephoning the custodian.

The Perth Mint runs a certificate programme that is guaranteed by the government of Western Australia and is distributed in a number of countries.