This article explores the extent to which gold jewelry, an object type conventionally looked on as a means of display, should also be seen as a type of money. Drawing on historical evidence and ethnographic research, the analysis considers the ways in which two examples—the Renaissance money chain and the modern jewelry collection—exhibit characteristics fundamental to money: liquidity, partibility, and recursive divisibility. As a result, this study proposes that gold jewelry can best be described as a type of para-money. The article concludes that due to its ambiguous state, gold jewelry is able to act as a mediator in social situations where exchanges of money proper are considered unacceptable, and that this is an important yet under-acknowledged aspect of its social identity.