(Mike Maharrey, Money Metals News Service) If you want some gold, today might be a good day to hunt for a leprechaun, it being St. Patrick’s Day and all. I’ve heard these little creatures have an affinity for gold, and if you catch one, it might reveal its whereabouts in return for its freedom.
But be careful. They’re trickly little critters.
On a St. Patrick’s Day sidenote, did you know Patrick wasn’t Irish?
True story. Patrick was British. He was captured as a youth by Irish raiders but later managed to escape. After becoming a Bishop in England, he felt called to return to Ireland and proclaim the Gospel to his captors.
But back to leprechauns. What in the world are these little creatures? And how in the world did they accumulate pots of gold?
Now, you would think with a name like Maharrey, I would be up on my Irish lore. But alas, not so much. Fortunately, we have Google.
As it turns out, leprechauns are cobblers. Yes, tiny shoemakers.
But this just raises more questions. Making shoes doesn’t seem like a particularly good way to get wealthy. Maybe they have a patent on Nike or something.
In fact, according to ChatGPT, the connections between gold and shoemaking in the leprechaun legend are intentional. They earn coins for their work, and being industrious and frugal, they can accumulate a large stash of gold over time. So, gold is a symbol of long-term craft and labor.
I must give them credit for saving in real money. Given their famed intelligence, it’s likely leprechauns understand that holding gold – real money – is the best way to preserve their wealth. Note: the legend does not make mention of a pot of pounds or dollars.
Leprechaun lore traces back to the 8th century. As one version of the story goes, water spirits known as “luchorpán” merged with a household fairy. “Luchorpán” literally means “small body” in Old Irish. Other researchers say the name Leprechaun comes from the Irish term “leath brogan,” which means shoemaker.
In the early years, leprechauns weren’t cute little critters with green suits and a top hat. They were dark spirits, known as unpredictable tricksters and perceived as dangerous.
Their image softened over time.
Today, these characters normally take on the form of an old man wearing a red or green coat. They are known to be mischievous creatures and quite fond of booze (What Irish story would be complete without booze?).
In most Irish folklore, leprechauns are masters of deception. That’s a nice way of saying they’re little liars.
They are also extremely hard to find. However, humans do occasionally catch them. Even then, the mythical creatures typically outsmart their captors and often use human greed to their advantage.
This is the central theme in the leprechaun myth. They hide treasure. They can be captured. But they almost always escape using deception, with gold serving as a prop in their little schemes.
Supposedly, these little drunkards keep their gold coins in a pot that they bury at the end of the rainbow. The fact that a rainbow doesn’t typically have an end might lead one to believe this is a leprechaun lie and perhaps a diversion to keep us from locating the actual spot where they really keep their gold.
But would a leprechaun need gold anyway? They are magic. They don’t go shopping. They ostensibly don’t need to worry about inflation or counterparty risk.
But according to my source, “Some researchers suggest that this gold is used as a means of tricking humans, and given the leprechauns’ propensity for trickery, this is entirely possible.”
If you are familiar with the world of Harry Potter, leprechaun gold is fake.
According to the Harry Potter Compendium, leprechauns “have the ability to produce gold coins that look and feel authentic as regular coins, which look like Galleons, certainly in the wizarding community. It has the quality of disappearing after a few hours.”
Tricky little critters, indeed!
Here’s one version of the pot of gold story I found that explains how greed enters the picture:
A poor farmer and his wife pulled their last carrot out of the ground and found a Leprechaun clinging to the root. The captured creature offered to grant the couple one wish if they would free him. But a problem quickly developed — the couple couldn’t agree on a wish. They wished for everything, from new tools to a new house to jewelry. Dismayed by their greed, the leprechaun told the couple they could have all they wished for and more if they could find his pot of gold at the end of the rainbow. The leprechaun left with a wink, and the couple spent the rest of their days chasing the end of the rainbow.
The moral of the story is pretty clear.
The good news is you don’t need to go out and find the end of the rainbow to get some gold. We have plenty right here at Money Metals. And we promise – no trickery!
In fact, in the spirit of the day, we have beautiful gold and silver rounds honoring Celtic spirituality and Irish heritage. No rainbow necessary. Just click here for silver and here for gold. Or call 800-800-1865 if you have questions.
Mike Maharrey is a journalist and market analyst for Money Metals with over a decade of experience in precious metals. He holds a BS in accounting from the University of Kentucky and a BA in journalism from the University of South Florida.
