The term 'former European gold or silver coin' can be summarized as the ducat, a five-letter word. The ducat was a gold or silver coin used in Europe from the Middle Ages until the early 20th century. It was first issued in the 13th century and was widely used in many countries, including Austria, Hungary, Italy, and the Netherlands. The ducat was also used as a unit of account in some countries. The ducat was eventually replaced by other coins, such as the euro, in the late 20th century.