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Goldwasser was also called Gdanska Zlotówka (Gdansk gold) or Zlota Woda (Gold water). Legend has it that when King Sigismund II of Poland visited Gdansk in 1549 on his tour of the country after his coronation, part of the Polish city authorities' homage to the newly crowned monarch was a gift of Goldwasser, and he is said to have sung the praises of the golden drink often along the rest of his route after Gdansk.
The most prominent characteristic of this alcoholic beverage is small flakes of 22 karat gold suspended in it; alchemy, which was at its high point in the 16th century when Goldwasser appeared, believed gold to have many desirable medicinal properties. Since the flakes are extremely small and thin, the price of the product is not prohibitive.