Fools Gold is shiny and golden in colour, but beware it isn’t gold at all! It is a form of iron called Iron Pyrites. Its name means fire stone and comes from the Romans who used it to light fires. Fool’s gold is often found in seams of coal and other sedimentary rocks. Sometimes it replaces minerals which have been dissolved out of fossils and pyrites is deposited in its place, leaving beautiful shiny golden fossils.