William Shakespeare is a well known writer who is overwhelmingly known for the expressed idea that shiny things aren't necessarily precious or things that have a real value. In the original edition of the play "The Merchant of Venice" (1596), it has the line as 'all that glisters is not gold'. 'Glister' has been replaced by 'glitter' and is used in modern versions of the Shakespearean play.

The specific line comes from a plot in the play where the puzzle of Portia's boxes is discussed (Act II - Scene VII - Prince of Morocco). When Portia and Morocco are talking, he opens the golden casket and says:

O hell, what have we here?

A carrion death, within whose empty eye

There is a written scroll. I’ll read the writing.

(Reads)

“All that glisters [glitters] is not gold— ...."

The key idea in this instance is that the words and phrase can apply to people, places, or things that promise to be more than they really are.

More Info: en.wikipedia.org