Gold Sovereigns

[bigjarofwasps]

Because You Never Know when 50 Gold Sovereigns Might Come In Handy

When World war I got underway, the British treasury was overflowing with gold sovereigns. But as the war progressed the costs for war materials grew staggering, and many sovereigns flowed out of the country to pay for the weapons of war. By the time World War I ended, the English national debt had increased tenfold, and the country was depleted of gold sovereigns.

A gold sovereign contains almost a quarter ounce of gold, and, back in the days when all paper money was backed by gold, a gold sovereign equaled one British Pound.

During World War II, in fact, they came to be regarded as the only measure of value in German-occupied Europe. In Greece, for example, wartime prices were stabilized based on the value of the sovereign, and destruction of Greek property by the Germans was measured by the Greeks in sovereigns. The coins were used and hoarded not only by the victims of German occupation but also by the occupiers themselves. They also were used by Germany's foes: Allied airmen flying over enemy territory were given survival kits which included gold sovereigns. In case they were shot down, the coins would be accepted anywhere in Europe in payment for goods or services.

Following the war, sovereigns remained so popular in war-ravaged Europe that supplies fell far short of demand. As a result, they acquired premium value and forgers began to make counterfeits. The premium rose so high that the forgers were able to use a full weight of gold in their copies -- and sometimes even more than full weight -- and still reap handsome profits.

The sovereign was used as a measure of value in Greece long after World War II ended. Rents in Athens, for instance, were calculated in sovereigns well into the 1950s. In Saudi Arabia, too, the British coins circulated widely for well over a decade after the end of the war. British and American oilmen doing business there were paid in gold sovereigns throughout the 1940s and 1950s.

The British gold sovereign was so widely recognized that James Bond carried sovereigns as late as the mid-1960’s. In "From Russia With Love," the coins were in the booby-trapped briefcase.

On May 6 1945, at the request of the Allies, Portugal seized all German government buildings. Included in the seizure was 5000 gold sovereign, found in the German Legation in Lisbon.

Additionally, there was a significant amount of gold smuggled into Portugal. German Commercial Attach? in Madrid admitted to smuggling almost $1 million in English gold sovereigns from Berlin to the German embassy in Lisbon. The coins had been sent in diplomatic pouches during 1943 and 1944. Another report indicated that $360,000 of gold was flown to Portugal in June and July of 1944 and deposited in the Bank of Portugal under the name of the ambassador. The bank director admitted several other dignitaries had special accounts.

http://www.spiritone.com/~gdy52150/goldp6.html

Edited July 27, 2006 by bigjarofwasps

[bigjarofwasps]

In March 1942, the Nazis "forcibly borrowed" 10,530,120 gold sovereigns from the Central Bank of Greece, as an interest-free loan. The value of that loan today, with 3% interest amounts to a hefty $17 billion.

http://www.demokritos.org/TRIUMPH.htm

Edited July 27, 2006 by bigjarofwasps

[peter monahan]

Here's a related note I think - but my train of thought often travels down strange tracks - interest owing from former "loans"

The US government still owes the Catholic order the Sisters of Notre Dame monies for the medical care provided to three American officers wounded and captured at Benedict Arnold's abortive attempt to capture Quebec City in 1779. The original sum was, I believe, in the order of twenty dollars: care and lodging for three months for three men. With interest at a modest 1% per annum the delinquent payments now amount to some millions of dollars, though I don't suppose the good sisters are making any big buys on the expectation of getting the bucks anytime soon.

This surfaced, BTW, when Canada was taken to task a few years ago for trading with Cuba who, among it's other sins, still owes money to US citizens for properties nationalized by the (filthy Commy) Castro regime.

And don't even ask about the money owed to "Loyalists" (political refugees who fled to Canada after the Revolution) by various state assemblies!

Joking aside, when does a "debt" / "loan" / etc get written off? I've heard that technically a small portion of the British national debt consists of monies borrowed from the US in 1917, but I can't imagine that Washington still sends out a bill every year. Interesting question, no?

Peter

[bigjarofwasps]

The Sovereign

The World's Most Famous Coin

A History and Price Guide.

Authors: James Mackay, Daniel Fearon and Brian Reeds

Publisher: Hilden Publications

An excellent book, and one which all collectors of gold sovereigns will wish to own.

There is an existing book about the gold sovereign, which is in its second edition, and which has been a valuable resource for collectors and dealers. This new book is the most complete work about sovereigns we have seen. It combines an interesting history of gold sovereigns starting even before the very first sovereigns of Henry VII, through to the present day, with a comprehensive price guide to modern sovereigns from 1817 to date.

Contents

The chapter headings give a clear guide as to the contents:

Introduction

The First Sovereigns

Mentions the first coins of King Croesus, and explains the history of English coinage leading to the development of the gold sovereign by Henry VII.

The Sovereign Since 1817

Illustrates and describes the design and production of sovereign during their golden age. All aspects appear to be covered including notes on the designs, engravers, dies, forgeries, sovereign balances (weighing scales), coining presses and more.

The Branch Mints

Tells the story of the branch mints in Sydney Melbourne and Perth, Australia; Ottawa in Canada; Bombay in India and Pretoria in South Africa, with contemporary photographs.

The Role of the Sovereign

Discusses the primary purpose of the sovereign and explains the "Gold Standard", mentions sunken treasure, an interesting case of "legal" counterfeiting, the modern gold market, the revival of gold coinage, the Exchange Control Act and the Exchange Control Order.

The Sovereign Price Guide

Contains advice for collectors, a grading guide, and a very comprehensive price guide giving prices in up to ten different grades for all sovereign from 1817 to date.

Further Reading

80 Pages.

Well illustrated.

[bigjarofwasps]

The Gold Sovereign by Michael A. Marsh published by Cambridge Coins in 1980.

This is comprehensive and detailed study of the British gold sovereign from its introduction in 1817 to 1979, with 32 plates. It includes tables of quantities minted (both UK and Commonwealth mints) and includes a rarity rating of each coin.(000905)

**Re published in 2002**

*** A very good book, well worthing getting hold of, as is the book `The Sovereign`, featured above ***

[bigjarofwasps]

Nazi Gold

Soon after the out break of the war the German national gold reserves, already substantially increased by the acquisition of Austrian gold holdings following the Auchluss, were significantly augmented by forcible acquisitions from abroad. The Nazi’s took $2,596,608 of gold from the gold reserves of the Czech National Bank and ?32,200,000 from the National Bank of Hungary. They looted part of the gold reserves of Albania, Holland the USSR and other countries overrun of the victorious Wehrmacht, and after the conquest of France they stole $225,900,000 worth of gold, comprising part of the Belgian national gold reserves, which was deposited in the Banque de France for safekeeping, by the Belgian government. The Belgian gold was taken to the Reichsbank in Berlin and resmelted. Each bar was stamped with the letters RB for Reichsbank, the German eagle, the retrospective date 1938, and its weight to three points of the decimal.

Later, when the Germans were forced to withdraw from Southern Italy in the face of the advancing Anglo-American forces, they took with them $100,000,000 in Italian gold, which also ended up in the Reichsbank`s reserves.

At the height of the Nazi conquest of Europe the gold reserves held by the Reichsbank were estimated to total as much as $772,636,253. By today’s values the equivalent of $6,490,144,525 much of it looted from subject nations of Europe.

Following US air raids on Berlin in early Feb 1945, over $200,000,000 worth of gold reserves, were moved from Berlin, to the Kaiseroda Mine. Weighing around 100 tons, it needed 13 railway flat cars to transport it and took 72 hours to unload and transfer them to twenty 10 ton trucks.

Gold in the Kaiseroda mine

8,527 gold bars, valued at $112,000,000. Minted gold coins, valued at $126,000,000, included a million Swiss Francs, a billion French Francs and 711 bags of US $20 gold pieces.

250 tons of gold in total.

Reichsbank in Berlin, liberated by the Russians.

90 gold bars worth $1,278,000 and over four and a half million gold coins (dollars, sovereigns, guilders & Francs) worth $,156,625

P27, P30 & P51 Nazi Gold by Ian and Douglas Botting.

Some gold also unexpectedly turned up in the former German embassy in Madrid Spain, in May 1945. Estimated at one ton, with a value of $1,250,000. It consisted entirely of gold coins, mostly British gold sovereigns. It was flown by plane back to Frankfurt in 1946.

P112 Hitler’s Gold by Arthur L Smith.

Edited July 27, 2006 by bigjarofwasps

[bigjarofwasps]

http://www.goldsovereigns.co.uk/fakes.html

[bigjarofwasps]

Sovereign Grading

FDC

Normally only applied to proof coins. without any marks, wear or blemishes.

Unc or Uncirculated.

In new condition as issued by the mint.

EF or Extremely Fine

Showing few signs of having been in circulation, but may show slight surface marks and faint wear.

VF or Very Fine

Some wear on the raised surfaces having had only limited circulation.

Fine or F.

Considerable signs of wear on the raised surfaces, or design weak through faulty striking.

[bigjarofwasps]

Gold sovereigns, from the house of Windsor…

[paul wood]

George V sovereigns  were the last to be spendable in tbe Uk. The Edward VIII issue was only a trial coin  one sold in 2014 for £430,000. The George VI sovereign was only issued in thd proof sets. Both the last 2 are sold as bullion coins.

p

[Graf]

On 23/04/2023 at 18:41, bigjarofwasps said:

Gold sovereigns, from the house of Windsor…

Thanks

[dond]

Why are the last two coins copper-ish in appearance?