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[[File:20-kroner-1874-Norge.jpg|thumb|A [[Norwegian krone|20-crown]] [[gold coin]] with the [[coat of arms of Norway]].]]
[[File:20-kroner-1874-Norge.jpg|thumb|A [[Norwegian krone|20-crown]] [[gold coin]] with the [[coat of arms of Norway]]]]


The '''gold reserves of Norway''' ([[Norwegian language|Norwegian]] [[Bokmål]]: ''Norges gullbeholdning'') were the [[gold reserve|physical reserves]] of [[gold]] of the [[Norway|Kingdom of Norway]]. The reserves consisted of approximately 37 [[tonne]]s divided on 33.50 tonnes of [[Gold bar|bars]] and 3.50 tonnes of [[Gold coins|coins]].<ref name="NB 2007"/> In 2004, the [[Norges Bank|Bank of Norway]]&mdash;the [[central bank]] issuing the [[Norwegian krone|Norwegian crown]]&mdash;excluded the gold from its [[Foreign-exchange reserves|international reserves]] and sold all bars except seven.<ref name="NB 2007"/>
The '''gold holdings of Norway''' ([[Norwegian language|Norwegian]] [[Bokmål]]: ''Norges gullbeholdning'', ''Norges gullreserver''), also known as Norway's [[gold reserve]]s, were a formally defined entity related to [[Norges Bank]]'s [[foreign-exchange reserves]] as well as the physical quantity of [[gold]] owned by the same [[central bank]]. During the eras of the [[gold standard]], the national currency was in theory redeemable by a specific quantity of the state's gold holdings.


== Current status ==
When Norway was [[Operation Weserübung|invaded]] by [[Germany]] in 1940, the gold was [[Flight of the Norwegian National Treasury|transported]] to the [[United Kingdom]] by the British [[Royal Navy]] and further to [[Canada]] and the [[United States]].<ref name="gullhistorie"/>
In 2004, Norway's gold holdings consisted of approximately 37 [[tonne]]s divided on 33.5 tonnes of [[Gold bar|bars]] and 3.5 tonnes of [[Gold coin|coins]].<ref name="NB 2007"/> In 2004, [[Norges Bank]]—the [[central bank]] issuing the [[Norwegian krone|Norwegian crown]]—excluded gold from its [[Foreign-exchange reserves|forex reserves]] and sold all bars, except seven, on the international gold market in [[London]].<ref name="NB 2007"/>

Along with the seven gold bars, some gold coins were kept for museal purposes. Of approximately 415,000 coins, 393,000 (approx. 3.3 tonnes) are Norwegian 10-crown and 20-crown coins of the 19th and early 20th century, produced at the Mint in [[Kongsberg]], while the others (approx. 200 kilos) originate in [[Sweden]], [[Denmark]], [[France]], [[Austria]], and [[Hungary]].<ref name="Aftenposten 18 March 2005"/>

== History ==
In April 1940, when [[Norway]] was [[Operation Weserübung|invaded]] by [[Nazi Germany]], the gold reserves included 48.8<ref name="NB 2007"/> or 60 [[tonnes]]. During the morning hours of 9 April, 818 boxes of 40 kilograms each, 685 boxes of 25 kg each, and 39 barrels of 80 kg each (a total of 53 tonnes of gold, of which 48.8 tonnes were in the form of bars) were brought out of [[Oslo]] parallel with the capital city's being invaded.<ref name="NB 2007"/> The gold was subsequently [[Flight of the Norwegian National Treasury|transported]] to the [[United Kingdom]] by the British [[Royal Navy]] and, in June and July, further to [[Montreal]], later [[Ottawa]], in [[Canada]] and [[New York City]] in the [[United States]].<ref name="DN 7 May 2014"/><ref name="gullhistorie"/> Only a small portion, approximately {{convert|5,715|ozt|kg|lk=out|sigfig=3|order=flip|abbr=in}}, was kept in [[London]]. From 1940 to 1945, the gold holdings funded both the exiled [[Haakon VII of Norway|King]] and [[Nygaardsvold's Cabinet|Government]] as well as the [[Norwegian resistance movement|resistance movement]].

In 1987, approximately 10 tonnes of gold coins were returned to Norway from the United States [[Federal Reserve Bank]] and the [[Bank of Canada]].<ref name="DN 7 May 2014"/><ref name="Aftenposten 18 March 2005"/> The gold bars remained in the United States. Additionally, coins that were considered having no numismatic or historical value were remelted into bars.

In 1988, coin dealer ''Oslo Mynthandel'', represented by Mr Jan Olav Aamlid, purchased 100,484 coins from the state's gold holdings and distributed them to collectors and investors.<ref name="gullhistorie"/>

In 2015, the [[Royal Canadian Mint]] commemorated the [[Flight of the Norwegian National Treasury|1940 transport]] with a special issue (Allied Gold/L'or des alliés) of the [[Canadian Gold Maple Leaf]].<ref>[[Royal Canadian Mint]]: [http://www.mint.ca/store/coins/14-oz.-pure-gold-coin-allied-gold-mintage-1500-2015-prod2340019 1/4 oz. Pure Gold Coin - Allied Gold - Mintage: 1,500 (2015)]</ref>

== See also ==
* [[Flight of the Norwegian National Treasury]]


== References ==
== References ==
{{Reflist|
{{Reflist|
<ref name="NB 2007">Bank of Norway, 14 November 2007.</ref>
<ref name="NB 2007">Bank of Norway, 14 November 2007.</ref>
<ref name="Aftenposten 18 March 2005">''Aftenposten'', 18 March 2005.</ref>
<ref name="DN 7 May 2014">''Dagens Næringsliv'', 7 May 2014.</ref>
<ref name="gullhistorie">GullNorge.no.</ref>
<ref name="gullhistorie">GullNorge.no.</ref>
}}
}}


== Litterature ==
== Literature ==
* [[Museum of Cultural History, Oslo|Museum of Cultural History]] ([[University of Oslo]]): [http://www.dokpro.uio.no/umk_eng/blanding/gullbehold.html The world's biggest coin deal] {{in lang|en}}
⚫
* [[Norges Bank|Bank of Norway]]: [http://www.norges-bank.no/Publisert/Pressemeldinger/2004/2004-01-28T09-07-17fgenhtml/ Norges Bank har solgt deler av gullreserven, men beholder myntene fra gulltransporten] 28 January 2004 {{no-icon}}
* ''Global Gold News'': [http://globalgoldnews.com/2014/02/11/norway-a-rich-country-without-any-gold-holdings/ Norway &ndash; a rich country without any gold holdings] 11 February 2014. {{in lang|en}}
⚫
* [[Norges Bank|Bank of Norway]]: [http://www.norges-bank.no/FAQ/gull/ FAQ - Gull] 14 November 2007 {{no-icon}}
⚫
* [[Norges Bank|Bank of Norway]]: [http://www.norges-bank.no/Publisert/Pressemeldinger/2004/2004-01-28T09-07-17fgenhtml/ Norges Bank har solgt deler av gullreserven, men beholder myntene fra gulltransporten] 28 January 2004 {{in lang|no}}
⚫
* GullNorge.no: [http://gullnorge.no/norsk-gullhistorie/ Norsk gullhistorie] {{no-icon}}
⚫
* [[Norges Bank|Bank of Norway]]: [https://web.archive.org/web/20140823230848/http://www.norges-bank.no/FAQ/gull/ FAQ - Gull] 14 November 2007 {{in lang|no}}
⚫
* GullNorge.no: [http://gullnorge.no/norsk-gullhistorie/ Norsk gullhistorie] {{in lang|no}}
* [[Norges Bank|Bank of Norway]]: [http://www.norges-bank.no/200-ar/historie/Gulltransporten/ Gulltransporten: Slik ble landets gullreserver reddet] 2016(?) {{in lang|no}}
* [[Aftenposten]]: [http://www.aftenposten.no/nyheter/iriks/Vil-stille-ut-Norges-gullskatt-6346766.html Vil stille ut Norges gullskatt] 18 March 2005 {{in lang|no}}
* [[Dagens Næringsliv]]: [http://www.dn.no/nyheter/politikkSamfunn/2014/05/07/Fem-kjappe/gullet-hitler-ikke-fikk Gullet Hitler ikke fikk] 7 May 2014 {{in lang|no}}

{{Gold reserves by country|state=expanded}}


[[Category:Gold coins]]
{{uncategorized}}
[[Category:Gold standard]]
[[Category:Norway in World War II]]
[[Category:Public finance of Norway]]

Latest revision as of 10:19, 6 March 2023

A 20-crown gold coin with the coat of arms of Norway

The gold holdings of Norway (Norwegian Bokmål: Norges gullbeholdning, Norges gullreserver), also known as Norway's gold reserves, were a formally defined entity related to Norges Bank's foreign-exchange reserves as well as the physical quantity of gold owned by the same central bank. During the eras of the gold standard, the national currency was in theory redeemable by a specific quantity of the state's gold holdings.

Current status

[edit]

In 2004, Norway's gold holdings consisted of approximately 37 tonnes divided on 33.5 tonnes of bars and 3.5 tonnes of coins.[1] In 2004, Norges Bank—the central bank issuing the Norwegian crown—excluded gold from its forex reserves and sold all bars, except seven, on the international gold market in London.[1]

Along with the seven gold bars, some gold coins were kept for museal purposes. Of approximately 415,000 coins, 393,000 (approx. 3.3 tonnes) are Norwegian 10-crown and 20-crown coins of the 19th and early 20th century, produced at the Mint in Kongsberg, while the others (approx. 200 kilos) originate in Sweden, Denmark, France, Austria, and Hungary.[2]

History

[edit]

In April 1940, when Norway was invaded by Nazi Germany, the gold reserves included 48.8[1] or 60 tonnes. During the morning hours of 9 April, 818 boxes of 40 kilograms each, 685 boxes of 25 kg each, and 39 barrels of 80 kg each (a total of 53 tonnes of gold, of which 48.8 tonnes were in the form of bars) were brought out of Oslo parallel with the capital city's being invaded.[1] The gold was subsequently transported to the United Kingdom by the British Royal Navy and, in June and July, further to Montreal, later Ottawa, in Canada and New York City in the United States.[3][4] Only a small portion, approximately 178 kg (5,715 troy ounces), was kept in London. From 1940 to 1945, the gold holdings funded both the exiled King and Government as well as the resistance movement.

In 1987, approximately 10 tonnes of gold coins were returned to Norway from the United States Federal Reserve Bank and the Bank of Canada.[3][2] The gold bars remained in the United States. Additionally, coins that were considered having no numismatic or historical value were remelted into bars.

In 1988, coin dealer Oslo Mynthandel, represented by Mr Jan Olav Aamlid, purchased 100,484 coins from the state's gold holdings and distributed them to collectors and investors.[4]

In 2015, the Royal Canadian Mint commemorated the 1940 transport with a special issue (Allied Gold/L'or des alliés) of the Canadian Gold Maple Leaf.[5]

See also

[edit]

References

[edit]
  1. ^ a b c d e Bank of Norway, 14 November 2007.
  2. ^ a b c Aftenposten, 18 March 2005.
  3. ^ a b c Dagens Næringsliv, 7 May 2014.
  4. ^ a b c GullNorge.no.
  5. ^ Royal Canadian Mint: 1/4 oz. Pure Gold Coin - Allied Gold - Mintage: 1,500 (2015)

Literature

[edit]
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