Gold holdings of Norway: Difference between revisions
m The Gnome moved page Gold reserves of Norway to Gold holdings of Norway: Gold is no longer a "reserve" in terms of state finances or state accounting. |
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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]]]] |
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The '''gold |
The '''gold holdings of Norway''' also known as "gold reserves" ([[Norwegian language|Norwegian]] [[Bokmål]]: ''Norges gullbeholdning'' or ''Norges gullreserver'') are the physical quantity of [[gold]] owned of the [[Norway|Kingdom of Norway]]. During the eras of the [[gold standard]], the national currency was redeemable by a specific quantity of the state's gold holdings. |
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== Current status == |
== Current status == |
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In 2004, |
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, the [[Norges Bank|Bank of Norway]]—the [[central bank]] issuing the [[Norwegian krone|Norwegian crown]]—excluded the 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"/> |
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Of today's approximately 415,000 gold coins, 393,000 (approx. 3.3 tonnes) are Norwegian 10-crown and 20-crown coins of the 19th century 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"/> |
Of today's approximately 415,000 gold coins, 393,000 (approx. 3.3 tonnes) are Norwegian 10-crown and 20-crown coins of the 19th century 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"/> |
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== History == |
== History == |
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In April 1940, when [[Norway]] was [[Operation Weserübung|invaded]] by [[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 kilos each, 685 boxes of 25 kilos each, and 39 barrels of 80 kilos each were brought out of [[Oslo]] parallel with the capital city 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 5,715 [[troy ounce]]s, was kept in [[London]]. From 1940 to 1945, the gold |
In April 1940, when [[Norway]] was [[Operation Weserübung|invaded]] by [[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 kilos each, 685 boxes of 25 kilos each, and 39 barrels of 80 kilos each were brought out of [[Oslo]] parallel with the capital city 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 5,715 [[troy ounce]]s, was kept in [[London]]. From 1940 to 1945, the gold holdings would fund both the exiled [[Haakon VII of Norway|King]] and [[Nygaardsvold's Cabinet|Government]] and the [[Norwegian resistance movement|resistance movement]]. |
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The gold that served as Norway's [[Foreign-exchange reserves|forex reserves]] had been transported abroad before the invasion. The gold that was still in Norway as of 1940 served as [[gold standard|gold standard reserves]] backing the [[Norwegian krone|Norwegian crown]], and that gold was required by law to be stored within the Realm. After the 1940 transport, only a tiny amount of gold remained in Oslo. |
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In 1987, approximately 10 tonnes of gold coins were returned home from the [[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 historic value were remelted into bars. |
In 1987, approximately 10 tonnes of gold coins were returned home from the [[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 historic value were remelted into bars. |
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In 1988, ''Oslo Mynthandel'', represented by Jan Olav Aamlid, purchased 100,484 coins from the gold |
In 1988, ''Oslo Mynthandel'', represented by Jan Olav Aamlid, purchased 100,484 coins from the state's gold holdings and distributed them to collectors and investors.<ref name="gullhistorie"/> |
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== Culture == |
== Culture == |
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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> |
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> |
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In the 2015 TV series ''[[Okkupert]]'', the gold |
In the 2015 TV series ''[[Okkupert]]'', the state's gold holdings are sent by express train to [[Sweden]] as [[Russia]] invades [[Norway]].<ref>[[YouTube]]: [https://www.youtube.com/watch?v=kNKvx1NXGgk OKKUPERT (2015) Putin rekvirerer Slottet, Norges gullbeholdning sendt med ekspresstog til Sverige]</ref> |
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== See also == |
== See also == |
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Revision as of 15:21, 5 October 2017
The gold holdings of Norway also known as "gold reserves" (Norwegian Bokmål: Norges gullbeholdning or Norges gullreserver) are the physical quantity of gold owned of the Kingdom of Norway. During the eras of the gold standard, the national currency was redeemable by a specific quantity of the state's gold holdings.
Current status
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, the Bank of Norway—the central bank issuing the Norwegian crown—excluded the gold from its forex reserves and sold all bars, except seven, on the international gold market in London.[1]
Of today's approximately 415,000 gold coins, 393,000 (approx. 3.3 tonnes) are Norwegian 10-crown and 20-crown coins of the 19th century 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
In April 1940, when Norway was invaded by Germany, the gold reserves included 48.8[1] or 60 tonnes. During the morning hours of 9 April, 818 boxes of 40 kilos each, 685 boxes of 25 kilos each, and 39 barrels of 80 kilos each were brought out of Oslo parallel with the capital city 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 5,715 troy ounces, was kept in London. From 1940 to 1945, the gold holdings would fund both the exiled King and Government and the resistance movement.
In 1987, approximately 10 tonnes of gold coins were returned home from the 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 historic value were remelted into bars.
In 1988, Oslo Mynthandel, represented by Jan Olav Aamlid, purchased 100,484 coins from the state's gold holdings and distributed them to collectors and investors.[4]
Culture
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]
In the 2015 TV series Okkupert, the state's gold holdings are sent by express train to Sweden as Russia invades Norway.[6]
See also
References
- ^ a b c d e Bank of Norway, 14 November 2007.
- ^ a b c Aftenposten, 18 March 2005.
- ^ a b c Dagens Næringsliv, 7 May 2014.
- ^ a b c GullNorge.no.
- ^ Royal Canadian Mint: 1/4 oz. Pure Gold Coin - Allied Gold - Mintage: 1,500 (2015)
- ^ YouTube: OKKUPERT (2015) Putin rekvirerer Slottet, Norges gullbeholdning sendt med ekspresstog til Sverige
Literature
- Museum of Cultural History (University of Oslo): The world's biggest coin deal Template:En-icon
- Global Gold News: Norway – a rich country without any gold holdings 11 February 2014. Template:En-icon
- Bank of Norway: Norges Bank har solgt deler av gullreserven, men beholder myntene fra gulltransporten 28 January 2004 Template:No-icon
- Bank of Norway: FAQ - Gull 14 November 2007 Template:No-icon
- GullNorge.no: Norsk gullhistorie Template:No-icon
- Bank of Norway: Gulltransporten: Slik ble landets gullreserver reddet 2016(?) Template:No-icon
- Aftenposten: Vil stille ut Norges gullskatt 18 March 2005 Template:No-icon
- Dagens Næringsliv: Gullet Hitler ikke fikk 7 May 2014 Template:No-icon