Gold reserves of Norway

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

The gold reserves of Norway (Norwegian Bokmål: Norges gullbeholdning or Norges gullreserver) were the physical reserves of gold of the Kingdom of Norway.

Current status

In 2004, the gold reserves 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 reserves would fund both the exiled King and Government and the resistance movement.

The gold that served as Norway's forex reserves had been transported abroad before the invasion. The gold that was still in Norway as of 1940 served as gold standard reserves backing the 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.

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 gold reserves 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 gold reserves are sent by express train to Sweden as Russia invades Norway.[6]

See also

References

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  1. 1 2 3 4 5 6 7 Bank of Norway, 14 November 2007.
  2. 1 2 3 4 5 Aftenposten, 18 March 2005.
  3. 1 2 3 4 5 Dagens Næringsliv, 7 May 2014.
  4. 1 2 3 4 5 GullNorge.no.
  5. ↑ Royal Canadian Mint: 1/4 oz. Pure Gold Coin - Allied Gold - Mintage: 1,500 (2015)
  6. ↑ YouTube: OKKUPERT (2015) Putin rekvirerer Slottet, Norges gullbeholdning sendt med ekspresstog til Sverige

Literature

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