Gold Sovereigns Estimated to Account for 3% of Deposits in Greece
Before the emergence of the euro single currency gold coins, especially the UK sovereigns, were considered as a “hedge” against a depreciating local current (the drachma) and against inflation
UK gold sovereigns worth five billion euros, or roughly 3% of the deposits held in Greece, are estimated to be held by individuals in the country, a figure that, however, may be low, given the “grey market” in buying and selling such coins in the country.
Before the emergence of the euro single currency gold coins, especially the UK sovereigns, were considered as a “hedge” against a depreciating local current (the drachma) and against inflation.
Gold coins as gifts for occasions such as weddings, baptisms and major celebrations remain common.
On an annual basis, some 200,000 gold sovereigns “officially” change hands, with the Bank of Greece (BoG) and systemic Piraeus Bank the only official institutions where individuals can buy or sell back the coins, often with a “steep” premium in favor of the former.
Conversely, the volume of sales conducted on the so-called “informal or grey” market cannot be estimated with accuracy, bank officials have said.
To mark 15 years of cooperation with Piraeus Bank, the Royal Mint is launching a limited-edition gold sovereign, which for the first time will feature the embossed distinctive landmark of a third country, in this case Greece (EL).
Anniversary edition
A total of 15,000 coins will be available at a price of €1,100 each, which includes a 15% premium, as this is an anniversary edition.
Speaking on Tuesday to reporters in Athens, Nick Bowkett, the Royal Mint’s Global Head of Growth, emphasized, among other, that “the new edition with the distinctive ‘EL’ mark recognizes Greece’s deep relationship with the gold sovereign.”
‘EL’ in this case stands of “El-LA-dha”, how Greece is called in Greek.
The obverse depicts King Charles III, while the reverse depicts St. George on Horseback as Dragon-Slayer, the work of Italian engraver Benedetto Pistrucci.
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