Helvetia/Vreneli gold coin 20 Swiss francs L1935B.

The 20 Swiss francs 1935lb is an investment gold coin exempt from VAT. The Swiss Helvetia 20 franc L1935B coin is investment gold according to the criteria set by the european union directive 2006/112/EC and a coin daily quoted in France by Cpor at a price close to the spot price of gold. Millesimal fineness is 900 ‰ and the coin contain 5.80 grams of pure gold, it is a widely common coin (10.000.000 gold vreneli minted in 1949) the minimum value follows (in VG / VF) the normal quotation of the swiss 20 francs Helvetia, with some exceptions (error coins) due to die Rotation and brocken die during manufacturing.

➽ Die Rotation of 75° : 3 × Cpor Price, from 1000 to 1500 CHF
➽ Type Edge with small stars in relief 21 stars : 1,5× Cotation Cpor
➽ hammer die defect # 1
Break on the reverse, 2 mm from the edge of the coin .: 1,1 × Cpor Price
➽ hammer die defect # 2
Break on the reverse on the oak leaves above the shield. 1,1 × Cpor Price

Helvetia 20 Franc Gold Coin L1935B value.

The history of the Swiss 1935LB gold coins reveals a complex and morally questionable connection to wartime activities and the international black market. These coins, minted with pre-war gold ingots, have roots that stretch back to Switzerland’s delicate financial position during World War II and the years immediately following.

The Origins of the 1935LB Coins and Pre-War Gold

The 1935LB gold coins were struck using pre-war Swiss gold ingots, with some Russian-sourced gold entering the mix briefly after World War II. The origin of these coins goes back to 1939, shortly after Germany invaded Poland. At the time, Switzerland was experiencing a run on its banks due to global instability. Although the Swiss franc had been devalued in 1936, gold 20 Franc pieces could still be purchased at around 30 francs from the Swiss central bank—far above their face value.

The coins were minted as part of a pre-existing system, with no intention of creating a post-war program. Instead, they were part of a broader effort by Swiss banks to maintain financial stability amid growing wartime demand for gold. This effort allowed Swiss banks to profit from black market gold trades during the war, with prices for gold coins soaring to double or even two and a half times their face value. The sale of these coins became a major source of revenue for Swiss commercial banks, helping them to cover operating costs during the conflict.

Wartime Black Market and Swiss-German Gold Trade

Switzerland, during World War II, acted as a financial hub, or “clearing house,” for many nations, facilitating currency exchanges much like today’s SWIFT system. Swiss banks became deeply involved in international trade, including trading with Nazi Germany. Germany, in turn, relied on Switzerland for food, fuel, and currency exchanges. Much of the gold that passed through Switzerland during the war originated from looted Belgian reserves, which had been taken by the Reichsbank.

Approximately 141 million francs worth of coins were seized from Belgium and sold to Switzerland, fueling a thriving black market. These coins were smuggled into occupied France and other regions, as the demand for gold skyrocketed. Swiss banks found themselves at the center of this black market, with gold coin prices becoming so inflated that they threatened the value of the Swiss franc. In response, the Swiss central bank introduced policies to stabilize the situation, but the black market remained a powerful force.

The 1935LB Coin and Germany’s Ill-Gotten Gold

In 1945, as World War II was coming to a close, Switzerland faced increasing scrutiny from the Allies regarding its handling of German gold. Germany had been laundering looted gold, particularly from Belgium, by melting it down, removing original stamps, and re-stamping it with Prussian markings. This practice made it difficult to trace the gold’s origins, and some of it made its way into Swiss financial systems.

By early 1945, the Allied Powers, through agreements such as the Currie Mission, pressured Switzerland to halt the importation of German gold. As part of these agreements, the minting of the 1935LB coins began in February 1945, just as Switzerland was banning the import of German gold. The timing suggests that Swiss authorities were attempting to cover their tracks by continuing the production of gold coins using Swiss-minted gold rather than looted foreign reserves.

The Role of Pre-Dated Coins and Post-War Supply

The 1935LB coins were struck for a period well after their official date. This practice of pre-dating coins allowed Swiss authorities to continue using gold reserves from before the war, avoiding direct association with looted gold. As the pre-war gold supplies were exhausted by 1947, Switzerland briefly relied on Russian-sourced gold before ceasing the practice of pre-dating coins.

Despite the questionable origins of much of the gold flowing through Switzerland during the war, the 1935LB coins continued to circulate. Commercial banks sold them to the public and funneled them into the black market, enabling Swiss financial institutions to remain solvent. The sale of gold coins was not just a side business; it became a primary method of funding bank operations, especially during the most intense years of the conflict.

Legacy and Moral Ambiguity

Although the 1935LB coins were struck using pre-war Swiss bars, they are inextricably linked to a broader context of wartime profiteering, black market operations, and Switzerland’s controversial financial dealings with Nazi Germany. The Swiss role as a financial hub during World War II allowed these coins to circulate widely, providing liquidity at a time when many nations were struggling. However, this came at the cost of moral compromise, as Swiss banks profited from the war by engaging in trade with Nazi Germany and handling gold looted from occupied nations like Belgium.

In the post-war years, the exact fate of some of the looted Belgian gold remains unclear. Reports have listed serial numbers of “contaminated” gold bars, but their current locations are largely unknown. Meanwhile, Holocaust gold looted from concentration camps was largely sent to the Reichsbank, where it was stored in places like the Merkers mine. By the war’s end, Allied forces uncovered 12 tons of this Holocaust gold, much of which was distributed through the Tripartite Commission to various countries as post-war reparations.

While Switzerland managed to distance itself from the worst of the gold trade, the 1935LB coins remain a symbol of the complicated and often dark relationship between financial stability and wartime ethics. Even today, these coins carry with them the legacy of a world at war, where gold became a currency of survival and complicity.

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