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Gold In European Banks

 
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Author Previous TopicReplies: 8 / Views: 363Next Topic  
Valued Member
United States
359 Posts
 Posted 02/12/2021  6:36 pm Show Profile   Bookmark this topic Add howell1018 to your friends list Get a Link to this Message
I understand that some European banks were a source of U.S. Gold Double Eagles, and that they were there for quite a long time. Why was this so? Why did the banks house them. From where did they get the coins. Are there any left?
Bedrock of the Community
Australia
18356 Posts
 Posted 02/12/2021  7:22 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
Gold coins and bullion can be stored for safe keeping at a bank by both customers and non customers of the bank. As I understand it, such coins or bullion need not necessarily have been the subject of a physical payment transfer.

Government institutions, with international physical transfer, are just as free to make these sorts of decisions as individuals or companies.

Sorry for the rather nebulous answer, but
I suspect that there may be lots of Double Eagles still within the vaults of European banks.
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United States
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 Posted 02/12/2021  7:24 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Agree on all counts.
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United Kingdom
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 Posted 02/12/2021  7:27 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
I lived and worked in France for part of the 1970s and 1980s, and many banks at that time had a bullion counter with various coins on display that could be bought at the current 'cours' (a set rate of exchange that is adjusted daily) - they usually included French 20-franc pieces, British sovereigns and US double-eagles.

I've certainly seen a lot of double-eagles in France: most coin shops seem to have a pile of them, and quite a few French people have one tucked away. I imagine most of these coins would originally have been brought over by tourists doing the Grand Tour or possibly by troops during WW1. The French franc was notoriously unstable from 1914 until it was revalued in 1960, and many people hoarded gold and silver coins, and changed their savings for gold coins rather than deposit money in a bank account.

I imagine there might be some scarce and rare double-eagles lying around in French homes, whose owners think they are only worth bullion value. In 2017 I had a look through about 20 double-eagles that a Bureau de Change in Lyon was selling at the official 'cours', but they were all common dates and mints and most were in VF to EF and quite heavily bagmarked as if they'd spent most of their life being carried around in sacks, knocking against the other coins. I didn't buy any, but I have in the past bought a few gold sovereigns in France for rather less than I would have paid in a local coin shop.
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 Posted 02/12/2021  7:31 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Interesting backstory, thanks.
Bedrock of the Community
Australia
18356 Posts
 Posted 02/12/2021  9:36 pm  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
I would think it would be impossible to buy a Double Eagle anywhere in the World today, for gold value plus a percentage; they are all sold as a numismatic item and as the RedBook suggests, at a fixed price according to condition and market condition pricing, as with all other numismatic 'bullion' items.
Valued Member
Canada
75 Posts
 Posted 03/01/2021  9:48 pm  Show Profile   Bookmark this reply Add cedargrove to your friends list Get a Link to this Reply
@sel,

I have recently purchased double eagles from the late 1800s to early 1900s for spot plus 5-10%. They are EF to AU.

However my 1850s double eagle (graded AU) was purchased at numismatic values (roughly spot plus 50%).
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Australia
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 Posted 03/02/2021  12:23 am  Show Profile   Bookmark this reply Add sel_69l to your friends list Get a Link to this Reply
You have done well!
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United States
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 Posted 03/02/2021  07:42 am  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
Yep, most online vendors will deliver a gold double Eagle to your door for spot + 10%.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
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