1179) Poland: Rectangular Ingot-shaped Gold Coins of 100 Zloty mark the return/repatriation of Polish Gold Reserves onto Polish soil from England: Coins issued by "Naradowi Banki Polski" (National Bank of Poland - NBP): Date of Coin issue: 18.12.2019:
The National Bank of Poland has issued new rectangular Ingot-shaped Gold Collector Coins on 18.12.2019, which commemorate the National Bank's repatriation of their pre-world War II, Gold Reserves back to Poland after the War.
This gold was kept in the vaults of the Bank of England vaults since the end of WWII, as the Polish government feared that soldiers of Germany's invading Third Reich would steal their reserves. In an attempt to thwart this theft, the gold was strategically moved on more than one occasion to the Bank of England vaults, where it stayed until 11/2019.
The sequence of events from evacuating the Gold Reserves to England and back to Poland:
On 01.09.1939, on a pretense of an imminent Polish invasion across their shared border, Hitler ordered German troops to tear down the border posts and take part in a "Blietzkrieg" - an all-out offensive against a Polish army, which was no match for the German juggernaut. In five weeks, the Republic of Poland had virtually disappeared from the map, with Germany and the USSR dividing the country between them.
The National Bank of Poland officials were faced with a gigantic task to save the country's National Treasury in Gold Bullion to prevent the invaders from plundering it. At the outbreak of WWII, Poland's National Bank held a reserve of about 80 tons of gold worth about 90.0 million dollars (in 1939). At present day valuations, it would be a little over one billion, 600 million dollars.
Emergency plans were put into effect to move the gold out of the country and over the next five years, the gold was shipped through a dozen countries and across four continents to keep it safe. The gold's first journey was to Romania, where a small deposit was left in their National Bank, before it was shipped to neutral Turkey, with the help of the British.
From Turkey, it was transported by freight wagons and taken to French-mandated Syria, then onto Lebanon - all within one month.
Another risky move saw the gold loaded onto ships and sailed across the Mediterranean to france, after assurances from Mussolini's Italy, then an ally of Germany that they would not attack the convoy.
By 10/1939, one month after Germany's invasion of Poland, the gold reserve arrived in Paris and was deposited at the Nevers branch of the Banque de France, some 240 kilometres (or about 150 miles) South of Paris, where it was hoped that it would remain safe until the conclusion of the war.
In the following year armies of the Third Reich invaded France, with Hitler making his first and only visit to Paris, to survey all that his armies had conquered. With France surrendering to the Nazis and German occupation a few weeks later, Poland's gold was now effectively in "German Territory" and under their control, something that the Polish Bank officials had hoped to avoid at all costs.
As Germany's occupation of part of France was a "fait du complet" (meaning "an accomplished fact" or "something which had already occurred"), it became necessary to move the gold again. This time, another convoy of ships took the gold to Africa to Dakar, (capital of the coastal country of Senegal). Then it was moved to Fort Kay, Mali, which was a part of French West Africa.
Despite the efforts of Charles de Gaulle's Free French Army to return the gold to Poland from Fort Kay, it remained there until 1942, until the allied Armies launched "Operation Torch" - code-name for the invasion of North Africa.
As part of the operation, the responsibility of securing the safety of Poland's gold was that of Major Stefan Michalski, a director of Bank Polski SA, which was a private commercial entity within Poland. His mission was to find and recover the gold, or at least learn what happened to it. He reported back that the gold was safe in West Africa, which is when the Free Polish government began negotiations for its release, through an agreement signed in 1943.
In 1944, the gold was transported once again to the coastal city of Dakar, where a decision was taken to ship it in its entirety to the Federal Reserve in New York, USA, where it would be safe from any invasion army hostile to Poland. Once in the USA, the Polish government could make provisions for its safety and use, in case of need.
Although, it was another risky operation, the gold reached the USA by end-03/1944.
The Polish Gold Reserves on reaching the USA are divided into three parts:
The gold was divided into three lots with one part to be kept at the Federal Reserve, another part to be transported to the Bank of Canada in Ottawa, and the third and largest part to be taken to the Bank of England in London.
Between 03/1944 and 08/1944, the consignment headed for the Bank of England was shipped in small amounts as shipments contained in convoys carrying ammunition and war supplies, while being escorted by destroyers to keep it safe from German U-boats.
Poland's Gold reserves were now safely distributed in three locations. As it stood, Poland's Gold Reserves safely stored with the Bank of England, were eventually consolidated into their own reserves - but were still owned by the government of Poland - and only the Free Polish government could request for its repatriation. Over time, the other two consignments were also deposited into the vaults of the Bank of England and combined into a single holding.
Repatriation of the Gold reserves to Poland - the final saga in the story:
The request to repatriate Poland's Gold Reserves was finally made 75 years later, when the Polish government formally requested to transport much of their Gold Reserves back to Warsaw and to their custody.
In 11/2019, an estimated four billion dollar worth of Polish Gold was transported in several consignments through air. In all, 8 night-time flights were made from an undisclosed London airport over the course of several months this year, which included transporting of 8,000 gold bars weighing about 100 tons to several locations in Poland. The final transport reportedly took place on 22.11.2019, which saw armoured trucks take 20 crates filled with bars from a facility in North-west London to a nearby airport.
With the repatriation of this gold bullion, the National Bank of Poland's reserves now stand at 228.6 tonnes of gold, of which 105 tonnes are stored in the Bank's own vaults.
From 2018 to 2019, the Bank's Gold reserves increased by 125.7 tonnes, with the National Bank having purchased an additional 25.7 tonnes. As a result of the gold bullion left from WWII repatriated and their additional purchase, the National Bank of Poland's ranking in terms of Gold Reserves has moved from 34th to 22nd among Central Banks worldwide and from 15th to 11th position within European Banks.
As Germany's occupation of part of France was a "fait du complet" (meaning "an accomplished fact" or "something which had already occurred"), it became necessary to move the gold again. This time, another convoy of ships took the gold to Africa to Dakar, (capital of the coastal country of Senegal). Then it was moved to Fort Kay, Mali, which was a part of French West Africa.
Despite the efforts of Charles de Gaulle's Free French Army to return the gold to Poland from Fort Kay, it remained there until 1942, until the allied Armies launched "Operation Torch" - code-name for the invasion of North Africa.
As part of the operation, the responsibility of securing the safety of Poland's gold was that of Major Stefan Michalski, a director of Bank Polski SA, which was a private commercial entity within Poland. His mission was to find and recover the gold, or at least learn what happened to it. He reported back that the gold was safe in West Africa, which is when the Free Polish government began negotiations for its release, through an agreement signed in 1943.
In 1944, the gold was transported once again to the coastal city of Dakar, where a decision was taken to ship it in its entirety to the Federal Reserve in New York, USA, where it would be safe from any invasion army hostile to Poland. Once in the USA, the Polish government could make provisions for its safety and use, in case of need.
Although, it was another risky operation, the gold reached the USA by end-03/1944.
The Polish Gold Reserves on reaching the USA are divided into three parts:
The gold was divided into three lots with one part to be kept at the Federal Reserve, another part to be transported to the Bank of Canada in Ottawa, and the third and largest part to be taken to the Bank of England in London.
Between 03/1944 and 08/1944, the consignment headed for the Bank of England was shipped in small amounts as shipments contained in convoys carrying ammunition and war supplies, while being escorted by destroyers to keep it safe from German U-boats.
Poland's Gold reserves were now safely distributed in three locations. As it stood, Poland's Gold Reserves safely stored with the Bank of England, were eventually consolidated into their own reserves - but were still owned by the government of Poland - and only the Free Polish government could request for its repatriation. Over time, the other two consignments were also deposited into the vaults of the Bank of England and combined into a single holding.
Repatriation of the Gold reserves to Poland - the final saga in the story:
The request to repatriate Poland's Gold Reserves was finally made 75 years later, when the Polish government formally requested to transport much of their Gold Reserves back to Warsaw and to their custody.
In 11/2019, an estimated four billion dollar worth of Polish Gold was transported in several consignments through air. In all, 8 night-time flights were made from an undisclosed London airport over the course of several months this year, which included transporting of 8,000 gold bars weighing about 100 tons to several locations in Poland. The final transport reportedly took place on 22.11.2019, which saw armoured trucks take 20 crates filled with bars from a facility in North-west London to a nearby airport.
With the repatriation of this gold bullion, the National Bank of Poland's reserves now stand at 228.6 tonnes of gold, of which 105 tonnes are stored in the Bank's own vaults.
From 2018 to 2019, the Bank's Gold reserves increased by 125.7 tonnes, with the National Bank having purchased an additional 25.7 tonnes. As a result of the gold bullion left from WWII repatriated and their additional purchase, the National Bank of Poland's ranking in terms of Gold Reserves has moved from 34th to 22nd among Central Banks worldwide and from 15th to 11th position within European Banks.
The Commemorative Coin:
The Obverse and Reverse of the Ingot-shaped Gold Coins placed side-by-side
The coins have been minted by the Mint ofpoland at their facilities in Warsaw on behalf of the National Bank of Poland.
The coins have been minted by the Mint ofpoland at their facilities in Warsaw on behalf of the National Bank of Poland.
The Reverse of the 100 Zloty Ingot-shaped Gold Coin depicts an image of six gold bars stacked with the Polish Crowned Eagle Emblem, placed just above and the inscription - "RZECZPOSPOLITA POLSKA 2019" (meaning "Republic of Poland") and "100 Zt" ("100 Zloty").
The Obverse of the 100 Zloty Ingot-shaped Gold Coin depicts the initials of the "Narodowy Banki Polski" (NBP) with two oak leaves belowthis inscription.
The text "POWROT ZLOTA DO POLSKI" (meaning "The Return of Polish Gold") is engraved above the NBP initials.
Below the oak leaves is engraved the purity of gold content in this coin -"Au .999,9".
The specifications of this Gold coin are:
Theme: "The Return of Polish Gold"; Denomination: 100 Zloty; Metal Composition: .9999 Fineness Gold (Au); Weight: 8.0 grams; Dimensions/Size: 23.43 mm x 13.97 mm; Coin Quality: Proof; Maximum Mintage: 2019; Minted by: Mint of Poland; On behalf of: "Narodowy Banki Polski" (NBP); Year: 2019.
The text "POWROT ZLOTA DO POLSKI" (meaning "The Return of Polish Gold") is engraved above the NBP initials.
Below the oak leaves is engraved the purity of gold content in this coin -"Au .999,9".
The specifications of this Gold coin are:
Theme: "The Return of Polish Gold"; Denomination: 100 Zloty; Metal Composition: .9999 Fineness Gold (Au); Weight: 8.0 grams; Dimensions/Size: 23.43 mm x 13.97 mm; Coin Quality: Proof; Maximum Mintage: 2019; Minted by: Mint of Poland; On behalf of: "Narodowy Banki Polski" (NBP); Year: 2019.
The Coin is encapsulated to accommodate its ingot-shape and is presented in a custom-case, accompanied by a Certificate of Authenticity (COA).
Links:
6) Krakow's National Museum, Poland: 140th Anniversary: A Silver Proof 20 Zlotych Coin issued by the National Bank of Poland (Narodowy Bank Polski): Coin issue date: 2019
7) Poland: Rectangular Ingot-shaped Gold Coins of 100 Zloty mark the return/repatriation of Polish Gold Reservesonto Polish soil from England: Coins issued by "Naradowy Banki Polski" (National Bank of Poland - NBP): Date of Coin issue: 18.12.2019
Links:
6) Krakow's National Museum, Poland: 140th Anniversary: A Silver Proof 20 Zlotych Coin issued by the National Bank of Poland (Narodowy Bank Polski): Coin issue date: 2019
7) Poland: Rectangular Ingot-shaped Gold Coins of 100 Zloty mark the return/repatriation of Polish Gold Reservesonto Polish soil from England: Coins issued by "Naradowy Banki Polski" (National Bank of Poland - NBP): Date of Coin issue: 18.12.2019
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