The Vreneli (in German and French), Marengo (in Italian) is the popular name for a range of gold coins of the Swiss Confederation. The official name of these coins is “Helvetia head”, “Helvetiakopf” (in German) or “Helvetia head” (in English). These coins were issued between 1897 and 1936, as well as in 1947 and 1949. Swiss 20 Franc coins minted with dates 1935-L, 1947, and 1949 reveals the complex dynamics of wartime and post-war Europe. From meeting public demand during wartime to navigating the ethical and economic challenges of looted assets, these coins encapsulate a critical period in financial and geopolitical history. While some questions remain unanswered, particularly regarding the precise origins of the gold used, the coins offer a tangible link to the intricate intersections of neutrality, trade, and moral accountability during one of history’s most tumultuous eras.
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The two Swiss 20 Francs gold coins under the Latin Monetary Union (LMU) are known as the Vreneli (with a woman’s portrait) and the earlier Libertas (named for the “Libertas” text on her headband). Both types feature “Helvetia” on the obverse, giving them a classic Swiss identity.
Price of the vreneli 20 Swiss Francs.
These coins are highly collectible, widely circulated, and minted in large numbers, though their gold content is an unusual weight compared to modern coins. They are a popular choice for fractional gold stacking, typically priced around 3-5% above spot, and they maintain strong liquidity in many markets, including the U.S. That said, while they are as recognizable as pre-1933 U.S. gold coins or British sovereigns, they may be less liquid stateside than American Eagles or Buffalos. For buyers, it’s advisable to steer clear of any offers below melt value, as these coins consistently hold or exceed their melt price.
Personally, they’re my favorite gold coins, with the French Rooster a close second!
The name of the coin come from “Verena” a female personification of the Swiss Confederation (similar to the French “Marianne” or the American “Lady liberty”), whose effigy, probably taken from a portrait of Françoise Kramer (Neuchâtel 1859-1946)2, adorns the reverse of the coin. The coin is also known as Helvetia because of the inscription above the portrait.
| Year | Volume | Price |
| 20 Franc Swiss Gold Coin 1897 | 400.000 | ➽ 12 coins proof version (wick) : 144 000 (Є) ➽ 29 coins Swiss gold from Gongo : 100 000 ➽ Regular strike : 3-5% above spot |
| 20 Franc Swiss Gold Coin 1898 | 400.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1899 | 300.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1900 | 400.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1901 | 500.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1902 | 600.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1903 | 200.000 | 5-10% above spot |
| 20 Franc Swiss Gold Coin 1904 | 100.000 | 5-10% above spot |
| 20 Franc Swiss Gold Coin 1905 | 100.000 | 10-15% above spot |
| 20 Franc Swiss Gold Coin 1906 | 100.000 | 10-15% above spot |
| 20 Franc Swiss Gold Coin 1907 | 150.000 | 10-15% above spot |
| 20 Franc Swiss Gold Coin 1908 | 355.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1909 | 400.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1910 | 375.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1911 | 350.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1912 | 450.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin 1913 | 700.000 | Cpor Price |
| 20 Franc Swiss Gold Coin 1914 | 700.000 | Cpor Price |
| 20 Franc Swiss Gold Coin 1915 | 750.000 | Cpor Price |
| 20 Franc Swiss Gold Coin 1916 | 300.000 | Cpor Price |
| 20 Franc Swiss Gold Coin 1922 | 2.783.678 | Cpor Price |
| 20 Franc Swiss Gold Coin 1925 | 400.000 | Cpor Price |
| 20 Franc Swiss Gold Coin 1926 | 50.000 | 1,6 × Spot Price |
| 20 Franc Swiss Gold Coin 1927 | 5.015.000 | Spot Price |
| 20 Franc Swiss Gold Coin 1930 | 3.371.764 | ➽ Die axis Medallic orientation: 3-5% above spot ➽ Die Rotation of 45°: rarety, from 1000 to 1500 CHF |
| 20 Franc Swiss Gold Coin 1935 | 175.000 | 3-5% above spot |
| 20 Franc Swiss Gold Coin L1935B (2) | 20.008.813 | ➽ Die Rotation of 75° : rarety, from 1000 to 1500 CHF ➽ Type Edge with small stars in relief 21 stars : 50% above spot ➽ hammer die defect # 1 Break on the reverse, 2 mm from the edge of the coin .:3-5% above spot ➽ hammer die defect # 2 Break on the reverse on the oak leaves above the shield. 3-5% above spot |
| 20 Franc Swiss Gold Coin 1947 | 9.200.000 | Cpor Price |
| 20 Franc Swiss Gold Coin 1949 | 10.000.000 | ➽ Die Rotation of 45° : 100% above spot, de 900 à 1200 CHF ➽Die Rotation of 90° : 2 100% above spot, de 900 à 1300 CHF ➽ Regular strike : 3-5% above spot |
(2) The coin L1935B was minted in 1945, 1946 and 1947 with twenty million re-stamps of the original demonetized coin (20,008,813) bearing the vintage “L1935B”, with the “L” indicating “ingot”, and the “B” indicating the Minting workshop in Bern, were minted in 1945 (3,500,000), 1946 (7,108,813) and 1947 (9,400,000). source wikipedia Broken coins (only 1935L) and rotations of the 20 francs Vreneli 1930, 1935LB, 1949:
Typing errors affecting the reverse/reverse rotation angles in the direction of a watch relative to the normal position.
- Obverse: Bust of Helvetia in front of a mountainous landscape. Below the portrait appears the signature “F. LANDRY”. All coins issued between 1897 and 1949 were designed by the engraver Fritz Ulysse Landry of Neuchâtel.
- Reverse: The reverse of the 20-franc coin bears the Swiss coat of arms (from gules to the silver-bored cross) on an oak branch with the face value on either side of the shield. These coins were minted in the mint workshop in Bern (but the engraving of the matrix was made at the Monnaie de Paris). The parts are identified by a “B” hallmark (without a dot). The listel bears the grènetis. The grènetis refers more particularly to the row of small grains in relief located at the edge of the coins. The edge of the coin show little stars in relief.
The History and Context of Swiss 20 Franc Gold Coins (1935-L, 1947, and 1949)
In the late 1940s, Switzerland minted millions of 20 Franc gold coins with dates of 1935-L, 1947, and 1949, though these coins were not minted in the years they are dated. This practice, particularly surrounding the 1935-LB coins, reflects complex historical, economic, and geopolitical factors tied to both World War II and the post-war years. These coins remain common in the numismatic market, often appearing on platforms like eBay. Their origins and purpose raise intriguing questions about their distribution and the motivations behind their minting.
Pre-War and Wartime Context
Economic Role of Switzerland
Switzerland’s position as a neutral state during World War II allowed it to act as a clearing house for international currency transactions, similar to today’s SWIFT banking system. The Swiss Franc’s devaluation in 1936 led to the cessation of 20 Franc coins being minted for general circulation. By 1939, however, the onset of war spurred a run on Swiss banks, and the demand for gold coins increased. Even amidst global conflict, Swiss banks sold 20 Franc coins—priced at around 30 Francs—as a store of value for the public and, indirectly, for black market operations.
1935LB Coins: Minting and Distribution
Origins and Wartime Demand
- Minting History: Though dated 1935, these coins were struck between 1945 and 1947 to meet public demand. They entered circulation through commercial banks and supported a thriving black market system, which had evolved during the war.
- Supply Chain: Initially, pre-war Swiss gold bars were used for minting. However, by 1947, these reserves were depleted, prompting the use of Russian gold ingots for a brief period. The minting was likely a continuation of a market that had existed since 1939 rather than a new post-war initiative.
Black Market Implications
Switzerland’s strategic location and its reliance on German imports for food and fuel made it an essential trading partner for Nazi Germany. During the war, gold coins—including 1935LB coins—were sold to the public and smuggled into occupied France. Many of these coins originated from looted Belgian gold reserves, which the Reichsbank sold to Swiss banks.
Allied Pressures and Gold Policies
By February 1945, the Allied Powers pressured Switzerland to halt the importation of German gold as part of broader efforts to curtail Nazi financial networks. This coincided with the minting of 1935LB coins, potentially as a way to maintain domestic supply without relying on controversial foreign sources.
1947 and 1949 Coins: Post-War Complexities
Gold Origins
- Belgian and Other Looted Gold: The gold used for the 1947 and 1949 coins primarily came from looted Belgian assets, possibly mixed with gold from the Netherlands and other occupied nations. Germany had limited gold reserves before the war and often melted looted coins and bars, sometimes incorporating small amounts of Holocaust-related gold.
- Holocaust Gold Controversy: While some Holocaust-related gold may have been mixed into Swiss coins, the quantities appear relatively small—estimated at a few hundred pounds. Germany’s gold refining capabilities were limited, focusing more on simple melting and rebranding (e.g., relabeling Belgian bars as Prussian).
Economic and Political Factors
- US-Swiss Tensions: During the war, the US froze two-thirds of Switzerland’s gold reserves stored in the US while simultaneously purchasing Swiss precision instruments and other goods. This led Switzerland to adopt a dual exchange rate for Swiss Francs and US Dollars in 1941, which may explain the continuation of minting until 1949.
- Post-War Negotiations: Swiss minting activities aligned with post-war obligations under the Washington Agreement, which sought to settle disputes over looted assets and ensure that Switzerland’s financial practices aligned with emerging international standards.
Challenges and Questions
Mercury Content in Gold
Some reports have suggested testing Swiss gold coins for mercury contamination, potentially linked to dental fillings from Holocaust victims. However, details on these experiments, such as the use of control samples or the outcomes, remain elusive.
Why Mint Until 1949?
The decision to continue minting 20 Franc coins until 1949 may reflect the interplay of economic policies, public demand, and international agreements. By 1949, Switzerland had likely fulfilled its obligations under the Washington Agreement, stabilizing its monetary system and reducing reliance on controversial gold sources.