The Goldvreneli: Switzerland’s most important gold coin has a long history
The 20-franc piece, better known as the “Goldvreneli”, is probably Switzerland’s most common gold coin. Similar 20-franc gold coins were minted from as early as 1883, but the Vreneli itself did not appear until the spring of 1895. Between 1897 and 1949, the Swiss Confederation minted over 58 million coins including other denominations of 10 and 100 francs.
© swissmint
Today, the Goldvreneli is one of the most popular investment products. It is known as a par-value coin, whereby its nominal value is not based on the value stamped on the coin face, but on its precious metal content. Historical bullion coins such as vreneli are thus closely associated with the price of gold. The 20-franc coin was minted as a gold/copper alloy of 90% gold and 10% copper. This equates to 5.807 grams (0.187 ounces) of fine gold, altogether weighing roughly 6.452 grams. Switzerland was also a member of the Latin Monetary Union (LMU), launched in 1865, and the vreneli coin also met the standard specification prescribed by the LMU.
A comparison of the technical specifications of the three different Vreneli editions:
| Gold vreneli | 100 francs | 20 francs | 10 francs |
|---|---|---|---|
|
diameter |
35.00mm |
21.00mm |
19.00mm |
|
edge thickness |
2.20mm |
1.25mm |
0.90mm |
|
fineness |
900/1000 Au |
900/1000 Au |
900/1000 Au |
|
fine weight |
29.030g |
5.807g |
2.9g |
|
gross weight |
32.258g |
6.452g |
3.226g |
|
mintage periods |
1925 |
1897-1949 |
1911-1922 |
|
minted volumes |
5,000 |
58,634,296 |
2,650,056 |
However, the Goldvreneli is not solely valued as an international investment product. For the Swiss people in particular, this well-loved coin also has a strong sentimental or non-material value beyond its perceived gold content. A 20-franc piece is often given away on special occasions such as the birth or baptism of a child. This gift offers newborn citizens an important tangible element of Swiss tradition, which is at the same time valuable and imperishable – called ‘Notbatzen’ in Swiss German (‘an emergency egg’). In other words, a traditional keepsake of value which could be put aside for a rainy day.
The gold vreneli should not be confused with the Libertas gold coin which is visually similar and is usually known in the trade as the Helvetia. This coin is the direct predecessor of the Vreneli and was minted between 1883 and 1896.
The story of the Goldvreneli
In the spring of 1895, the Swiss Confederation announced a tender for a redesign of the motif on their 20-franc gold piece. The competitive conditions were clearly defined: The new coin design should contain allegorical depictions or national motifs drawn from Swiss history. The aim was to create a more modern version of Helvetia, the female figure used as a symbol of the Swiss state.
Renowned international artists submitted their works to the Federal Council, whose adjudicators included painters and numismatists, as well as collectors and world-renowned art scholars. Eventually, the design submitted by the Neuchâtel medalist Fritz Ulisse Landry (1842-1927) was shortlisted. His original Helvetia was very youthful and romantic, and depicted with forelocks and flowing tresses. However, the jury urged the Swiss artist to make some modifications. The female figure was thus given more mature facial features and a braided wreath was added to help restrain her original loose hairstyle.
Landry had the Parisian medallist Ernest Paulin Tasset make the original engraved dies for the design. However, critics complained that the minted coins were not entirely flawless, due to problems in the reduction phase (such issues were not unusual at the time). The final plate was engraved to a smaller scale, based on a larger model. The main focus of this criticism was the resultant indistinct contours, which made the Helvetia figure look a little plump and ungainly.
Nevertheless, observers will look in vain to find the term “Vreneli” on any of these coins. In Swiss German, ‘vreneli’ is the affectionate diminutive form of the common female first name Verena. However, today it is difficult to say definitively how this became the nickname for this particular gold coin. The designation appeared in print for the first time in 1943, reflecting a widely-held view that the youthful depiction of Helvetia was a little frivolous, more resembling a young girl than a dignified state symbol.
© swissmint
The obverse and reverse motifs
The obverse and reverse motifs vary according to whether the coin is a 10, 20 or 100-franc gold piece. The reverse face of the 20-franc coin shows the well-known female head looking to the left. Her full head of hair is braided into a ponytail that hangs over her head. She is wearing a dress decorated with edelweiss around the collar. Swiss mountain massifs can be seen in the background.
The caption “HELVETIA” appears above the head of the figure. The artist is shown as “F. LANDRY” in an insignia which appears at the lower right edge. The design is framed by a circumferential rivet band. The format of the 10 and 100 franc coins are identical, except that the lettering for the artist’s signature is placed bottom left.
Larger differences can be seen on the obverse (denomination/value) side of these coins. In the 20-franc version, a stand-out coat of arms depicting the Swiss cross sits at the centre. It is attached to a lush wreath of oak branches with fluttering ribbon ends. The nominal value, “20 FR”, is integrated via the left and right edges with the year of issue and the mint mark “B” appearing at the bottom of the coin.
On the 10 and 100-franc gold coins, the Swiss cross is placed inside a halo in the upper area. The denomination maintains its position, while a bunch of alpine roses and gentian sprays follows the lower curve of the coin. The year is shown above this floral art, while a mint mark appears below. A pearl wreath completes the design motif on both the obverse* and reverse coin faces.
© swissmint
Other special features include a ribbed edge on the 10-franc coin, due to its narrow specification. Elsewhere, the 20 and 100-franc editions are embossed with 22 stars, representing the Swiss cantons. More recent coins also bear additional inscriptions.
Unlike the usual practice, the official designations for the front and back of the Goldvreneli are reversed. The portrait side is the obverse face and the value side is the reverse.
The Vreneli’s acceptance as legal tender
During the Great Depression, most countries devalued their currencies from 1931 onwards. In 1936, together with France, the Swiss Federal Council as one of the last major trading powers in Europe also decided to realign Swiss currency in accordance with the prevailing international financial situation. The franc was devalued by 30% and the currency’s gold parity was fixed to 190 instead of before 215 milligrams of fine gold.
As a result of this devaluation, the vreneli gold coin actually lost its market value. The 20-franc coin, for instance, rose to 28 francs because of its new gold value. As a direct consequence, the Goldvreneli coin completely disappeared from financial payment transactions, and from then on acquired the status of a collector’s piece and bullion-coin investment. Between 1945 and 1949 alone, almost 40 million 20-franc vreneli were minted in order to reduce existing gold stocks and to accommodate the great demand for these coins.
Buy Goldvreneli from a specialist retailer and store them with inclusive insurance cover
You can also find some general information in the article ‘Background knowledge about precious metal coins and bars’. Although Vreneli gold coins are often offered for sale by private collectors, experts generally recommend purchasing them from an authorised precious metal dealer. When purchased from Echtgeld AG, for example, Vreneli gold coins can subsequently be conveniently stored in Switzerland at Swiss Gold Safe. This retailer carries different versions of the Vreneli available for in-store purchase and can also assist investors who wish to sell their coins. All customers will benefit from the advice and professional expertise of Echtgeld’s well-trained staff.
Swiss Gold Safe and Echtgeld have enjoyed a close business collaboration over many years, an arrangement which has delivered great customer benefits. As a special feature of this service, the partner company will deliver purchased gold coins direct to a high-security warehouse. This means customers do not have to transport high-value gold pieces themselves or arrange a special valuables transport. Swiss Gold Safe facilities allow investors to choose between storing assets in a safe deposit box or opting for allocated & segregated storage. In contrast to collective storage, this latter choice immediately associates the Vreneli gold coins originally delivered to one specific customer (products identified via unique seal numbers). The storage arrangement takes place entirely outside the banking system and includes a tailor-made insurance package. Thus the combined forces of these two independent providers from two specialist industry sectors has created a unique one-stop service.
The Goldvreneli at a glance
- The vreneli is the best-known gold coin in Switzerland and served as legal tender until 1936.
- More than 60 million gold vreneli were minted from 1897 to 1949 in denominations of 10, 20 and 100 francs, with the primary denomination being the 20-franc piece.
- The well-known female head motif was designed by the Swiss medallist Fritz Landry in 1895.
- The engraved dies were created by the French medallist Ernest Tasset using a reduction process.
- The head and value faces of the coin, as well as the edge design, were subject to modifications according to the denomination.
- Today, the gold vreneli has primarily become a popular investment product of great international interest. Though this currency coin is still considered legal tender, due to the price of gold its value far exceeds the nominal face value.