Stack's Bowers & Ponterio
Summer 2022 Global Showcase Auction 22-26 Aug 2022
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These were minted at the Philadelphia Mint in 1947 for payment to the Saudi Government for oil obtained from there by the hybrid American oil venture that began operation there in the 1940s. Despite being an American issue, the gold was struck in the exact fineness and with the same weight as a British Sovereign, owing to Saudi Arabia's close ties at the time to the British Empire. Under pressure that Saudi Arabia would nationalize oil fields in the 1950s, the American interests in Saudi Arabia's oil were forced to split profits with the kingdom, making these issues moot for any future considerations.
Estimate: $2500 - $3500