GOLD SOVEREIGNS
ONLY WORTH £1 IN N.Z. THIRTY SHILLINGS IN ENGLAND. The sovereign is at present worth more than a pound, the price of gold having risen; but persons who have hoarded sovereigns will not be able to sell at a profit. A member of a firm of Australian gold refiners who is interested in the buying of gold told the Christchurch Times that he had been round to all the city banks, and none would give him more than £1 for sovereigns which he tendered. According to the published price, his sovereign should have been worth approximately £1 jlO/-, as four sovereigns make an ounce of gold. It was explained by the bank officials that their gold backing was officially one sovereign to a one-pound note, and therefore the sovereign was worth only £1 in New Zealand currency, although worth £l/10/- in English currency.
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Bibliographic details
King Country Chronicle, Volume XXV, Issue 3374, 6 October 1931, Page 5
Word Count
145GOLD SOVEREIGNS King Country Chronicle, Volume XXV, Issue 3374, 6 October 1931, Page 5
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