The sovereign is at present worth more than £l, the price of gold having risen; but persons who have hoarded sovereigns will not be able to sell at a profit (says the. Christchurch Times). A member of a firm of Australian gold refiners who is interested in the buying of gold in Christchurch said on Wednesday morning 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 beer worth approximately £1 10s, 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 £1 note, and, the sovereign was worth only £1 in New Zealand currency, although wortli £1 10s in English currency.
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Otago Witness, Issue 4048, 13 October 1931, Page 74
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138Untitled Otago Witness, Issue 4048, 13 October 1931, Page 74
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