HOARDED GOLD
COINS POUR INTO FRENCH BANKS For several weeks French people emptied their legendary stockings of all the gold and silver coins they have been hoarding since the war. In August, 1914, the French people were asked by the Government to exchange voluntarily for notes the gold and silver coins they possessed. More than £100,000,000 was received by the Bank of France, but it has been estimated that at least another £100,000,000 in gold and silver was hoarded. Then, after the recent stabilisation of the franc, the Government announced that the coins, which were withdrawn from circulation, were to be bought by the Bank of France qx the rate of 98.45 francs for the gold louis of 20 francs, and 10 francs for the 5 franc silver piece. This was the signal for hoarders all over France to empty* their “stockings/' So much gold and silver has been pouring in that • the Bank of France and the Government offices temporarily ceased buying it.
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Sun (Auckland), Volume II, Issue 529, 5 December 1928, Page 8
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164HOARDED GOLD Sun (Auckland), Volume II, Issue 529, 5 December 1928, Page 8
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