Vreneli
The Vreneli, informally known as the Goldvreneli, is a renowned series of gold coins issued as legal tender by Switzerland, featuring denominations of 10, 20, and 100 Swiss francs, and minted from 1897 to 1949 with interruptions during economic challenges and World War II. These coins, produced to the 900 fine gold standard of the Latin Monetary Union, contain 5.805 grams of pure gold in the 20-franc version (total weight 6.45 grams, diameter 21 mm), and depict the allegorical female figure of Helvetia symbolizing the Swiss Confederation. The name "Vreneli" emerged around 1943 as an affectionate Swiss German diminutive of "Verena," referring to the youthful female portrait on the coin, which has since become a cultural icon gifted at life events like christenings and widely collected for its historical and artistic value.[1][2][3] Designed by engraver Fritz Ulysse Landry in 1895, the obverse of the standard 20-franc Vreneli portrays Helvetia standing on a rock, blowing an alpine horn, with a wreath of edelweiss in her braided hair and the Swiss coat of arms at her feet, inscribed "Helvetia" above and the date below; the reverse shows the federal shield of arms within a radiant Swiss cross, flanked by the value "20 Fr." and "B" mintmark for Bern. The edge bears 22 stars representing Switzerland's cantons, emphasizing national unity. Over 58 million 20-franc pieces were struck, alongside about 2.6 million 10-franc coins (minted 1911–1916 and 1922, weighing 3.225 grams total with 2.903 grams pure gold) and a limited 1925 run of 5,000 100-franc coins (32.258 grams total, 29.032 grams pure gold), which are prized for their larger scale and beauty. Production halted in 1936 amid the Great Depression but restrikes dated 1935 were minted postwar from 1945 to 1947, contributing approximately 20 million to the total mintage of over 58 million 20-franc coins, with smaller issues in 1947 and 1949.[3][1][2][4] Introduced following Switzerland's adoption of the federal franc in 1850 and alignment with the 1865 Latin Monetary Union, the Vreneli replaced earlier designs and circulated widely until withdrawn as currency in 1936, though remaining legal tender. Rare variants, such as the 1897 "Vreneli à la mèche" (12 pieces with a forelock hairstyle error) and "Vreneli de Gondo" (29 pieces from early dies), command premium collector interest due to their scarcity and ties to initial minting trials. The coin's enduring popularity stems from its elegant symbolism of Swiss neutrality, alpine heritage, and craftsmanship, with many pieces still held in households or traded as bullion, bolstered by modern commemoratives like the 2025 100-franc issue by Swissmint honoring the original's centenary, released on July 1, 2025, in a limited edition of 2,500 proof coins.[1][5][6]Design and Specifications
Obverse and Reverse Design
The obverse of the Vreneli coin features a left-facing bust of Helvetia, depicted as a young woman symbolizing Switzerland, with braided hair and a dress embroidered with edelweiss flowers, set against a backdrop of the Swiss Alps also adorned with edelweiss motifs.[7] This design was created by Swiss engraver Fritz Ulysse Landry in 1895, drawing inspiration from traditional alpine attire to evoke national identity.[3] The reverse displays the Swiss federal coat of arms—a white cross on a red shield—superimposed over two crossed oak branches with acorns and ribbons, the denomination at the bottom, enclosed within a pearl circle.[3] Edge inscriptions varied by production series, such as the inclusion of 22 Swiss cantonal stars on issues from 1897 to 1935. Helvetia serves as a national allegory representing Swiss liberty and alpine heritage, with the edelweiss embroidery and mountain scenery emphasizing the country's rugged, independent spirit.[8] The oak branches on the reverse symbolize strength and federal unity, underscoring the cohesion of Switzerland's cantons.[9] While the core design remained consistent from the 1897 prototype, minor variations occurred over time, including subtle adjustments to the rendering of Helvetia's hair—such as the presence or absence of a small forehead lock in early patterns—and slight changes in lettering style for inscriptions.[10]Technical Specifications
The Vreneli coins, issued by Switzerland, are composed of a 90% gold alloy (900/1000 fineness) with 10% copper added for enhanced durability and resistance to wear.[3][11] This standard composition adheres to the Latin Monetary Union specifications, ensuring a consistent fine gold content across denominations, such as 5.805 grams for the 20-franc piece.[12][13] For the 20-franc denomination, the coins measure 21 mm in diameter and 1.25 mm in thickness, with a total weight of 6.45 grams.[3][14] The 10-franc variant scales proportionally at half the weight (3.226 grams total, yielding 2.903 grams of fine gold), with a diameter of 19 mm and thickness of 0.9 mm.[15][16] Similarly, the 100-franc coin is five times the weight of the 20-franc (32.258 grams total, 29.03 grams fine gold), featuring a 35 mm diameter and 2.2 mm thickness.[6][11] The edges of Vreneli coins are typically reeded and inscribed, with early issues bearing the Latin motto "DOMINUS PROVIDEBIT" (The Lord will provide) separated by stars.[17] Later variants incorporate 22 raised stars representing Switzerland's cantons, while post-war restrikes include an "L" countermark indicating recoinage from melted French gold coins, alongside the Bern mint mark "B".[18][19] All Vreneli coins were minted at the Swiss Federal Mint in Bern, where the dies were prepared using traditional engraving techniques.[20][6]Historical Background
Introduction and Early Production
The Vreneli gold coin was introduced in 1897 as part of Switzerland's adherence to the Latin Monetary Union (LMU), which the country joined in 1865 to standardize gold and silver coinage across member states for smoother international trade and economic stability.[21][11] This union facilitated the use of a common 20-franc gold coin weighing 6.45 grams with 0.1867 ounces of pure gold, aligning the Swiss franc with the gold standard adopted post-1865 to back currency convertibility and support growing commerce.[21] The Vreneli replaced the earlier Helvetia 20-franc gold coin, minted from 1883 to 1896, which had faced public and official criticism for its abstract design and perceived political undertones, prompting a redesign to better embody national identity.[3] The design process began with a competition launched in 1895, culminating in 1896 when engraver Fritz Ulysse Landry, a medallist from Neuchâtel, was selected after submitting revised entries from over thirty artists; his prototype, featuring a young woman in traditional attire, was approved that year despite initial jury reservations about its youthful portrayal.[3] The first strikes occurred in late 1896, with a limited run of 12 pieces, and the 20-franc denomination entered public circulation in 1897, intended primarily as everyday circulating currency to underpin the Swiss franc's gold convertibility amid Switzerland's industrial expansion and rising international trade demands.[3] Production expanded in 1911 with the introduction of the 10-franc Vreneli to address increasing demand for smaller gold denominations suitable for transactions during economic growth.[21] Upon release, the Vreneli quickly gained popularity among the public as a symbol of Swiss neutrality and prosperity, its female figure drawing from national folklore such as the Guggisberglied folk song to evoke cultural heritage and unity.[3]World Wars and Economic Role
During World War I, Switzerland maintained its neutrality, which allowed continued minting of Vreneli coins in the 1910s, including high output to support gold exports amid European instability. As a neutral hub, the country imported significant gold—totaling 301 million francs in excess imports from 1914 to 1918—primarily from Sweden and the Baltic states, which was then melted and exported, often to the United States, bolstering the Swiss economy. Vreneli coins, as part of the Latin Monetary Union standard, were hoarded extensively outside Switzerland as safe-haven assets during the war, reflecting their role in preserving value amid widespread currency instability.[22][3] In the interwar period, Vreneli production peaked in the 1920s as Switzerland returned to the gold standard in 1924 to combat post-war inflation and stabilize the franc's external value and purchasing power. The Swiss National Bank sold gold coins, including Vrenelis, to absorb excess liquidity and reinforce confidence in the currency following the expansive monetary policies of the war years. The 100-franc Vreneli denomination was introduced in 1925 in a limited series of 5,000 pieces, serving high-value transactions and bolstering national reserves during this era of economic recovery.[23][6][3] World War II marked a shift, with Vreneli minting for circulation halted in 1936 due to gold shortages stemming from the global economic crisis and franc devaluation, redirecting resources toward bullion needs. Coins were subsequently melted for bullion or exported to finance Switzerland's neutrality, including through opaque transactions facilitated by banking practices that obscured origins. For instance, the Swiss National Bank derived over 21.7 million francs in profits from Vreneli coin purchases and sales via custody accounts during the war. Total gold outflows reached billions of francs—equivalent to millions in Vreneli units—such as 1.6 to 1.7 billion francs from German sources alone, supporting trade for raw materials and maintaining economic isolation.[3][24] The Vreneli symbolized Switzerland's banking prowess, embodying the nation's role as a secure financial center where gold flows underpinned neutrality and economic resilience during both world wars. A key policy shift occurred in 1936 with the removal of the gold clause from the franc, abolishing the legal obligation to redeem banknotes in gold and effectively transitioning Vreneli from circulating currency to bullion status.[24][23]Post-War Restrikes and Discontinuation
Following the end of World War II, the Swiss Mint resumed production of Vreneli gold coins through official restrikes from 1945 to 1949, utilizing melted-down gold ingots to satisfy surging international investment demand for physical gold amid post-war economic uncertainty.[3] These restrikes, primarily dated 1935 and marked with "LB" on the edge—standing for "Lingot Bern" (gold ingot from Bern)—allowed the Swiss National Bank to reduce its substantial wartime gold reserves without drawing undue attention, while complying with pre-1936 coinage regulations that prohibited new designs.[3] The effort responded to a global "gold rush" driven by reconstruction needs and Swiss export obligations, including reparations under the 1946 Washington Agreement, which required Switzerland to deliver gold valued at CHF 250 million to Allied nations.[25] From 1947 to 1949, the restrikes shifted to using the current production years rather than backdating, marking the final phase of the series and serving as its "last gasps" before discontinuation.[3] These issues featured a modified edge inscription of five stars flanking "AD LEGEM ANNI MCMXXXI" (meaning "according to the law of 1931"), referencing the Swiss gold legislation that had devalued the franc against gold and restricted coinage.[3] Production ceased entirely in 1949, coinciding with the stabilization of the Bretton Woods system established in 1944, which pegged currencies to the U.S. dollar and promoted paper-based reserves over circulating gold coins, rendering the Vreneli obsolete for everyday use.[25] By the 1950s, the Vreneli had fully transitioned from a circulating currency to items valued primarily in numismatic and bullion markets, reflecting the broader global move away from gold-backed domestic monetary systems.[3]Denominations and Mintage
10-Franc Series
The 10-franc Vreneli, the smallest denomination in the series, was minted exclusively from 1911 to 1922 at the Federal Mint in Bern, with a total production of 2,650,000 pieces.[26][27][28] Unlike the 20-franc version's standing figure, this coin featured a bust of a young woman from Oberhasli with an edelweiss garland on the obverse, while its reverse displayed the coat of arms of Switzerland with rays behind and an alpenrose branch with flowers below.[26] Introduced as a circulating gold coin, it served as a smaller unit to facilitate everyday transactions amid the economic pressures of World War I, when Switzerland's neutrality necessitated stable domestic currency options.[2] Production occurred only in the years 1911, 1912, 1913, 1914, 1915, 1916, and 1922, with no issues before 1911 or after 1922, reflecting targeted responses to wartime demand.[3] The mintage peaked in 1922 at 1,020,000 pieces, followed by 1913 with 600,000, as shown in the following breakdown:| Year | Mintage |
|---|---|
| 1911 | 100,000 |
| 1912 | 200,000 |
| 1913 | 600,000 |
| 1914 | 200,000 |
| 1915 | 400,000 |
| 1916 | 130,000 |
| 1922 | 1,020,000 |