History of Gold in Switzerland
Switzerland unified its coinage after 1848, joined the Latin Monetary Union in 1865 and struck the famous 20-franc gold 'Vreneli' from 1897 to 1949. Once one of the world's largest official gold holders, the Swiss National Bank sold 1,550 tonnes between 2000 and 2008 after the franc's gold link was cut, and has held 1,040 tonnes ever since; voters rejected a 2014 initiative to force it to hold more. Silver coins circulated until rising silver prices forced their replacement with copper-nickel in 1968, and precious metal articles have been controlled under a 1933 federal act, with the St Bernard dog's head as the official hallmark.
Facts checked 26 October 2026
Gold in Switzerland today
- The Swiss National Bank holds 1,040 tonnes of gold, unchanged since the end of 2008. About 70% is stored in Switzerland, about 20% at the Bank of England and about 10% at the Bank of Canada.
- Precious metal articles sold in Switzerland must show their fineness in thousandths and a responsibility mark registered with the Central Office for Precious Metals Control; precious metal watch cases must carry the official hallmark, the head of a St Bernard dog.
- The legal finenesses for precious metal articles are 999, 916, 750, 585 and 375 for gold and 999, 925 and 800 for silver (Precious Metals Control Act, status 1 January 2020).
Timeline: gold in Switzerland
- 1850Federal Coinage Act
After the 1848 constitution gave the federal state the right to mint, the 1850 Coinage Act and monetary reform replaced a confusing mix of cantonal and foreign coins with the franc.
- 1865Latin Monetary Union
Switzerland joined France, Belgium and Italy in the Latin Monetary Union, which set common standards for gold and silver coins. The union lasted until 1936.
- 1897The Vreneli gold coin
The 20-franc 'Vreneli', designed by Fritz Landry and struck in Bern, first appeared in 1897. It contains 5.8068 g of fine gold (900 fineness), and 58.6 million were minted up to 1949.
- 1936Franc devalued, gold coins withdrawn
The Federal Council devalued the franc by about 30%, and the Vreneli was withdrawn from circulation, which ended Switzerland's use of gold coins as everyday money.
- 1945Vreneli restrikes
From 1945 the mint turned SNB gold into Vrenelis as bullion coins, at first dated 1935 with an 'L' mark. Nearly 20 million were struck in 1945-1947, and production ended in 1949.
- 1999Franc's gold link ended
Parliament abolished the link between the franc and gold, so the SNB no longer had to back banknotes with gold. Before its sales it held about 2,590 tonnes.
- 2000SNB sells 1,300 tonnes
Between 2000 and 2005 the SNB sold 1,300 tonnes of gold no longer needed for monetary policy. Two-thirds of the proceeds went to the cantons and one-third to the federal government.
- 2008Holdings settle at 1,040 tonnes
After selling a further 250 tonnes in 2007-2008, the SNB's gold has stayed at 1,040 tonnes since the end of 2008.
- 2014Gold initiative rejected
30 November 2014. Voters rejected the 'Save our Swiss gold' initiative by 77.3%. It would have required the SNB to hold at least 20% of its assets in gold, never sell gold and keep it all in Switzerland.
Sources (8)
- History of the Swissmint - APMEX Learning Guide
- Bullion coins part 6: The Vreneli - CoinsWeekly
- Tighter grip needed on Switzerland's gold? - swissinfo.ch
- Questions and answers: balance sheet and gold - Swiss National Bank
- Swiss public reject gold initiative - Central Banking
- Precious Metals Control Act of 20 June 1933 (English translation) - WIPO Lex
- Precious metals control: goods traffic - Federal Office for Customs and Border Security (FOCBS)
- Federal Council brings DLT Act fully into force and issues ordinance - Federal Department of Finance
History compiled from the sources listed, which we opened and checked in October 2026. Dates follow those sources; where they differ, we say so or leave the detail out.
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@misc{corgano2026historyofgoldin, author = {{Corgano}}, title = {History of Gold in Switzerland}, howpublished = {\url{https://goldprice.corgano.com/gold-history/switzerland}}, year = {2026}, note = {Corgano Gold Price, accessed 2026-10-26}}