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The Swiss franc has historically been considered a safe-haven currency, with a legal requirement that a minimum of 40% be backed by gold reserves. [24] However, this link to gold, which dated from the 1920s, was terminated on 1 May 2000 following a referendum , making the franc fiat money .
The 20 franc coin was produced from 1897 to 1949 with a total issue of 58.6 million pieces. It replaced an earlier design of gold coin minted from 1883 to 1896. The 10 franc version was minted from 1911 to 1922 (total issue 2.6 million pieces), and the 100 franc version was minted in 1925 only (total issue 5,000 pieces).
In 1925, 5,000 pieces of a 100 francs version were minted. The first series of banknotes, issued 1907, included no 10 or 20 francs denomination. The gold coins existed in circulation alongside the corresponding banknotes during 1911–1936. With the devaluation of 1936, the gold value of the 20 franc coin rose to 28 francs.
The Swiss National Bank was the last central bank to hold substantial gold reserves to back its currency. [ 6 ] [ 7 ] [ 8 ] The 2590 tonnes of gold provided 40% of the value of the franc. [ 9 ] [ 10 ]
The Swiss franc (CHF) has long been considered a hard currency, and in fact was the last paper currency in the world to terminate its convertibility to gold on 1 May 2000, following a referendum. [ 9 ] [ 10 ] In the summer of 2011, the European sovereign debt crisis led to rapid flows out of the euro and into the Swiss franc by those seeking ...
The Franc was the currency of the Helvetic Republic from 1798. The Helvetic Republic ceased issuing coins in 1803, Zürich again minted its own coins between 1806 and 1848. In 1850, the Swiss franc was introduced, with 1 Zürich franc = 1.4597 Swiss francs.
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