Saudi Arabia, ARAMCO 4 Pound

Authentic 4 Pound Concession payment disc. These were minted at the Philadelphia mint in 1945-46 for the consortium of American oil companies (ARAMCO) earnestly drilling for oil in Saudi Arabia after WWII.
Writers on these seem pieces to go to great lengths to disassociate this unusal 'bullion issue' from the USA. Moneta thinks it's actually a US Trade coin minted at a time when gold was officially taboo in the USA. 'Concession' payment is always as it is described. Presumably, the Arab sheiks wanted GOLD for their oil but had to be prevailed upon to understand the reality: there wasn't enough gold on the planet, at anywhere near a workable value, to pay for all of the oil we were about to remove from under them. They have accepted US Greenbacks ever since (and until recently all other counties had to pay in US Dollars as well, thus giving US dollars a preeminance in the world) but were given this 'concession' payment in gold. Ninety-one thousand of the large 4 pound pieces were struck, most were later re-melted. While the 1 pound (sovereign) piece saw more struck, today they are more scarce than the 4 pound. These were counterfeited! Authentic pieces can be distinguished by the presents of spider-web like filaments between the letters 'MIN' of U.S. MINT. This one has them - it was obtained from Steinberg's in 1978. The 1 pound in the Moneta Museum is in better condition, but is slabbed, so I'll see if I can get a decent photo through the plastic. This is a very fascinating 'coin' and as a representative piece for the history of US dependence (and foreign policy and relations) on oil - you will not find a better example. I suggest buying every authentic one you can find!
Here's a link to an article about these scarce and historical trade coin discs:
USA Saudi Arabian Gold Discs - Boosel: VIEW or DOWNLOAD:
Here's a link to an article about these scarce and historical trade coin discs:
USA Saudi Arabian Gold Discs - Boosel: /library/Saudi%20US%20Gold.pdf
ALSO: an ANA "Numismatist" article from the Oct 2020 (P.67) about these and a counterfeit 4 Pound submitted for encapsulation at this: [ link ]
The original 'discovery' article from Boosel in the ANA's "The Numismatist" Jul. 1959, p. 805; here's the: [ link ]
This information from Roma Numismatics (London): Saudi Arabia, time of Abd al-'Aziz ibn al-Sa'ud Bullion-issue AV 1 Pound. United States mint, Philadelphia, 1947. Eagle facing with wings spread, head to left, clutching branch and bundle of arrows, with coat-of-arms on breast; mint around; all within assayer-style central incuse medallion / Fineness and weight specifications in three lines. KM 35; Friedberg 191. 8.00g, 22mm, 12h.
Struck in Philadelphia by the United States Mint, bullion-issue 1 Pounds such as the present piece saw limited circulation in Saudi Arabia in the late 1940's along with a larger 4 Pounds. An unusual issue, these bullion pieces were made by the US Government for use by the Arabian American Oil Company (Aramco).
Aramco were required to pay $3 million in royalties each year to the Saudi Government in gold, though throughout the Second World War payment was accepted in US currency. At the end of the war the Saudi Government insisted the gold payments resumed, but the price of gold having risen dramatically Aramco were forced to ask the US Government for help who, faced with the prospect of reduced access to Middle Eastern oil, caused the minting of these rare bullion pieces in Philadelphia.
Another article about these at COIN WEEK: [ link ]