The Vreneli: Guide to the Swiss gold coin

At a glanceThe Swiss 20 Francs Gold Vreneli (officially named 'Helvetia Head') is Switzerland's most celebrated historic bullion coin. Minted by the Federal Mint in Bern (Swissmint) between 1897 and 1936, with massive official re-strikes in 1947 and 1949, the Vreneli combines a standardized 900‰ fineness with universal recognition across international bullion markets. For Swiss residents and global investors alike, it represents the quintessential safe-haven gold coin.

Official Technical and Numismatic Specifications

Designed by Neuchâtel artist Fritz Ulysse Landry, the coin adheres to the Latin Monetary Union standards:

Calculating True Value and Market Premium

A Vreneli's market price consists of intrinsic gold content plus its market premium:

Calculation: Intrinsic Melt Value = 5.8064 g × Live 24k Gold Spot Price in CHF

Scenario in Swiss Francs: At a spot gold rate of CHF 110.00/g, the coin's intrinsic metal value equals: 5.8064 g × CHF 110.00 = CHF 638.70.

At Swiss banks and bullion dealers (Cantonal Banks, PostFinance, Degussa, GoldAvenue), 20 Francs Vreneli trade with a modest premium of 3% to 7%, resulting in retail prices around CHF 660 to CHF 685.

Rare Key Dates and Numismatic Varieties

• 1897 'Forehead Curl' (Stirnlocke): Twelve pattern strikes showing a stray lock of hair on Helvetia's forehead. Legendary coin commanding over CHF 100,000 at auction.
• Gondo Gold Vreneli (1897): Struck exclusively from gold extracted at the Gondo mine in Valais, marked by a punch cross in the Swiss shield (worth CHF 80,000 to CHF 120,000).
• 1904 Issue: Limited mintage of 100,000 coins (15% to 30% numismatic premium).
• 1926 Issue: The rarest regular circulation date with just 50,000 struck (trades from CHF 900 to CHF 1,500).
• 10 Francs and 100 Francs Vreneli: The half-Vreneli 10 Fr. (2.90g fine gold, struck 1911–1922) and the monumental 100 Francs of 1925 (1,200 coins struck, valued over CHF 15,000).

Total Tax Exemption Under Swiss VAT Act (Art. 18)

Under Article 18 of the Swiss Federal VAT Act (MWSTG / LTVA), official legal tender coins like the Gold Vreneli are 100% exempt from VAT (0%). Swiss residents also enjoy zero capital gains tax on private bullion sales.

Frequently Asked Questions: 20 CHF Vreneli

What does the 'L' mean on 'L 1935 B' coins? 'L' stands for *Lingot* (bullion re-strike). Between 1945 and 1947, Swissmint minted 20 million coins carrying the frozen date 1935 prefixed by 'L' to replenish gold reserves without altering legislation.

Should I clean an old Vreneli before selling? Never clean or polish historic gold coins. Polishing ruins original mint luster and destroys collector premiums.

Where can I buy and sell Vreneli with the lowest spread in Switzerland? Cantonal Banks and authorized specialists like Degussa Zurich, Philoro, and GoldAvenue offer the tightest bid/ask spreads of 2% to 4%.