Egypt 25 Qirsh 1956

History

25 Qirsh 1956, KM# 385, Egypt, Nationalization of the Suez Canal

Obverse. Photo © NumisCorner.com

Description

The Suez Crisis begins when Egyptian President Gamal Abdel Nasser nationalizes the British and French-owned Suez Canal.

The Suez Canal, which connects the Mediterranean and Red Seas across Egypt, was completed by French engineers in 1869. For the next 87 years, it remained largely under British and French control, and Europe depended on it as an inexpensive shipping route for oil from the Middle East.

After World War II, Egypt pressed for evacuation of British troops from the Suez Canal Zone, and in July 1956 President Nasser nationalized the canal, hoping to charge tolls that would pay for the construction of a massive dam on the Nile River. In response, Israel invaded in late October, and British and French troops landed in early November, occupying the canal zone. Under Soviet, U.S., and U.N. pressure, Britain and France withdrew in December, and Israeli forces departed in March 1957. That month, Egypt took control of the canal and reopened it to commercial shipping.

Obverse	Construction (building, bridge etc.) Suez Canal, Building Flag Egypt Depicts headquarter of the Suez Canal Company building in Port Said with the flag of the Kingdom of Egypt (1922–1953) and co-official flag of the Republic of Egypt (1953–1958) above. Inscription "Commemoration of the nationalization of the Sues Canal Company" above, date "July 26" below. The Universal Company of the Maritime Canal of Suez was the concessionary company that constructed the Suez Canal between 1859 and 1869 and operated it until the Suez Crisis that had occurred in 1956. On 26 July, Nasser announced that the Nationalization Law had been published, that all assets of the Suez Canal Company had been frozen, and that stockholders would be paid the price of their shares according to the day's closing price on the Paris Stock Exchange. That same day, Egypt closed the canal to Israeli shipping. Egypt also closed the Straits of Tiran to Israeli shipping and blockaded the Gulf of Aqaba. تذكار تاميم شركة قناة السويس ٢٦ يوليه
Reverse	Animal (fish, bird, mammal etc.) Snake Depicts mirrored vulture wings and Egyptian cobra heads (symbols of Ancient Egypt) flanking the disk of the sun (God Amun Ra). The country name (Republic of Egypt), value (Arabic numeral 25 in the centre, the denomination "Qirsh" below) and dates (Hegira and Gregorian) above. The Egyptian cobra (Naja haje) was represented in Egyptian mythology by the cobra-headed goddess Meretseger. A stylised Egyptian cobra—in the form of the uraeus representing the goddess Wadjet—was the symbol of sovereignty for the Pharaohs who incorporated it into their diadem. جمهورية مصر ٢٥ قرشا ١٣٧٥-١٩٥٦
Edge	Reeded (milled)