Obverse. Photo © acsaerch.info
  • 1 Pound 1981, KM# 529, Egypt, 25th Anniversary of the Nationalization of the Suez Canal
  • 1 Pound 1981, KM# 529, Egypt, 25th Anniversary of the Nationalization of the Suez Canal
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

Depicts Pharaonic ship carries men below map of Suez Canal between (left) grain spikes (ears), modern flag of Egypt (right) and dates (1956-1981) all of them between two arced branches. The inscription "The Silver Jubilee of the Nationalization of the Suez Canal Company" above.

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.

العيد الفضي لتاميم قناة السويس
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Reverse

Denomination divides dates (Hegira and Gregorian), legend "Arab Republic of Egypt" above.

جمهورية مصر العربية
جنيه واحد
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Edge
Characteristics
Type Commemorative Issue (Non-circulating)
Material Gold
Fineness 0.875
Weight 8 g
Diameter 24 mm
Thickness 1.5 mm
Shape round
Alignment Medal
Mint
Cairo Mint

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