Obverse. Image Courtesy of Professional Coin Grading Service (PCGS.com)
  • 5 Pounds 2006, KM# 977, Egypt, 50th Anniversary of the Nationalization of the Suez Canal
  • 5 Pounds 2006, KM# 977, Egypt, 50th 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 headquarter of the Suez Canal Company building in Port Said above it 50 within zero abbreviate of Suez Canal in Arabic and in the front of it a ship with date 1956 (small one) and other ship with date 2006 (big one). Inscription "Golden Jubilee Suez Canal Nationalization" 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 الذهبي لتاميم قناة السويس
50 ق س
1956
2006

Reverse

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

جمهورية مصر العربية
٥
جنيهات
١٤٢٧هـ ٢٠٠٦م

Edge
Characteristics
Type Commemorative Issue (Non-circulating)
Material Silver
Fineness 0.720
Weight 17.5 g
Diameter 37.2 mm
Thickness -
Shape round
Alignment Medal
Mint
Cairo Mint

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