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.

The commemorative coin for the Nationalization of the Suez Canal bearing the portrait of Nasser was rejected. The coin having his portrait on it would send the wrong message, as it was not him who nationalized the Suez Canal but rather Egypt and its people.

Obverse

Depicts a portrait of Nasser (right), the inscription "Commemoration of the nationalization of the Sues Canal Company" and the date "July 26" above and "Gamal Abdel Nasser, President of the Republic of Egypt" below.

Gamal Abdel Nasser Hussein (1918–1970) was an Egyptian politician who served as the second President of Egypt from 1954 until his death in 1970. Nasser led the 1952 overthrow of the monarchy and introduced far-reaching land reforms the following year. Following a 1954 attempt on his life by a Muslim Brotherhood member, he cracked down on the organization, put President Mohamed Naguib under house arrest and assumed executive office. He was formally elected president in June 1956.

Nasser's popularity in Egypt and the Arab world skyrocketed after his nationalization of the Suez Canal and his political victory in the subsequent Suez Crisis. Calls for pan-Arab unity under his leadership increased, culminating with the formation of the United Arab Republic with Syria from 1958 to 1961. Following Egypt's defeat by Israel in the 1967 Six-Day War, Nasser resigned, but he returned to office after popular demonstrations called for his reinstatement. By 1968, Nasser had appointed himself Prime Minister, launched the War of Attrition to regain lost territory, began a process of depoliticizing the military and issued a set of political liberalization reforms. After the conclusion of the 1970 Arab League summit, Nasser suffered a heart attack and died.

Nasser remains an iconic figure in the Arab world, particularly for his strides towards social justice and Arab unity, modernization policies and anti-imperialist efforts. His presidency also encouraged and coincided with an Egyptian cultural boom and launched large industrial projects, including the Aswan Dam and Helwan city.

Designer: Abdul Fattah Wahba

تذكار تاميم شركة قناة السويس - ٢٦ يوليه
جمال عبد الناصر رئيس جمهورية مصر

Reverse

Depicts the headquarters of the Suez Canal Company building in Port Said with the flag of the Kingdom of Egypt (1922–1953) and the co-official flag of the Republic of Egypt (1953–1958) above. The inscription "Nationalization of the Sues Canal Company" with the date "July 26" above. The value (Arabic numeral 25) in the centre, the denomination "Qirsh" below dividing the dates (Hegira and Gregorian).

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 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.

تاميم شركة قناة السويس - ٢٦ يوليه
٢٥
قرشا
١٣٧٥-١٩٥٦

Edge
Characteristics
Type Commemorative Issue (Non-circulating)
Material Silver
Fineness 0.720
Weight 17.5 g
Diameter 35 mm
Thickness -
Shape round
Alignment Medal
Mint
Cairo Mint

Related coins

Nationalization of the Suez Canal

Silver, 17.5 g, ⌀ 35 mm