1086481 | SAUDI ARABIA. United Kingdoms. (1945-46) AV 4 Pounds. PCGS MS62. Philadelphia mint. U.S. MINT PHILADELPHIA U.S.A. Eagle with wings open / GROSS WEIGHT 493.1 GRAINS/ NET WEIGHT 452.008333 GR./ FINENESS 916 2/3. Three lined inscription within horizontal bars. KM 34; Fr.-190.

These so-called, "gold discs" in Sovereign and Four Sovereigns (Pounds denominations) were struck by the United States Mint in Philadelphia for the Arabian American Oil Company (ARAMCO). The company were unable to obtain gold at the monetary price fixed by the United States so the U.S. government specifically began to mint the “discs". While these look like coins, and for a time were even used as coins, technically, they are bullion in coin form specifically made for the payment of royalties owed to the Saudi Arabian government for ARAMCO's right to start drilling for oil reserves known to be there, and to help alleviate the shortage of domestic petroleum caused by the record consumption during World War II. The majority of these were not issued and most were later melted down, making the surviving population rather small. In 1952, when the Saudi Arabian Monetary Agency (SAMA) was formed, the first coin issued was a Saudi Sovereign, a gold coin equal in weight and value to the British Sovereign. These were later demonetized.


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