Saudi Arabia Aramco Coin Extremely Fine

Description

Saudi Arabia Aramco Coin Extremely Fine.
Saudi Arabia, time of Abd al-'Aziz ibn al-Sa'ud Bullion-issue AV 1 Pound. United States mint, Philadelphia, 1947. Eagle facing with wings spread, head to left, clutching branch and bundle of arrows, with coat-of-arms on breast; mint around; all within assayer-style central incuse medallion / Fineness and weight specifications in three lines. KM 35; Friedberg 191. 8.00g, 22mm, 12h.
Mint State.
Struck in Philadelphia by the United States Mint, bullion-issue 1 Pounds such as the present piece saw limited circulation in Saudi Arabia in the late 1940's along with a larger 4 Pounds. An unusual issue, these bullion pieces were made by the US Government for use by the Arabian American Oil Company (Aramco).
Aramco were required to pay million in royalties each year to the Saudi Government in gold, though throughout the Second World War payment was accepted in US currency. At the end of the war the Saudi Government insisted the gold payments resumed, but the price of gold having risen dramatically Aramco were forced to ask the US Government for help who, faced with the prospect of reduced access to Middle Eastern oil, caused the minting of these rare bullion pieces in Philadelphia.