Greek Households Privately Hold Some €5B in Gold Coins

Gold sovereigns stored in Greek households—under mattresses, in drawers, and in safes—are now estimated to be worth between €5–6 billion, according to market analysts. The figure corresponds to roughly 2–3% of total bank deposits in the country, which amount to €215 billion.

Greek households have liquidated gold sovereigns worth approximately €52 million through the official investment gold market during the first nine months of 2025. This amount is expected to surpass last year’s total of €60 million. The increase, however, is driven more by the surge in global gold prices than by a rise in the number of coins sold.

Between January and September 2025, the average buyback price for a gold sovereign at the Bank of Greece stood at around €647. Recent global price rallies have pushed the current buyback price to €822.55, significantly increasing returns for sellers during the final quarter.

During the first nine months of the year, an estimated 80,000 gold sovereigns were sold to banks dealing in investment gold, primarily the Bank of Greece and Piraeus Bank. Last year’s total reached approximately 120,000 coins. To match that figure, Greek sellers would need to offload roughly 40,000 additional coins in the last quarter, requiring a faster pace of liquidations.

According to gold market executives, the majority of sovereigns in circulation are held privately and not recorded officially. While the Bank of Greece publishes detailed transaction data, Piraeus Bank—which is believed to hold about 60% of the market share—does not publicly disclose its figures. For the first three quarters of 2025, the central bank reported 32,002 purchases of gold sovereigns and 5,399 sales.

These estimates exclude the “informal” gold market, including pawnshops and jewellery stores, where prices vary, VAT applies, and transaction volumes remain opaque.

Gold prices have remained above USD 4,000 per ounce since reaching a historic high of USD 4,250 in October. As of 5 December, gold traded at USD 4,199 per ounce, marking a 59% increase since the beginning of the year. Gold sovereigns have mirrored this trajectory: the Bank of Greece bought sovereigns at €568.50 on 31 December 2024 and at €822.55 on 5 December 2025, with purchase and sale prices rising around 45%.

In a historic first, the UK’s Royal Mint has issued 15,000 gold sovereigns bearing the Greek “ΕΛ” hallmark. Never before has a gold sovereign been minted with the emblem of a non-Commonwealth nation. The commemorative edition—available exclusively through Piraeus Gold locations in Athens, Thessaloniki, and Heraklion—sells for roughly €1,100, about 15% above the classic sovereign price. Each Piraeus Bank account holder is eligible to purchase one coin.