They were first issued in 1956 under an agreement between Bank of Nova Scotia, Deutsche Bank, Samuel Montagu and Union Acceptances Ltd (a subsidiary of Anglo American). Such certificates confirm the ownership of a specific amount of gold at a recognized bank or depository, deliverable on demand. It is a particularly useful way of avoiding value added or sales tax that might be due if physical delivery were accepted. Many German investors, for example, had certificates of gold held on their behalf by the Luxembourg branches of German banks during the years when Germany charged value added tax and Luxembourg did not. Similarly in the United States, certificates will attest to gold held in authorized depositories, often in Delaware, to avoid sales tax. Many small gold savings schemes, initiated by banks in places as diverse as New York, Singapore and Tokyo, have also relied on certificates to guarantee investors that gold is held on their behalf.