Numismatics

Rare Scandinavian coins and medals up for auction

American auction house Stack's Bowers Galleries won the right to auction the collection of Danish industrialist Lars Emil Bruun, now alienable 100 years after his death

by Maria Adelaide Marchesoni

1 September 2024

DENMARK. Goldgulden (Rhinsk Gulden), ND (ca. 1496-1497). Malmö or Copenhagen Mint

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Key points

I top lot
The story

4' min read

One of the most valuable collections of Scandinavian coins of the Danish industrialist Lars Emil Bruun (1852-1923) will be auctioned on 14 September by Stack's Bowers Gallerie, an American auction house specialising in modern and antique, US and world coins, which has hammered out the most important private collections, particularly American ones.

NORWAY. 2 Speciedaler, ND (1661). Christiania Mint. Frederik III

At the September event, 287 lots of the collection comprising almost 20,000 items will be offered for sale. The collection has been arranged and housed in four large custom-made cabinets since 2011 (as they were at Mr Bruun's death in 1923), safely stored in a secret location, secured for DKK 500,000,000 (approximately €67 million). The Bruun Collection 100 years after the collector's death is now alineable and is thus ready to be transformed from a Danish national treasure into a collectible for the international audience of numismatic enthusiasts, the proceeds of which will benefit the Bruun heirs.

I top lot

Rarity is the term that most connotes several lots in the collection and among these is lot 1217, a coin minted to celebrate Frederik as ruler of Norway (estimate €500-750,000) and the only specimen in private hands of the three known: the other two are in the National Museum of Denmark and the Gotha Coin Cabinet in Friedenstein. Considering the rarity, this lot represents a unique opportunity to acquire a piece that is at the pinnacle of Norwegian numismatics, and such an occasion rarely occurs in numismatics. Another single coin of great value is the Golden Noble of King Hans, one of only 20 gold coins minted by Danish bureaucrats in the 1530s, with an estimate of between €300-600,000. Of high numismatic value is lot 1196 one of the six known Speciedaler quadruples of Frederik III, the only one in private hands. Of the five remaining specimens, four (1656, 1657, 1658, 1661) are in the National Museum of Denmark and one (1657) in the Hermitage in St. Petersburg (estimate €300-400,000).

DENMARK. Noble, 1496. Malmö or Copenhagen Mint

Lot 1224 is one of only 10 traced examples of Quadruple Speciedaler of Christian V, minted in 1674, 1678, 1679 and 1680. Of these, only four are privately owned, while the other six are in public collections in Oslo, Copenhagen and St. Petersburg (estimate €250-350,000).

Lot 1021 is one of the most impressive of the entire series of Danish Renaissance coins and is the best of the three known examples in private collections. Others of these coins in public ownership are found in Copenhagen, Oslo, Stockholm, Lund and St. Petersburg. The birth of this coin was dictated by the visit of Christian IV to England in 1606, who was probably inspired by the new monetary reform of his brother-in-law James I to promote the minting of 'Danish Sovereigns', which had the same weight and fineness as the new British Unions (estimate 200-300,000 €)

NORWAY. 4 Speciedaler, 1656

Among the oldest coins but with a more affordable estimate (estimate €20-30,000) is the Goldgulden (Rhinsk Gulden), ND (ca. 1496-1497). Mint of Malmö or Copenhagen, one of Denmark's earliest gold coins, minted to finance German mercenaries in the war against the Swedish rebel king Sten Gustafsson Sture. The coin was previously in the collection of legal advisor Frederik Christian Bech (1817-1905), who was a judge in the town of Slagelse for a period of 36 years, giving it an important pedigree.

Several coins have estimates below 15,000 €, among them the Danish Silver Gulden (Taler), 1547 of the Flensburg Mint (lot 1007) which was in use only for about 30 years, from 1540 to 1571, when it was turned into a bell foundry (estimate 7-9.000 €); lot 1009 (estimate 12-15.000 €), the Klippe Duchy, 1564, of the Copenhagen Mint, the first proper Duchy to be minted in Denmark, although the Duchies continued to be minted regularly until 1802, is the only one bearing a denomination (DOGKATE).

NORWAY. 4 Speciedalers, 1680

The Story

The treasure, as reported, was deliberately kept secret, only a few administrators were aware of, in order to use the coins as a financial reserve that Denmark could draw on in the early 20th century, fearing the destruction of its country's national heritage following the Prussian-Danish War and the First World War. Initially, the collection found refuge within the walls of Frederiksborg Castle, once a royal residence, before reaching the Danmarks Nationalbank (Danish Central Bank) in Copenhagen.

Bruun's accumulated wealth allowed him to ardently pursue his hobby, sharing his passion with the numismatic community, participating in auctions and amassing a specialised library. The magnate's considerable wealth, derived from his butter empire and shrewd real estate ventures, facilitated not only the acquisition of individual coins but also entire collections.

DENMARK. Sovereign, 1608. Elsinore Mint. Christian IV

Since 2011, almost 20,000 meticulously arranged objects have been housed in four large cabinets. According to the auction house press release, in his will, Bruun stipulated that the collection would be locked away in custom-made cabinets and would not be touched for 100 years. The Danish tycoon, who specialised in the wholesale of butter, died in 1923, and today, 21 November 2023, the final provision of the will came into effect.

Stack's Bowers, the company holding the rights for the auction, calls the sale a 'once-in-a-lifetime' opportunity. The auction will start on 14 September and will take place over three to five years, with a collection of 20,000 coins, medals and paper banknotes from Denmark, Norway, Sweden and the period when the Danes ruled England.

DENMARK. Goldgulden (Rhinsk Gulden), ND (ca. 1496-1497). Malmö or Copenhagen Mint

"When I saw the collection in person, I was impressed by its diversity and quality, offering a comprehensive narrative of Scandinavian monetary evolution," said Henrik Holt Christensen, senior director of consignments at Stack's Bowers. "Bruun's collection encapsulates the thousand-year numismatic journey of Scandinavia."