A Review of Künker’s Spring Auction Sales: A Market Analysis

From 21 to 25 March 2022, the Osnabrück auction house Künker sold several world-class collections with an estimate of 6.5 million euros for a total hammer price of 14.8 million euros. That’s impressive! Auction 362 alone – held in collaboration with Stack Bowers Galleries – generated half of this result and achieved 7.7 million euros (the estimate had amounted to 2.6 million euros).

No. 1280: Netherlands / Campen. Eightfold rose noble n.d. (ca. 1600). Imitation of the quadruple sovereign by English Queen Elizabeth I. Extremely rare. Extremely fine. Estimate: 250,000 euros. Hammer price: 700,000 euros

Among other things, it contained an eightfold rose noble from Campen, which – with a hammer price of 700,000 euros – became the most expensive coin ever sold in Germany.

But it’s not just coins in the five- and six-digit range that realized outstanding results in auction 361 to 364. In this review, we will take a look at coins from all price segments, starting with estimates of 20 euros. By doing so, one thing becomes clear: building up a special collection is definitely worth it.

Catalog 361: The Minted Splendor of the Welfs – An Important Special Collection

The auction week began with a special collection of this very kind. Under the title “The Minted Splendor of the Welfs”, Künker offered a world-class collection in auction 361 on 21 March 2022 that comprised both coins with estimates of 50 euros and great rarities estimated at 50,000 euros. And, above all, one thing became clear: all items were extremely sought after! Not a single(!) lot remained unsold!

So let’s take a look at the results for the specimens with estimates between 50 and 500 euros. Even pieces that are actually quite common achieve good prices today provided they are of excellent quality – no matter whether they are medieval bracteates, fractional coins or talers. Regarding medals, a segment that was long neglected by coin collectors, prices increased significantly. Special collectors in particular are aware of their rarity and historical importance – and pay correspondingly high prices.

No. 9: Brunswick. Bracteate. Extremely fine. Estimate: 300 euros. Hammer price: 1,400 euros

No. 157: Brunswick-Wolfenbüttel. Rudolph Augustus. Reichstaler 1681, Zellerfeld. Extremely fine. Estimate: 500 euros. Hammer price: 1,400 euros

No. 182: Brunswick-Wolfenbüttel. Rudolf August and Anton Ulrich. Silver medal 1700, unsigned. Commemorating the consecration of St Trinity Chapel in Wolfenbüttel. Very rare. Extremely fine. Estimate: 400 euros. Hammer price: 1,400 euros

Let’s look at the section of coins estimated between 500 and 5,000 euros. At the moment, this is the area where prices are most stable. Attractive coins are sold for more than their estimate, but rarely for several times their estimate. This really only happens when there is a combination of rarity, great quality and an appealing motif or a good story.

No. 94: Brunswick-Wolfenbüttel. Heinrich Julius. Double schautaler 1610, by H. Rappost. Extremely rare. Very fine. Estimate: 1,500 euros. Hammer price: 2,200 euros

No. 112: Brunswick-Wolfenbüttel. Frederick Ulrich. Silver medal 1615, by H. Rappost. Very rare. Very fine to extremely fine. Estimate: 3,000 euros. Hammer price: 5,000 euros

No. 117: Brunswick-Wolfenbüttel. Christian, Administrator of Halberstadt. Reichstaler 1622, Lippstadt. Pfaffenfeindtaler. Very rare. Fields smoothed a long time ago. Very fine to extremely fine. Estimate: 1,000 euros. Hammer price: 2,800 euros

Let’s now go to high-priced coins, i.e. the segment with estimates between 5,000 and 20,000 euros. A very clear distinction can be made here. Prices of multiple talers and gold coins are increasing to unprecedented heights, while great silver rarities up to the taler certainly do increase in value but not to unprecedented heights.

No. 206: Brunswick-Wolfenbüttel. Anton Ulrich. Gold medal of 50 ducats 1708, unsigned (H. P. Großkurt). Commemorating the ruler’s 75th birthday, given to him by the Brunswick City Council. Very rare. Extremely fine. Estimate: 20,000 euros. Hammer price: 50,000 euros

No. 220: Brunswick-Wolfenbüttel. August Wilhelm. 2 ducats 1730, Brunswick. Commemorating the ruler’s 69th birthday. Very rare. Extremely fine to FDC. Estimate: 6,000 euros. Hammer price: 26,000 euros

No. 366: Brunswick-Bevern. Ferdinand Albrecht. 2 ducats 1678. Extremely rare. Extremely fine to FDC. Estimate: 20,000 euros. Hammer price: 42,000 euros

No. 367: Brunswick-Bevern. Erich the Younger. Taler 1564, Münden. Extremely rare. Dark patina. Extremely fine. Estimate: 7,500 euros. Hammer price: 14,000 euros

And, of course, we should not miss out on presenting the three most expensive coins of this spectacular collection. This confirms the impression that multiple gold coins and medals are currently experiencing the greatest appreciation.

No. 648: Brunswick-Calenberg. George I, King of Great Britain. Gold medal of 50 ducats 1714 by E. Hannibal. In celebration of his coronation as King of Great Britain. Extremely rare. Extremely fine. Estimate: 25,000 euros. Hammer price: 120,000 euros

No. 469: Brunswick-Calenberg. John Frederick. 10 ducats 1670, Clausthal. Extremely rare. Extremely fine. Estimate: 50,000 euros. Hammer price: 180,000 euros

No. 95. Brunswick-Wolfenbüttel. Frederick Ulrich. 10 ducats 1615, Zellerfeld. Extremely rare. Very fine to extremely fine. Estimate: 50,000 euros. Hammer price: 190,000 euros

Auction 364: From the Taler to the Mark – German Coins after 1800 from the Annemarie and Gerd Köhlmoos Collection

Let’s now take a look at a collection that only contains silver coins. Künker auctioned off German coins after 1800 from the Annemarie and Gerd Köhlmoos Collection. Although these specimens also sold excellently – here, too, not a single(!) lot remained unsold – it can be observed that the international investor market has not yet discovered German coins, at least as long as they are not made of gold and do not depict a city view. For the price-conscious buyer, this means that this field has a lot of potential, especially regarding coins of excellent quality with mintage figures of a few hundred specimens. The jumble of different states that existed in Germany until the 20th century might seem too complicated to foreign investors. But perhaps their reluctance to invest in this field is due to the fact that there is still no proper catalog of these issues available in any language other than German.

If you consider that experienced collectors know that the name Köhlmoos stands for perfect quality and exquisite patinas – i.e. exactly what investors appreciate most – it is to be expected that especially extremely rare German coins of outstanding quality have potential.

No. 4014: German States. Baden-Durlach. Charles Frederick. Konventionstaler 1803. From the Virgil M. Brand Collection, Leu auction 70 (1997), No. 5739. Only 675 specimens minted. Proof. Estimate: 10,000 euros. Hammer price: 14,000 euros

No. 4063: German States. Bavaria. Ludwig II. Double vereinstaler 1865. Only 2,490 specimens minted. About FDC. One of the most beautiful known specimens. Estimate: 12,500 euros. Hammer price: 15,000 euros

No. 4277: German States. Saxe-Coburg-Gotha. Ernest I. Konventionstaler 1832. Only 304 specimens minted. First strike. FDC. Estimate: 20,000 euros. Hammer price: 22,000 euros

No. 4633: Germany. Weimar Republic. 5 reichsmarks 1933 J. Eichbaum. Very rare. Proof. Estimate: 10,000 euros. Hammer price: 16,000 euros

The same is true for the category of estimates between 500 and 5,000 euros.

No. 4086: German States. Fürstenberg. Karl Joachim. Konventionstaler 1804. Only 388 specimens minted. About FDC. Estimate: 3,000 euros. Hammer price: 3,800 euros

No. 4110: German States. Brunswick-Calenberg. George V. Double vereinstaler 1866 B. First strike. About FDC (proof like). Estimate: 750 euros. Hammer price: 1,300 euros

No. 4217: German States. Prussia. Frederick William IV. Taler 1853. Proof. Estimate: 500 euros. Hammer price: 1,150 euros

Especially in the segment with coin of estimates of up to 500 euros, there are still many perfect pieces that can be bought for the price of a good dinner. The area of fractional coins is exciting and downright undervalued, even if the coins in auction 364 did achieve quite respectable results.

No. 4008: German States. Anhalt-Bernburg. Alexander Carl. 3 pfennigs in copper 1861. Very rare. Proof, minimally touched. Estimate: 100 euros. Hammer price: 240 euros

No. 4089: German States. Hamburg. Schilling 1855 A. Extremely fine to FDC. Estimate: 20 euros. Hammer price: 70 euros

No. 4154: German States. Hohenzollern-Sigmaringen. Carl. 6 kreuzers 1846. Extremely fine to FDC. Estimate: 50 euros. Hammer price: 100 euros

Of course, we don’t want to deprive you of the two most expensive specimens here either.

No. 4348: German States. Württemberg. Frederick I. Konventionstaler 1806. Extremely rare. About FDC. Estimate: 25,000 euros. Hammer price: 34,000 euros

No. 4341: German States. Westphalia. Hieronymus Napoleon. Konventionstaler 1810 C. Very rare. About FDC. Estimate: 25,000 euros. Hammer price: 36,000 euros

Catalog 363: World Coins and Medals / German Coins after 1871

The same observations can be made when looking at the general catalog. Perfect multiple gold coins seem to fetch ever higher prices every month, especially if they feature detailed depictions – and it doesn’t even matter whether these gold coins are actually extremely rare.

No. 2015: Belgium. Flanders. Louis of Male. 1/2 lion d’or n.d. (1365), Gent. Very rare. Extremely fine to FDC. Estimate: 7,500 euros. Hammer price: 38,000 euros

No. 2336: Austria. Franz Josef I. 100 kronen 1908, Kremnica. Only 4,038 specimens minted. Original strike. NGC MS63 PL. Extremely fine +. Estimate: 4,000 euros. Hammer price: 22,000 euros

No. 2342: Austria. Franz Joseph. 100 kronen 1909, Vienna. Only 3,203 specimens minted. NGC PL62 CAMEO. Extremely fine to FDC. Estimate: 3,000 euros. Hammer price: 18,000 euros

No. 2429: German States. Nuremberg. 4 ducats 1631. Extremely rare. NGC MS 64. FDC. Estimate: 75,000 euros. Hammer price: 82,500 euros

China still has surprises to offer, even though coins of the past 50 years no longer sell as well as they did recently.

No. 2685: China. Province of Fengtien. 1 dollar 1903. NGC AU55. Very fine to extremely fine. Estimate: 1,500 euros. Hammer price: 42,000 euros

No. 2687: China. Republic. 1 dollar n.d. (1916). NGC MS62. Extremely fine +. Estimate: 4,000 euros. Hammer price: 170,000 euros

Special collectors of the German states wittness an attentive and healthy collector market that appreciates rarities of great quality – whether it be gold or silver, the lower, middle or upper price segment. The special collection Oldenburg, which was offered by Künker in auction 363, perfectly illustrates that.

No. 3044: Oldenburg. Frederick V of Denmark. 4 grote 1761, Oldenburg. Very rare. Extremely fine. Estimate: 500 euros. Hammer price: 1,400 euros

No. 3061: Oldenburg. Paul Frederick Augustus. Off-metal strike in silver of the dies of 1/2 grote (copper). Very rare. Extremely fine. Estimate: 400 euros. Hammer price: 1,600 euros

No. 3064: Oldenburg. Paul Frederick Augustus. Double vereinstaler 1840 for the Principality of Birkenfeld. Extremely fine to FDC. Estimate: 2,500 euros. Hammer price: 5,000 euros

The good news for long-time collectors is: no matter what you collected, the price of your pieces did increase. And the good news for beginners is: there are still areas where you can get in at reasonable prices. You just need to think carefully about what you want to collect. Künker’s experts will be happy to advise you on choosing a topic and building your collection.

Contact Künker, Nobbenburger Straße 4a, 49076 Osnabrück; phone: +49 541 962020, fax: +49 541 9620222; or via e-mail: service@kuenker.de. You can study the auction results online at www.kuenker.de.