Roma Universa: The Results

On 31 October 2024, Künker held its eLive Premium Auction 417, offering part 9 of the Dr. W.R. Collection. Under the title of Roma Universa, this part presented an extensive collection of 682 lots with coins dating from the period after Nero’s death to the end of the Severan dynasty. The collector was interested in gold, silver and bronze coins and collected both coins struck in Rome as well as provincial coinage. Another aspect that was very important to him was the quality of a coin. That is why the catalog included many pieces that were actually quite common, but of far above-average quality. This was reflected in the results. While the total estimate was 220,000 euros, the total hammer price soared to an impressive 560,000 euros. These results show how healthy the market for ancient coins is at the moment, provided they are well preserved. And this is particularly true for coins in the medium price range. After all, the quality of a coin is extremely important to today’s collectors.

This auction review highlights the most expensive hammer prices that were achieved in Künker’s eLive Premium Auction 417. To do justice to the different areas, the results are presented in the following categories:

• the most expensive pieces of the Dr. W.R. Collection
• the most expensive denarii of the Dr. W.R. Collection
• the most expensive provincial coins of the Dr. W.R. Collection

The Most Expensive Pieces of the Dr. W.R. Collection

The Romans minted gold, silver and bronze coins. Looking at current prices, it becomes clear that ancient gold coins have risen disproportionately in value, while the price of bronze coins has fallen slightly, and silver coins are priced by grade and pedigree.

Looking at the results of the Dr. W.R. Collection, this somewhat general trend has to be modified: Yes, three of the most expensive coins of the auction are aurei. However, as these coins were not of extremely fine or better quality, hammer prices remained in the four-figure range. On the other hand, two objects out of non-precious material of great historical interest were among the top five pieces of the sale. This shows that the historical message of a piece still plays an important role for coins in the mid-price range.

Top 5

From a historical perspective, this piece is of almost unparalleled importance – at least according to what Mechthild Overbeck wrote in the “Jahrbuch für Numismatik und Geldgeschichte 2001/2”. Rather tentatively – and while offering alternative hypotheses – she interpreted these tokens as the tickets to the VIP area of the Colosseum when it opened. Of course, there is no hard evidence to prove this theory. The piece could also be a game token, and its dating is controversial, too. And yet, nothing gets you closer to the adrenaline-charged air above the bloody sands of the Colosseum. This token transports our imagination to the heart of the Roman game for life and death. A feeling that the new owner was prepared to spend 7,000 euros on. This hammer price makes the Roman bone token one of the most expensive of its kind ever sold. And it secured place 5 in our ranking of the most expensive pieces in part 9 of the Dr. W.R. Collection.

Top 4

The unique token’s hammer price was easily surpassed by three aurei. The first of these sold for 7,750 euros, making it the fourth most expensive piece of the sale. It is of about extremely fine quality, depicts a superb portrait of Emperor Nerva and has an iconic reverse design: a handshake to evoke military unity. This was a topical motif, as there seems to have been a deep rift between the followers of Trajan and Cornelius Nigrinus Curiatus Maternus. Both hoped to succeed the aged Nerva. We know that Trajan ultimately prevailed. We have no sources telling us what happened to Maternus after AD 97.

Top 3

8,250 euros and thus more than twice its estimate was realized by a wonderful aureus of Marcus Aurelius. Particularly remarkable is the exquisite portrait that depicts the emperor in the same way that we know from statues.

Top 2

The aureus type of Lucius Verus depicting him on the reverse while shaking hands with Marcus Aurelius is very popular. This was also reflected in the result that this piece fetched in eLive Premium Auction 417. In addition, the coin had an outstanding provenance. It was sold at an NFA auction in 1987, was part of the collection of a “friend of the Romans” that was sold in 2002 by the Münzen und Medaillen AG, and was part of the Köhlmoos Collection. That is why its hammer price of 11,000 euros should not come as a surprise. It made the coin the second most expensive piece in the auction sale.

Top 1

It is quite a challenge to find a sestertius depicting a good portrait of Vitellius. That is why a collector was prepared to pay 12,500 euros for the piece from the Dr. W.R. Collection, which had previously been part of the collection of a “connoisseur”. The buyer has thus acquired a remarkable sestertius with a monumental portrait, the features of which are further enhanced by its patina. Congratulations are in order for the new owner, although he paid the highest price of the entire auction sale for this coin. The masterful artistry of the die-cutting would have justified an even higher price.

The Most Expensive Denarii of the Dr. W.R. Collection

Roman denarii are not usually mentioned in auction reviews. This is due to the fact that the Roman denarius was the most important coin in the Roman Empire and therefore still exists in relatively large quantities today. But while there are many Roman denarii, there are also many coin collectors that aim to assemble a complete series of coins from all Roman emperors. The fact that there are increasingly more of these collectors is demonstrated by the encouraging results realized by denarii in Künker’s auction 417. To prevent the high hammer prices of the denarii from being overshadowed by the aurei, we present the three most expensive denarii of the auction sale.

Top 3

An extremely fine denarius of Otho made third place in our ranking with a hammer price of 4,500 euros. A distinctive feature of this emperor is his neatly arranged mane of curls. Suetonius claimed that it was merely a wig. Could that be true? Were curls considered suspicious after Nero had made them fashionable? In his The Twelve Caesars, Suetonius systematically presented Otho as the antithesis of Nero: while Suetonius depicted Nero’s hesitant suicide almost in a comical way, Otho – Nero’s former drinking companion and bosom friend – was turned into a heroic soldier who sacrificed himself to prevent further bloodshed.

Top 2

With a hammer price of 5,750 euros, we have a woman in 2nd place that we cannot even identify: is it Domitilla the Elder or Domitilla the Younger? One of them received numerous honors under Domitian’s rule, including the honorary title of Augusta, deification and a temple in Ferentium. This may not have interested the buyer as much as the fact that he was acquiring a true rarity for his collection. After all, coins of Domitilla are extremely rare, especially in this condition. Particularly remarkable about this piece is the fact that it shows her facial features so clearly that you can see the family resemblance to Domitian. Was it based on reality or on the imagination of an engraver? Actually, it does not matter. Either way, this coin is truly special, whether it depicts Domitian’s mother or his sister.

Top 1

6,250 euros – almost as much as a nice aureus – was realized by a coin whose true value is only apparent to a few people at first glance. The buyer knew exactly what they were doing. This coin is one of the rare unique pieces of imperial Roman numismatics. It is only at second glance that once notices the Greek letters that are combined with imperial Roman letters and die-cutting. This allows us to associate this coin with other very rare drachms that were also minted in Carrhae and probably issued in connection with the Parthian War. This makes the piece from the Dr. W.R. Collection not only a great rarity, but also a first-rate piece of history. Its new owner was probably delighted with their new acquisition; much more so than if they had bought a pretty aureus.

The Most Expensive Provincial Coins of the Dr. W.R. Collection

There is a common misconception among collectors of contemporary issues that the value of a coin is determined solely by its rarity. Collectors of ancient coins tend to be amused by such an attitude. They know that the price is determined by supply and demand, and that even the rarest coin of them all will not find a buyer if its field is too complex or too unpopular.

Collectors of coins from the Roman provinces use this to their advantage. They have the pleasure of buying issues with highly interesting motifs and exciting backstories that are still quite affordable in relation to their rarity. Even when exceptional engravings and outstanding quality make the prices of individual coins soar, they remain well below what collectors pay for coins from other areas of interest. Here you can find three coins that illustrate this phenomenon.

Top 3

Well, Antinous is the exception from this rule. Ever since the pretty boy from Bithynia has become a symbol of the LGBTQ+ movement, his portraits have been fetching top results. But one has to admit that his portraits are always of exceptional quality. A hemi drachm of 136/7 from Alexandria in Egypt sold for 5,250 euros in Künker’s eLive Premium Auction 417. This made it the third most expensive provincial bronze coin.

Top 2

6,250 euros – exactly as much as the drachm from Carrhae – was realized by a unique medallion of Septimius Severus, commissioned by a rich official of the city of Attuda in Caria. The reverse depicts the goddess Cybele between two lions. The quality and the die-cutting of the piece are extraordinary. In addition, the coin is of such great academic importance that it has repeatedly been depicted in reference works.

Top 1

Just as much, 6,250 euros, was the total result of another Carian medallion, this time from Halicarnassos. It made first place in our ranking because it increased much more in value compared to its estimate than the previous piece. The extremely rare coin soared unexpectedly from 750 euros to more than eight times its estimate. The reasons for this were both its quality and the die-cutting, which are extraordinary for a provincial bronze coin.

Especially in the field of ancient coins, there are still many areas of interest that offer affordable pieces of great interest to knowledgeable collectors. This is also reflected in the fact that many lots of the Dr. W.R. Collection were sold for two-figure sums. After all, coin collecting is a rewarding hobby for everyone. It is always a surprise to see how much history can be bought for so little money.

You can find all auction results online at www.kuenker.de/en. If you have any questions, please do not hesitate to contact Künker, Nobbenburger Str. 4a, 49076 Osnabrück; phone: +49 541 / 962020; fax: +49 541 / 9620222; or via e-mail.