Dicktaler from the dies of the 1/2 guilder 1484, Hall.
Extremely rare. Fine patina, very fine +.
Reichstaler n. d. (posthumous struck from 1635), Hall.
Extremely rare. Attractive piece. Extremely fine-uncirculated.
5 Ducats n. d. (1646), Hall. Very rare, especially in this condition.
Attractive piece. Magnificent patina, incised value number V,
extremely fine.
1612-1650. 5 Ducats n. d., Münster. Extremely rare.
Extremely fine.
1648, by E. Ketteler, Very rare. Attractive piece with fine golden
patina. Tiny scratches, min. bent, very fine-extremely fine.
1404-1417. Angel d‘or (Thuyne d‘or) n. d., Valenciennes.
Extremely rare. Attractive piece, very fine-extremely fine.
10 Ducats 1644, Graz. Struck with the dies of the Reichstaler.
Extremely rare. Very attractive piece with fine golden toning.
Min. tooling marks at the edge, tiny scratches, extremely fine.
Archduke of Austria, 1647-1656. Wearable silver cast medal
n. d., by A. Waterloos,Extremely rare. Sharp original cast.
Nice patina, extremely fine.
by Jan de Fries, Extremely rare. Magnificent,
finely chiseled work, extremely fine.
Pattern in silver, made in the USA. PCGS SP 63. Min. scratches,
extremely fine-uncirculated.
Heidelberger Münzhandlung: Strong Results for Great Material
At Heidelberger Münzhandlung, collectors find what they are looking for: fresh material from interesting collections that has often not been on the market for many years. It should come as no surprise that such items fetch impressive prices. We present and analyse the most interesting results.
Photo: Lübke + Wiedemann KG.
Heidelberger Münzhandlung
Auction 90
13-14 May 2025
Coins
D-Heidelberg
Heidelberger Münzhandlung held its most recent auction sale on 13 and 14 May 2025. As always, Herbert Grün presented an interesting offer covering many fields. Thanks to its extensive customer base, the Heidelberg auction house repeatedly finds itself in a position to organise diverse auction sales. The offer ranges from numismatically interesting pieces of very fine quality with double-digit estimates to heavy gold medals in extremely fine + condition selling for five-digit sums.
We analyse some of the impressive results from the last auction sale for you.
No. 187 – Nerva, 96-98. Aureus. Extremely fine. Estimate: 10,000 euros. Hammer price: 17,250 euros. Photo: Lübke + Wiedemann KG.
No. 208 – Antoninus Pius, 138-161. Aureus. From Münzen & Medaillen AG. About mint state. Estimate: 4,500 euros. Hammer price: 8,600 euros. Photo: Lübke + Wiedemann KG.
No. 273 – Constantine I, 307-337. Solidus, Ostia. From Münzen & Medaillen AG. Very fine / Extremely fine. Estimate: 6,000 euros. Hammer price: 13,000 euros. Photo: Lübke + Wiedemann KG.
Roman Gold Coins
We know that prices have risen disproportionately in two areas of numismatics: gold coins and issues in perfect condition. But what about gold coins that are attractive but not quite perfect?
These pieces give collectors the chance to acquire a highlight at a reasonable price. Herbert Grün presented a collection of aurei in auction 90. Many of the pieces fetched prices in the solid mid-four-digit range. While they cost more than a decade ago, they are still comparatively affordable.
Of course, there were also some outliers that realised significantly higher results. For example because they were particularly rare, such as the aureus of Nerva (10,000 / 17,250 euros) or the solidus of Constantine from Ostia (6,000 / 13,000 euros). The same applied when the condition was particularly attractive, as with an aureus of Antoninus Pius (4,500 / 8,600 euros).
No. 576 – Netherlands. William IV Friso, 1711-1751. Gold medal of 7 ducats (1731), by A. Andeles. Commemorating the homage by Friesland. Very rare. Extremely fine. Estimate: 5,000 euros. Hammer price: 13,250 euros. Photo: Lübke + Wiedemann KG.
No. 577 – Netherlands. William IV Friso, 1711-1751. Gold medal of 11 ducats, 1751, by J. G. Holtzhey. Commemorating his death. Extremely rare. Extremely fine. Estimate: 10,000 euros. Hammer price: 18,250 euros. Photo: Lübke + Wiedemann KG
No. 1001 – Brunswick-Calenberg-Hanover. George II. 1737 gold medal of 15 ducats, by N. van Swinderen. Commemorating the entry of his daughter and her husband William IV Friso. Very rare. Extremely fine. Estimate: 12,500 euros. Hammer price: 25,500 euros. Photo: Lübke + Wiedemann KG.
Gold Medals of William IV Friso
Heavy gold pieces of perfect quality: This description applies to three issues depicting William IV Friso. Born in 1711, the prince is one of the most interesting characters of the early modern period. He was an enlightened Freemason who struggled with a physical disability. He inherited claims to important estates, whose territories extend today’s borders. These include the county of Nassau-Dietz, the hereditary stadtholdership of Friesland and the rule over territories owned by William III of Orange, King of England, Ireland and Scotland. William Friso’s career therefore spanned the Holy Roman Empire, the Netherlands and Great Britain. Consequently, his medals could be found throughout several chapters of Heidelberger Münzhandlung’s catalogue.
But no matter under which heading they were offered, they all fetched outstanding prices. The collector paid attention not only to rarity, but also to perfect condition – a feature that is highly appreciated today. The 1731 medal of 7 ducats sold for 13,250 euros (estimate: 5,000 euros), the medal 11-ducat medal commemorating his death for 18,250 (estimate: 10,000 euros), and the 15-ducat medal commemorating the entry with his wife for 22,500 euros (estimate: 12,500 euros).
No. 1153 – Nassau. Friedrich August of Usingen. Gold civil medal of merit n.d. (1815). Extremely rare. Extremely fine to FDC. Estimate: 9,000 euros. Hammer price: 13,000 euros. Photo: Lübke + Wiedemann KG.
No. 1619 – Würzburg. Friedrich Karl von Schönborn, 1729-1746. Gold medal of 7.5 ducats n.d., by P. P. Werner. Extremely fine. Estimate: 7,500 euros. Hammer price: 14,000 euros. Photo: Lübke + Wiedemann KG.
Heavy Gold Medals Are On Trend
Of course, it was not just Dutch gold medals from the 18th century that achieved outstanding results. All heavy gold issues that are of unusually great quality are in demand. For example, a single gold medal of merit from Nassau with a weight of almost 69 g in exquisite condition fetched 13,000 euros (estimate: 9,000 euros), while a 7.5-ducat gold medal of the Würzburg bishop Friedrich Karl von Schönborn realised 14,000 euros (estimate: 7,500 euros).
No. 693 – China. People’s Republic. Dollar n.d. (1912). NGC MS61. Extremely fine to FDC. Estimate: 6,000 euros. Hammer price: 12,000 euros. Photo: Lübke + Wiedemann KG.
China: Prices Remain High
Many were wondering what impact the discussion about the new US tariff regime would have on the coin market. Issues from China, a popular topic for investors from Asia and the USA, were considered to be particularly affected. It was unclear whether investors would be willing to take on the risk of high tariffs. After all, the media had reported that coins would not be taxed according to where the sale happened but where they were minted. Therefore, Chinese coins would have to be taxed according to the Chinese tariffs.
However, the hammer prices that were achieved at Heidelberger Münzhandlung suggest that the situation is not as bad as expected. The issue of tariffs did not affect hammer prices – they were as high as expected, if not higher. A dollar from the People’s Republic of China dated 1912, for example, featuring the portrait of Vice-President Li Yuanhong sold for 12,000 euros – twice its estimate of 6,000 euros – thanks to its above-average condition.
No. 994 – Brandenburg-Bayreuth. Christian Ernst, 1655-1712. 1679 taler, Nuremberg. Extremely rare. Extremely fine. Estimate: 16,000 euros. Hammer price: 26,000 euros. Photo: Lübke + Wiedemann KG.
Doubling Its Value in 20 Years
An extremely rare private issue created by the alchemist Christian Wilhelm von Krohnemann for the Margrave of Brandenburg-Bayreuth in his provisional mint shows the extent to which prices for German coins have risen in recent years. We know quite a lot about Krohnemann, who had been serving Christian Ernst of Brandenburg-Bayreuth as officer and alchemist since 1677. Like many other princes, Christian Ernst demanded that his subordinate finally supply him gold he made himself in order to fill the gap in the prince’s budget. Of course, this did not happen, and Krohnemann tried to conceal this with all kinds of tricks. In 1684, the prince had had enough: Krohnemann was charged and imprisoned in a fortress. After using a rope to climb out of the prison window, he escaped to Bamberg. Krohnemann was then extradited and executed in 1686.
Krohnemann’s fate left numismatic traces because he had six different coin types minted at his Bayreuth mint. One of them was the taler offered at Heidelberger Münzhandlung. Such coins are known as “alchemist talers”. Popular with collectors since the 18th century, they still fetch high prices today.
This is especially true when they are as rare and of such outstanding quality as this piece. A specimen of comparable quality was last offered at LHS in 2005. The estimate had been 8,000 CHF, and the hammer price amounted to 17,000 CHF, the equivalent of about 11,000 euros in 2005. In 2025 – two decades later – Herbert Grün estimated the rarity at 16,000 euros. The hammer price was 26,000 euros, quite a return for the collector.
No. 2040 – Weimar Republic. 2 reichsmarks, 1931. Very rare in this quality! Proof. Estimate: 600 euros. Hammer price: 3,200 euros. Photo: Lübke + Wiedemann KG.
No. 2173 – Weimar Republic. 3 reichsmarks, 1931, Magdeburg. Showpiece! Proof. Estimate: 500 euros. Hammer price: 3,600 euros. Photo: Lübke + Wiedemann KG.
Weimar Republic: Prices Are Rising
If you ask a coin dealer today which areas they consider to be undervalued, they often mention fractional pieces of the German Empire and coins of the Weimar Republic. Pieces in top conditions can still be bought for relatively small sums. This seems to be changing, as evidenced by the results of auction 90 at Heidelberger Münzhandlung. Herbert Grün offered as many as 3 specimens of the 1931 3-reichsmark piece on Magdeburg. The first, in extremely fine to FDC, sold for 170 euros; the second piece of about FDC quality changed hands for 190 euros. And a bidder was prepared to invest 3,600 euros to obtain the third piece of perfect Proof quality! Something similar happened regarding the circulation coin of 2 reichsmarks from the same year. Those who wanted to save money could purchase five very fine specimens as a multiple lot for 120 euros. The piece in perfect Proof condition, on the other hand, sold for 3,200 euros.
No. 2441 – German East Africa. 50 rupees, 1 October 1917 (“bush note”). Very rare. One fold, very fine. Estimate: 2,000 euros. Hammer price: 4,500 euros. Photo: Lübke + Wiedemann KG.
Paper Money: Always Good for a Surprise!
Heidelberger Münzhandlung has gained a reputation as a banknote specialist in recent years. This time, there was another interesting offer of paper money, including 14 lots with banknotes form German East Africa. The most spectacular piece was probably the so-called “bush note” with a face value of 50 rupees, dated 1 October 1917. It was evidently produced with the dies of a children’s printing press. These notes were intended to alleviate the cash shortage in German East Africa during the First World War, until new banknotes arrived from Germany.
This unique piece of German colonial history had an estimate of 2,000 euros. The bids more than doubled, and the hammer did not fell until 4,500 euros.
No. 2505 – Emergency money. Hesse / Municipality of Flörsheim. Multiple lot of 5 banknotes: 1, 5, 10, 20 trillion marks, 1923. Very fine to uncirculated. Estimate: 200 euros. Hammer price: 2,700 euros. Photo: Lübke + Wiedemann KG.
The emergency banknotes of the municipality of Flörsheim show that even experts can still be surprised. Most people assume that German emergency money is a nice topic that offers many beautiful, but very common banknotes and are not a field where collectors are prepared to spend a lot of money. The case of Flörsheim was different. The hammer price of 2,700 euros was exactly 13.5 times the estimate!
Whatever you collect, Heidelberger Münzhandlung can help you find the best way to turn your collection into cash. Make an appointment for a consultation at Heidelberger Münzhandlung Herbert Grün, Gaisbergstr. 40, 69115 Heidelberg, Germany; phone: +49 / 6221 / 65 2970, or via Email.
