After the death of Danish butter magnate Lars Emil Bruun in 1923, his extensive coin collection of 20,000 pieces was safeguarded for 100 years per his will before being sold. Bruun initiated this stipulation after being deeply affected by the devastation of World War I and fearing another war. Now, over a century later, the collection is set to be auctioned off by Stack’s Bowers, a rare coin auction house based in New York. This fall will mark the beginning of the auctions, with several sales planned over the coming years. The collection, which could be worth up to $72 million, has been called the “most valuable collection of world coins to ever come to market.”
Born in 1852, Bruun began collecting coins as a boy in the 1850s and ’60s, eventually building a vast collection from Denmark, Norway, and Sweden. His wealth from the packing and wholesaling of butter allowed him to pursue his hobby, attending auctions and expanding his collection to include coins, medals, tokens, and banknotes. The collection has been kept largely unknown to the public until now, with many being surprised by its existence. Stack’s Bowers vice president of numismatics, Vicken Yegparian, expressed disbelief upon first hearing about the collection, noting that it has been the “best open secret ever” in the world of rare coins.
Despite attempts by some of Bruun’s descendants to break the will and gain access to the collection, the stipulation set forth in his will has remained strong. The will stated that for 100 years after his death, the collection was to serve as a reserve for the Royal Coin and Medal Collection. If the national collection remained intact after this period, the collection was to go to auction, with the proceeds benefiting Bruun’s direct descendants. The collection has moved between various locations in Denmark over the years, finding refuge at former Danish royal residence Frederiksborg Castle and eventually making its way to Denmark’s National Bank. Some pieces from the collection were purchased by Denmark’s National Museum, including seven rare coins minted between the 15th and 17th centuries.
The purchase of these seven coins, totaling over $1.1 million, was covered by a supporting association to ensure they remained in Denmark. Helle Horsnaes, a senior researcher and coin expert at the national museum, described the coins as unique and the only existing specimens of their kind. She emphasized that the legend of the collection being closed off for a hundred years adds to its allure, making it seem like a fairytale. While some coins may fetch as little as $50, others are expected to sell for over $1 million. Potential buyers have already started requesting a catalogue before the auctions have even been officially announced, indicating significant interest in the historic collection. The sale of Bruun’s coin collection marks a significant moment in the world of rare coins and numismatics and is expected to draw attention from collectors around the globe.
