Denmark 1926-HCN 20 kroner
This specimen was lot 43079 in Stack's Bowers NYINC sale (New York, January 2026), where it sold for $31,200. The catalog description[1] noted,
"Exceptional Never-Released 1926 20 Kroner in Immaculate Specimen Quality, DENMARK. 20 Kroner, 1926. Copenhagen Mint. Christian X. PCGS SPECIMEN-66. Mintmaster: Hans Christian Nielsen (HCN). A VERY RARE emission, this never-released date was produced in a stunning presentation-style format, with the fields portraying a reflective glow throughout and the central motifs presenting a slight frost. Struck with pinpoint detailing, the raised elements of the design are also crisply shaped with no areas of weakness detected. Delicately toned, this is an amazing piece overall, with the surfaces having seen no careless handling during their nearly 100 years of existence, making it a truly museum-worthy relic of Denmark's 20th century numismatic legacy.
Never released for circulation, the 1926 20 Kroner issues (as well as the following 1927, 1930 and 1931 dates) were struck for the National Bank to help the "Metalfond" (Nation Gold Reserve) fulfill its mandated responsibilities. When the global economic crisis took hold in 1930 however, the international gold standard system, like so many others, collapsed. In a similar response to the United States and Great Britain, Denmark decided to remove itself from the gold standard in 1931, therefore relieving itself of the need to strike gold coin purely to satisfy government procedure. As a result, these four emissions -- 1926, 1927, 1930 and 1931 -- would mark the final issuance of gold coin until the 21st century."
This specimen was struck during the reign of Christian X (1912-47). The Scandinavian countries (Norway, Denmark and Sweden) formed their own monetary union in competition with the Latin Monetary Union based on the French twenty francs d'or. Like that union, the Scandinavian Monetary Union lasted until World War One blasted all hard currencies out of existence.
Recorded mintage: 358,000 for 1926-27.
Specification: 8.96 g, 0.900 fine gold, 23 mm diameter.
Catalog reference: Fr-299; KM-817.2; Sieg-3.2.
- [1]Orsini, Matt, Kyle Ponterio and Jeremy Bostwick, January 2026 NYINC Showcase Auction, Ancient and World Coins, featuring the Kazmier Wysocki Collection, Costa Mesa, CA: Stack's Bowers Galleries, Inc., 2025.
- Friedberg, Arthur L. and Ira S. Friedberg, Gold Coins of the World, From Ancient Times to the Present, 9th ed., Clifton, NJ: Coin and Currency Institute, 2017.
- Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1901-2000, 47th ed., Iola, WI: Krause Publications, 2019.
- Siegs Møntcatalog 2016: Danmark med Omrader, 48 ed., Frederikssund, Siegs Forlag ApS, 2015.
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