The Lars Emil Bruun Coin Collection: A Century-Long Mystery Unveiled

The vast coin collection of a Danish butter magnate is set to finally go to on sale a century after his death, and could fetch up to $72 million.

Coins from L. E. Bruun's collection are displayed on a wooden tray in Zealand, Denmark, May 7, 2024. The vast coin collection of a Danish butter magnate is finally set to go on sale a century after his death, and could fetch up to $72 million. Lars Emil Bruun, also known as L.E. Bruun, stipulated in his will that his 20,000-piece collection be safeguarded for 100 years before being sold. (AP Photo/James Brooks)

COPENHAGEN, Denmark (AP) — The first auction of part of the Lars Emil Bruun coin collection, held by Stack’s Bowers in Copenhagen on Saturday, has garnered huge attention in both the numismatic and estate planning communities.

Fewer than 300 coins from an extraordinary collection of 20,000, which was unknown until last year, were up for grabs in the auction, which fetched around $16.5 million from the initial 286 lots. Its unveiling has sparked widespread interest due to its unique testamentary conditions and its profound historical significance.

The collection, amassed by Lars Emil Bruun, a prominent Danish businessman known as the “Butter King,” has been in storage for the past 100 years following his death. Bruun's will stipulated a century-long waiting period before the collection could be revealed, adding an aura of mystery and intrigue that has fascinated collectors and historians alike.

Initially, many numismatists were skeptical about the collection's existence, considering it more legend than reality.

“When I first heard about the collection, I was in disbelief. I said, ‘No, this is just a story. I mean, it can’t possibly exist,'” said Vicken Yegparian, vice president of numismatics at Stack's Bowers Galleries.

The unveiling of the collection has ignited excitement due to its rich historical and cultural value, alongside its considerable financial worth. The coins offer a comprehensive representation of Scandinavian monetary evolution, providing a unique glimpse into centuries of history, particularly the era of union between Denmark and Norway.

The coins in the auction covered a wide range of periods and denominations, including Viking Age coins, medieval coins, and coins from the union period of Denmark-Norway. Among the highlights were a gold 10 dukat coin from Christian IV's reign, which sold for $2.2 million, and a gold medallic 5 dukat coin from 1709, which went for $1.3 million.

The estimated value of the collection is around $72.5 million, with further auctions planned to gradually release the remaining coins onto the market.

Bruun's motivation for the 100-year clause was to safeguard the collection as a backup for the Danish national collection in the event of war or disaster. This forward-thinking gesture has been lauded as both patriotic and visionary, underscoring Bruun's dedication to preserving Danish cultural heritage.

Despite the excitement surrounding the sale, there has been some debate over whether such an important collection should remain intact or be distributed to museums rather than sold to private collectors. The Danish National Museum was given the first right to purchase specific pieces, selecting seven rare coins earlier this year.

Some countries, like Britain, have restrictions on exporting rare coins to ensure cultural treasures remain within national borders. However, in Denmark, there are no such legal obstacles, and the coins can be freely sold and exported.

The gradual release of the collection through multiple auctions over several years has maintained a high level of excitement in the coin collecting community. Each auction is anticipated to unveil new treasures and rarities, keeping interest high among collectors and historians.

For estate planners and collectors, the Lars Emil Bruun coin collection offers several valuable lessons:

The importance of clear and specific instructions in a will or trust regarding the handling and disposition of valuable collections. Bruun's will included precise stipulations for the保管and eventual sale of his coin collection, ensuring his wishes were carried out faithfully.

The potential for valuable collections to appreciate significantly in value over time, especially if they are rare, historically significant, or in high demand among collectors. Bruun's collection, which was valued at around $100,000 at the time of his death, is now estimated to be worth over $72 million.

The need to strike a balance between family interests, cultural preservation, and financial gains when planning for the sale of valuable collections. Bruun's decision to sell the collection through a commercial auction house prioritized maximizing the financial return for his heirs.

The reaction to the sale has been one of excitement and fascination. The unique story behind the collection, its historical significance, and the potential for record-breaking sales have made this a major event in the numismatic world and beyond.

The Bruun case exemplifies the importance of thoughtful, comprehensive estate planning for valuable collections, balancing

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