The extensive coin collection of a Danish butter magnate, Lars Emil Bruun, also known as L.E. Bruun, is poised for sale after a century following his demise, with estimates suggesting it could fetch up to $72 million.
Bruun, deeply affected by the aftermath of World War I, willed his 20,000-piece collection to be safeguarded for 100 years as a reserve for Denmark, fearing another war. Now, over a century later, New York-based Stack’s Bowers, a rare coin auction house, is set to begin auctioning the collection this fall, with multiple sales planned over the coming years.
Described by the auction house as the “most valuable collection of world coins to ever come to market,” the collection has been known in Denmark but never seen by the public before.
Vicken Yegparian, vice president of numismatics at Stack’s Bowers Galleries, expressed astonishment upon learning about the collection, stating, “We’ve had collections that have been off the market for 100 years plus, but they’re extremely well known internationally. This one has been the best open secret ever.”
Bruun, born in 1852, started collecting coins as a boy, years before amassing his fortune in the butter industry. His wealth allowed him to build a vast collection of 20,000 coins, medals, tokens, and banknotes from Denmark, Norway, and Sweden.
Despite attempts by some descendants to break the will and sell the collection, the stipulations were deemed ironclad. Yegparian estimates that while some pieces may sell for as low as $50, others could fetch over $1 million. The collection was housed at various locations, including former Danish royal residence Frederiksborg Castle and Denmark’s National Bank, before being auctioned.
Denmark’s National Museum exercised its right of first refusal on part of the collection, purchasing seven rare coins from Bruun’s hoard. Senior researcher Helle Horsnaes, a coin expert at the museum, described the collection as a legend due to its closure for a century, likening it to a fairytale.