On 17 March 2025, we held our auction 419 presenting 638 lots of ancient coins, including numerous aurei. Many of them are of the highest historical importance and wonderful quality, some have spectacular provenances – and this was reflected in the results. The total estimate of 2 million euros doubled to 4 million euros. We present the top five lots of the total auction sale as well as the most expensive coins from the Celtic, Greek, Byzantine and Crusader categories.
Roman aurei of excellent quality are a safe bet when it comes to impressive results – especially if they are rare coin types such as this aureus of Caligula, showing his mother Agrippina on the reverse. The coin was sold for 120,000 euros. Agrippina was one of the most influential women of the early Roman Empire. She was the offspring of the marriage between Marcus Vipsanius Agrippa, the victor of Actium, and Julia, daughter of Augustus. The husband chosen for her was Germanicus, who was supposed to become Augustus’ successor. They had nine children, including the future Emperor Caligula. The latter focused on dynastic connections in his coinage and his mother played a major role in this. We know several coin types with her profile, including this aureus from 37/8. It makes us forget that Agrippina was exiled in 29 AD and starved herself to death on Pandataria in 33 AD.
Actually, aurei of Commodus are not really rare, at least most of them. But aurei showing Commodus as Hercules Romanus are extremely rare in top condition. Künker was able to offer such a rarity. The result was 170,000 euros. The reason for this is the history of the image, and above all the controversy surrounding it. After all, historians were only too happy to illustrate Commodus’ megalomania by claiming that he showed up dressed as Hercules in the arena at gladiator fights. The point is that historians did so after his damnatio memoriae. They did not want to explain his actions but to make him appear as mad as possible. After all, it was nothing unusual for an ancient ruler to identify with Hercules – even Alexander the Great had done so. It is not surprising, then, that Septimius Severus, having successfully navigated the turmoil following the assassination of Commodus, defended his predecessor’s appearance as Hercules before the Senate when he had Commodus’ damnatio memoriae revoked.
Even more impressive – at a hammer price of 190,000 euros – was the result of an aureus of Postumus, whom many French and Germans claim as “their” emperor – after all, he came from Gaul and established his center of power in Cologne. Coins of Postumus are among the most beautiful pieces we know from the time of the barracks emperors, and the example offered by Künker is an outstanding specimen. It features Postumus and Heracles on the obverse, with whom the emperor liked to identify himself. The reverse shows Victoria and Felicitas, representing Postumus’ military successes. More important for the price of this piece, however, was its excellent pedigree. Coins like this were photographed for auction catalogs as early as in the 19th century, which is why this coin’s ownership can reliably be traced back to 1888.
It is difficult to assemble a complete series of Roman emperors. It is even more difficult if you want this complete series to consist of gold coins of perfect quality. There will always be some gaps that require a lot of time and money to fill. Künker offered the opportunity to fill such a gap with an aureus of Pescennius Niger. No wonder it climbed to 220,000 euros, making it the second most expensive piece in the auction sale.
It is probably the most iconic denarius in Roman history – the portrait denarius of Marcus Iunius Brutus, depicting the liberty cap between two daggers on the reverse. This was reflected in its price as the coin realized 280,000 euros, the highest result of the auction. The denarius is one of the few coins described by ancient historians. However, it only really became known in the humanist world during the war of the Dutch cities against Spanish Crown. The Dutch used this denarius for their own propaganda. This is how the liberty cap that is prominently featured on this Roman coin found its way into Dutch coinage and from there into the coinage of other Republics. 280,000 euros for a denarius whose condition is described as fine to very fine! This is probably the best example to demonstrate that numismatics is still about the history and the stories behind the pieces.
It would be unfair to compare the results of Celtic coins with those of Roman aurei. The number of collectors interested in Celtic coins is much smaller and they often have a limited budget. However, this should not detract from the fact that some exceptional prices were achieved by Celtic coins in Künker’s auction 419, for example this magnificent tetradrachm of the “horseman type” produced in Pannonia around 150 BC. Its price jumped from 15,000 euros to impressive 24,000 euros.
Prices for Greek coins have risen too, although not to the same extent as those for Roman aurei. This is an opportunity for any collector attracted by the aesthetics of Greek die-cutting. For example, 48,000 euros for a stater from Caulonia with an excellent provenance is a big sum, but it is only a fraction of what is being paid for a perfect aureus.
Byzantine coins are still considered an insiders’ tip, even though the history of Byzantine emperors is well documented and so eventful that it could well overshadow that of Roman emperors. Take Michael II for example, who was born around 770 in Amorion in Phrygia. He rose to become commander of the imperial palace guard, married the emperor’s daughter, became an eminence grise and, in this capacity, placed Leo V on the throne. The latter wanted to eliminate him and sentenced him to death in 820. But Leo had misjudged the balance of power. Michael’s followers assassinated Emperor Leo, got Michael out of prison and made him ruler. That was no easy job! Michael had to defend himself against Arab expansion – including in Syracuse, where this coin was struck, probably to pay soldiers. He fought off a usurpation attempt under Thomas the Slav, mediated between iconoclasts and iconodules, and kept an increasingly radical clergy in check. Michael died peacefully of kidney failure in 829, and power passed to his son Theophilos without a problem. With this extremely rare solidus, a victorious collector bought a coin representing this much history for just 4,600 euros.
Let us round off this review with a spectacular result from the Crusader states. An inconspicuous but extremely rare lead seal rose from an estimate of 400 euros to almost 24 times that amount: 9,500 euros. The seal belonged to a very short-lived Grand Master of the Order of St John with the beautiful name of Geoffroy the Rat. Of course, he was not so named because of any fault in his character. No, history probably gave him the nickname “mus” (Latin for mouse/rat) for family reasons. There seems to have been a noble family of the same name in Touraine.
We hope you enjoyed these wonderful rarities as much as we did. But do not be misled. Although coins are considered valuable investment objects around the globe, collectors with a limited budget also have the opportunity to discover fascinating fields. Just take a look at Künker’s web shop or at one of the many e-Live and e-Live Premium Auctions. You can find all current offers at www.kuenker.de/en.
