Coin Collector – Issue 48 April 2026 – Coin Collector

Twice in the past year they were forced to adjust the face value of German silver commemorative coins because the silver price was rising faster than decision-making processes. At the end of 2025, a temporary moratorium was imposed – and the rumour mill went into overdrive: a move away from silver as a coinage metal? A drastic increase in face values? Or a rebirth of silver commemoratives in the form of a German bullion coin? At the start of 2026, the Ministry of Finance announced its decision – and hardly anyone had anticipated this solution.

The alloy of the €35 collector coins will be reduced from Ag 925 to Ag 444. In addition, the weight of these coins will be cut from 18g to 16.667g. For the €50 Christmas collector coin, the alloy will be lowered from Ag 999 to Ag 500, while the weight remains unchanged. Admittedly, this sounds like a stopgap solution, but it is also not something worth getting worked up about for more than five minutes.

Some users of a well-known online coin forum saw things differently. Under the headline ‘Dangerous symbolism: initiative to prevent German euro coins with Ag 444’, an open letter was published. In his detailed letter, the forum member argues that the number ‘444’ refers to the fourth letter of the alphabet (D) and, when decoded, means ‘Deutschland den Deutschen’, or ‘Germany for the Germans’ – a claim he says can also be found in a publication by the Konrad Adenauer Foundation.

According to the author, there is ‘reason to fear that, with the choice of a silver alloy of Ag 444 for German euro collector coins by those politically responsible – whether intentionally or unintentionally I cannot and do not wish to judge – a political message is being sent into the country, across Europe and worldwide’ that could provide ‘grist to the mill’ of parties aligned accordingly. A debate quickly gathered pace, during which further evidence for the alleged numerical taboo was unearthed.

‘On 23 March 1933, the so-called Enabling Act was passed. This law enabled the transition from democracy to the National Socialist dictatorship. The law was adopted with just 444 votes,’ one comment stated. And that was not all: ‘The 444th Security Division of the Wehrmacht operated from 1941 to 1944 in Ukraine and southern Russia and was tasked with security duties, anti- partisan operations and war crimes.’ It is entirely understandable – and commendable – to remain sensitive to extremist currents on both the right and the left in today’s social climate.

But in the numismatic microcosm, a simple fineness specification is now enough to trigger a veritable firestorm – seriously?

Latest headlines, including the Trial of the Pyx, the World Money Fair and a new exhibition at the Fitzwilliam Museum. 8 AUCTION UPDATE The latest coin sales from around the world, both online and in the auction houses. Plus, recent internet sales via delcampe.net 11 TREASURE HUNT Michael Burzan weighs up the pros and cons of collecting a few very large gold coins against many smaller gold ones.

14 VIEW FROM EUROPE Sebastian Wieschowski sets out why the number ‘444’ will not become a political problem for German silver coins. 15 VIEW FROM THE USA With the USA celebrating its 250th anniversary, Jeff Garrett casts his expert eye over the special circulating coinage being issued to mark the event. 16 THE DEVELOPMENT OF SCOTTISH COINS Carl Savage provides a survey of the monetary and iconographic development of late-medieval Scottish coins from King David I to King James VI and I.

Coin Collector — April 2026 | 2 | www.collectors-club-of-great-britain.co.uk contents www.collectors-club-of- great-britain.co.uk Published by Warners Group Publications plc, West Street, Bourne, Lincs PE10 9PH PUBLISHING Publisher: Claire Ingram [email protected] EDITORIAL Editor: Alison Boyd Design: Mike Carr Contributors: Michael Burzan, Jonathan Callaway, Jeff Garrett, Paula Hammond, Carl Savage, Sebastian Wieschowski. ADVERTISING & PRODUCTION Kristina Green, Tel: 01778 392096 [email protected] Alex Lyon Tel: 07350 360313 [email protected] MARKETING Marketing Executive: Rebecca Abbott Tel: 01778 395081 [email protected] Marketing Assistant: Kirsty Westran [email protected] PRINTED BY Stephens and George Print Group, Woodforce house, 1 Goat Mill Rd, Dowlais, Merthyr Tydfil CF48 3TD DISTRIBUTION BY Nikki Munton, [email protected] Tel: 01778 391171 Warners Group Publications plc West Street, Bourne, Lincs PE10 9PH Disclaimer The views expressed by contributors are not necessarily those of the publisher.

Every care is taken to ensure that the contents of the magazine are accurate, but the publisher assumes no responsibility for errors. While reasonable care is taken when accepting advertisements, the publisher cannot accept responsibility for any resulting unsatisfactory transactions, but will immediately investigate any written complaints. Copyright No part of this publication may be reproduced, stored in a retrieval system or transmitted without the prior written permission of the publisher.

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