Coin Collection to be Sold 100 Years after Owner's Death
2024-05-21
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1A Danish businessman's large coin collection is set to go on sale one hundred years after his death.
2The collection could be worth up to $72 million.
3Lars Emil Bruun directed lawyers what to do with the coin collection after his death in a legal document called a will.
4In it, Bruun required that his collection of about 20,000 coins be kept safe for 100 years before being sold.
5Deeply moved by the destruction of World War I and fearing another war, Bruun wanted the collection to be a reserve for Denmark.
6Now, over a hundred years since Bruun's death at the age of 71 in 1923, the collection will begin to be sold.
7New York-based Stack's Bowers, a rare coin auction house, will begin selling the collection this fall.
8Several sales are planned. On its website, the auction house calls it the "most valuable collection of world coins to ever come to market."
9The collection's existence has not been widely known, and the public has never seen it before.
10"When I first heard about the collection, I was in disbelief," said Vicken Yegparian of Stack's Bowers Galleries.
11"We've had collections that have been off the market for 100 years plus," he said.
12"But they're extremely well known internationally. This one has been the best open secret ever."
13Born in 1852, Bruun began to collect coins as a boy in the 1850s and 1860s.
14Years later, he grew very rich selling the milk product, butter.
15His wealth permitted him to continue his hobby.
16Bruun went to auctions, and he built a large collection that came to include 20,000 coins, medals, tokens and banknotes from Denmark, Norway and Sweden.
17Following World War I, Bruun left exact instructions in his will for the collection.
18"For a period of 100 years after my death, the collection shall serve as a reserve for the Royal Coin and Medal Collection," the will said.
19It added, "Should the next century pass with the national collection intact, it shall be sold at public auction and the proceeds shall accrue to the persons who are my direct descendants."
20Some descendants tried to break the will and get money early.
21But they were not successful.
22"I think the will and testament were pretty ironclad. There was no loophole," Yegparian said.
23Yegparian estimated some pieces may sell for just $50, but others could be sold for over $1 million.
24He said possible buyers were requesting a list of the objects before the auction was announced.
25The collection first remained at the former Danish royal residence of Frederiksborg Castle.
26Later, it was stored at Denmark's National Bank.
27Denmark's National Museum had the right to purchase some of the coins before the public.
28The National Museum purchased seven rare coins from Bruun's collection.
29Six of the coins were gold and one was silver.
30They all were made between the 15th and 17th centuries by Danish or Norwegian rulers.
31A supporting group paid the cost of over $1.1 million.
32Helle Horsnaes, a coin expert at the national museum, used the term unique - meaning one of a kind - to talk about those coins.
33She said, "We chose coins that were unique. They are described...as the only existing specimen of this kind."
34Horsnaes expressed wonder about the collection:
35"The pure fact that this collection has been closed for a hundred years makes it a legend."
36I'm John Russell.
1A Danish businessman's large coin collection is set to go on sale one hundred years after his death. The collection could be worth up to $72 million. 2Lars Emil Bruun directed lawyers what to do with the coin collection after his death in a legal document called a will. In it, Bruun required that his collection of about 20,000 coins be kept safe for 100 years before being sold. Deeply moved by the destruction of World War I and fearing another war, Bruun wanted the collection to be a reserve for Denmark. 3Now, over a hundred years since Bruun's death at the age of 71 in 1923, the collection will begin to be sold. 4New York-based Stack's Bowers, a rare coin auction house, will begin selling the collection this fall. Several sales are planned. On its website, the auction house calls it the "most valuable collection of world coins to ever come to market." The collection's existence has not been widely known, and the public has never seen it before. 5"When I first heard about the collection, I was in disbelief," said Vicken Yegparian of Stack's Bowers Galleries. 6"We've had collections that have been off the market for 100 years plus," he said. "But they're extremely well known internationally. This one has been the best open secret ever." 7Born in 1852, Bruun began to collect coins as a boy in the 1850s and 1860s. Years later, he grew very rich selling the milk product, butter. 8His wealth permitted him to continue his hobby. Bruun went to auctions, and he built a large collection that came to include 20,000 coins, medals, tokens and banknotes from Denmark, Norway and Sweden. 9Following World War I, Bruun left exact instructions in his will for the collection. 10"For a period of 100 years after my death, the collection shall serve as a reserve for the Royal Coin and Medal Collection," the will said. 11It added, "Should the next century pass with the national collection intact, it shall be sold at public auction and the proceeds shall accrue to the persons who are my direct descendants." 12Some descendants tried to break the will and get money early. But they were not successful. "I think the will and testament were pretty ironclad. There was no loophole," Yegparian said. 13Yegparian estimated some pieces may sell for just $50, but others could be sold for over $1 million. He said possible buyers were requesting a list of the objects before the auction was announced. 14The collection first remained at the former Danish royal residence of Frederiksborg Castle. Later, it was stored at Denmark's National Bank. 15Denmark's National Museum had the right to purchase some of the coins before the public. The National Museum purchased seven rare coins from Bruun's collection. Six of the coins were gold and one was silver. They all were made between the 15th and 17th centuries by Danish or Norwegian rulers. A supporting group paid the cost of over $1.1 million. 16Helle Horsnaes, a coin expert at the national museum, used the term unique - meaning one of a kind - to talk about those coins. She said, "We chose coins that were unique. They are described...as the only existing specimen of this kind." 17Horsnaes expressed wonder about the collection: "The pure fact that this collection has been closed for a hundred years makes it a legend." 18I'm John Russell. 19James Brooks reported on this story for the Associated Press. John Russell adapted it for VOA Learning English. 20______________________________________________ 21Words in This Story 22coin -n. metal money that is round in shape 23reserve - n. something set aside for a particular purpose, use, or reason 24auction - n. a sale of something to the highest bidder 25hobby - n. an activity done for fun or relaxation 26intact - adj. untouched or unharmed 27accrue - v. to come into existence as a legally enforceable claim; to come as a direct result of something 28testament - n. an act by which a person outlines the uses of his or her property after death 29ironclad - adj. very firm or secure 30loophole - n. an unclear or doubtful item in a text through which the intent of a contract or obligation may be evaded 31specimen - n. an individual or item considered typical of a group