Prussia 10 mark Wilhelm I 1872 - 1873. Why so many? 1 1

[Highlander4wd]

Dear fellow collectors,

Recently I was surfing EBay auctions and I found big numbers of Prussia 10 mark 1872-1873 certified by NGC. Literally, dozens of them are on EBay and all in high grades MS 65, 66, 67.

When I checked NCG registry I found that there was thousands of NGC certificates issued for such coins in MS grades. Total number of this coin minted in 1872 and 1873 was app 12 millions. For comparison 10 mark Prussian coin with Wilhelm II was minted from 1890 to 1912 and total number was also around 12 millions. However those are rare and hard to find them on EBay with NGC certificate in high grade. Only a few dozens of NGC certificated were issued.

My question is why Prussia 10 mark Wilhelm I 1872 - 1873 are so abundant on the market?

 

[Fenntucky Mike]

On 10/11/2023 at 4:38 PM, Highlander4wd said:

Dear fellow collectors,

Recently I was surfing EBay auctions and I found big numbers of Prussia 10 mark 1872-1873 certified by NGC. Literally, dozens of them are on EBay and all in high grades MS 65, 66, 67.

When I checked NCG registry I found that there was thousands of NGC certificates issued for such coins in MS grades. Total number of this coin minted in 1872 and 1873 was app 12 millions. For comparison 10 mark Prussian coin with Wilhelm II was minted from 1890 to 1912 and total number was also around 12 millions. However those are rare and hard to find them on EBay with NGC certificate in high grade. Only a few dozens of NGC certificated were issued.

My question is why Prussia 10 mark Wilhelm I 1872 - 1873 are so abundant on the market?

I don't have a definitive answer for you, only speculation, but maybe the Wilhelm I pieces were more widely saved, or a hoard/s found, etc. For the Wilhelm II pieces perhaps many were melted, having been minted just prior to WWI?  

[EagleRJO]

On 10/11/2023 at 4:38 PM, Highlander4wd said:

I found that there was thousands of NGC certificates issued for such [Prussia 10 mark Wilhelm-I 1872 - 1873] coins in MS grades. ... 10 mark Prussian coin with Wilhelm II was minted from 1890 to 1912 and total number was also around 12 millions. However those are rare and hard to find.

I think Mike may be right.  It is known that in times of war commoners in Europe often melted down circulating precious metal coins to turn them into objects that could be more readily hidden if invading soldiers started pillaging.

So it's possible that around the start of WWI in 1914 that many of the 1890-1912 Wilhelm-II coins in circulation at that time were melted down by commoners to stash the metal.  Whereas there may have been a considerable number of the 1872-1873 Wilhelm-I coins already stashed in large quantities by more wealthy people, particularly from massive reparations payments in Prussia and economic boom during that period, who could more readily move them if needed or possibly already have them in various vaults.

That is apparently why I have had difficulty finding certain German silver coins that I liked in circulation from around both WWI and WWII for a reasonable price, and have passed on a few because of that.

Edited October 12, 2023 by EagleRJO

[Conder101]

On 10/11/2023 at 4:38 PM, Highlander4wd said:

My question is why Prussia 10 mark Wilhelm I 1872 - 1873 are so abundant on the market?

It's a result of the Franco-Prussian War 1870-71.  France lost and had to pay reparations of 5 billion francs to Prussia.  Much a of it probably came as French gold.coin.  These were melted down and struck into the Prussian coins.  As you say there were 12 Million 10 Mark pieces struck in just two years 1872-73.  You compare this to the 12 million struck from 1890-1912, that's 12 million over a 22 years period so no individual year had that many coins.  So if the survival rates were relatively the same, there would be a lot fewer high grade coins from the 1890 - 1912 era available  than from 1871-72.

[EagleRJO]

Yes, it was likely the very rapid payment of those massive war reparations to Prussia, completed near the end of 1873 about 2 years ahead of schedule, combined with economic boom at that time which significantly increased holdings by more wealthy people that could be stashed.

Then the Long Depression and WWI followed.  It's very interesting how world events can have an impact on coin collecting.

[Highlander4wd]

Thank you so much for your explanations, gentlemen! Special thanks to Conder 101 for very reasonable version.

I bought one of those 10 mark coins in MS 66 grade, it should arrive soon. Thanks again!

Edited October 12, 2023 by Highlander4wd