Jim Bisognani: The Rise of the L. E. Bruun Collection

There's been more than a nip in the air here in New Hampshire, with nighttime lows dipping into the lower 40s. Unfortunately, as a visual reminder of the upcoming change of seasons, the leaves on the trees are turning ruby red.

Don't get me wrong, fall is a dramatic and colorful season here in New England. Millions of "leaf peepers" who make the annual trip to my home state to enjoy the foliage will attest to that. Yet, for many of us old-timers, the bright kaleidoscope of color is a side show courtesy of Mother Nature attempting to mask the ominous Old Man Winter's lurking in the wings.

Aside from exciting pennant races in the MLB and the new season of battles on the gridiron, early fall is also a time which, in my youth, seemed to be ripe for ramping up coin collecting activities. With kids going back to school and fewer daylight hours to enjoy the great outdoors, it was conducive to engage in more leisurely indoor pursuits, such as pulling down a Whitman album and assessing how many holes were left to be filled. Or planning a new and exciting world coin addition for whatever my $5 could acquire. Ah, the simple joys of the young coindexters!

Today, technology, transparency and third-party grading has evolved numismatics into a huge business model. It is one that this old coindexter enjoys and marvels at. Yet still, inside of me, that long-ago youth pines for those wonderful monthly dealer newsletter mailings that resided on my bedside nightstand. It was great bedtime reading, learning about dealers' newest acquisitions, reviewing descriptions of exciting world coins that I could only hope to attain someday, before drifting off to dreamland.

The ramping up I referred to may still be true in the broader numismatic market because many dealers have settled in with the new stock acquired at the ANA and afterward to offer their customers. As always, there are a plethora of marquee and internet-only auctions to satisfy us. Of course, we have become accustomed to many weekly-themed internet only auctions. Although most are generic and predictable, every so often there is a seismic jolt within the numismatic community.

One such event, which is garnering massive media coverage and promotion from the likes of CNN and CBS, is the L.E. Bruun Collection. Most collectors — even those who proudly collect world coins — knew very little, if anything, about this massive collection. It is huge; it encompasses about 20,000 coins, medals and pieces of currency in total, all amassed by Mr. Bruun. The history of nearly five centuries of Danish rulers awaits excited bidders for the first of several auctions showcasing this collection.

The collection has been graded by NGC and the first group of coins will be hitting the auction block on September 14 from a location in the original owner's native Denmark. The host auctioneer, Stack’s Bowers Galleries, will proudly preside over the entirety of the sale. The first session is The L. E. Bruun Collection - A Corpus of Scandinavian Monetary History Part I - Lots 1001-1286.

Featured in this auction are an exquisite and exciting 286 lots, at which the estimated value is at nearly $15 million — or upwards of $52,000 per lot! This collection is expected to surpass that of the amazing Eric P. Newman Collection in size in the image gallery section of NGC’s website. To see more highlights in the sale, click here.

Click images to enlarge.

Although this collection is massive, the fact that it is up for sale is an even more fascinating story. It is one man's commitment to both his legacy and the history of his native Denmark and Scandinavia that made it possible.

The History of the L. E. Bruun Collection

Lars Emil Bruun is truly a Great Dane in the world of numismatics. Lars was born in Havdrup, Denmark in 1852. He became acquainted with numismatics at age 7, when his uncle — who was an avid coin collector — died and named young Bruun among the recipients of his collection. This was the impetus to put Lars on the pathway to coindextering. Unfortunately, the young lad's family was not great with finances. Their inheritance had been mishandled and otherwise squandered, and the family was consumed in considerable debt by the time Lars was in his mid-20s.

Through schooling and other technical training, Lars emerged as a great merchant and businessman. In 1883, he established his own company, which packed and sold butter wholesale. That fine rich butter was craved all over the world for cooking and baking — I know who to thank for the great-tasting treats my brothers and I would enjoy around the holidays; Danish Butter cookies were quickly consumed at my table!

With greater financial wherewithal, Bruun could finally spend his time on his true passion: numismatics. Throughout the next four decades of his life, he accumulated thousands of coins and historic rarities, some from his native Denmark, and others from neighboring Norway and Sweden. In 1885, with his wealth and status as a prolific coin collector, he became a founding member of the Danish Numismatic Society.

This quote from Mr. Bruun hits the mark for many true coindexters: "The good thing about collecting coins is that when you are upset about something, or you feel unsettled, then you go and look at your coins, and then you calm down by studying them again and again, pondering the many unsolved problems they present."

Bruun said this once to a Danish magazine. Per the catalog, "People who are exclusively devoted to their business make a great mistake. I, for one, could never imagine thinking about nothing but butter until my dying days."

Even though I am in the coin biz, I can easily relate to Bruun's statement. Just ask my Beth. Although I am surrounded by coins and numismatics every day, the sheer joy of just looking at coins in my own collection, or reviewing upcoming lots in auctions that are of personal interest to me, is something that excites me and supplies me with great joy.

Following the death of Lars on November 21, 1923, his will had a unique covenant: His vast accumulation of coins, currency and medals, amassed over more than six decades, would be held as an emergency reserve for Denmark's national collection in the event it were ever destroyed, vandalized or somehow stolen. After a century, if all was well, the estate's collection could finally be sold, with the proceeds to benefit his direct descendants.

Thankfully, for this current generation of numismatists, Bruun believed that hiding his collection was a necessity, following the devastation and destruction he witnessed firsthand during World War I. He dreaded the idea that the Royal Danish coin collection would one day face destruction through bombing or looting. Certainly, the perpetual warring of the European state was a concern of Bruun and his first thought was to preserve and protect what he spent a lifetime building.

A collector to the end, shortly before his death in 1923, Bruun acquired an extensive collection that belonged to the Count of Brahesminde. After his death, only the British part of his collection was sold at auction in London. At least initially, his huge collection was deposited for safekeeping at the Museum of National History in Fredericksburg Castle.

Yet to me it is amazing that his collection wasn’t appropriated by Hitler and the Nazis during World War II. Under the code name "Operation Weserübung," Germany attacked Denmark on April 9, 1940. During the early morning hours, thousands of German tanks rolled in to the country; wanting to avoid the eminent threat of bombings and mass civilian casualties, the Danish government quickly capitulated on the same day the invasion took place. King Christian X and the entirety of the Danish government surrendered within six hours of the initial invasion!

King Christian X on a coin in the initial Bruun Collection sale. Click images to enlarge.

The rapid Danish capitulation to the Third Reich resulted in, at least initially, the uniquely favorable and relatively lenient occupation of Denmark. The country was able to retain political independence in domestic matters. However, as the occupation and war continued, the Danish underground began to rise in 1943, with resistance fighters and acts of espionage. The Third Reich was unable to find and seize Bruun's massive collection.

Yes, my fellow coindexters, please do yourself a favor and review this fascinating historic collection. Perhaps a coin or two may fit your needs. If not, there will be nearly 20,000 more to consider!

Until next time, be safe and happy collecting!