When this coin was struck, Kremnica had already been minting gold coins for more than 600 years (more about the Kremnica mint in this blog). However, the historical and nationalist references of this region were even older at that time. In fact, in 1929 they commemorated the 1000th anniversary of Saint Wenceslaus death -who was duke of Bohemia, martyr and the patron saint of Czechoslovakia- by issuing a very limited number of 1, 2, 5 and 10 ducats coins. These ducats were issued during the following years until the German occupation in 1939. They are all very rare or extremely rare because most of the few pieces minted were melted by the governments who ruled Czechoslovakia the following years. In this case, the coin in the auction is the only one that is known to exist in the market.
This coin is sold as part of a very important collection of coins from Czechoslovakia, the Jaroslav collection. I would invite the interested readers to have a look at the auction catalogue.
It is very difficult to define a reasonable market price for a unique coin. In this case, it is even more difficult because the 10 ducats from 1930’s can well be understood as the most valuable coin from Czechoslovakia. Important collectors, such as Eliasberg, acquired these coins. In addition, this specimen has a very good pedigree as it belongs to the Jaroslav collection.
However, the starting price of this coin is somehow surprising. We can see from other auctions of the same auction house that hammer prices of 10 ducats are not even close to 300.000 euros. Searching in other databases I cannot find any 10 ducats sold for more than 100.000 euros, even if they are extremely rare (although not unique) and in the highest condition. Unfortunately, I do not have access to the hammer price of this same specimen when it was sold in Switzerland in 2006. In any case, my opinion is that 300.000 euros is a very high starting bid for a 10 ducat coin, although it is true that this may be a unique life opportunity for those who want to own it.
Description from the seller
Czechoslovakia (1918 – 1939)
10 Ducats 1937
Until now, the one and only piece on the market with the known provenance. Compared in the deposit of Czech National Bank with two specimen for the detailed markants and as well in the Kremnica deposit of dies with original hub. Unlimited lifetime guarantee of authenticity!