20 Koron Dania Chrystian X Gold Coin | 1913 - 1917

20 Kroner Denmark Christian X Gold Coin — historic Danish 20-kroner of the Scandinavian Monetary Union (1913-1917) with the portrait of long-bearded King Christian X and the ♥ mintmark of the Royal Danish Mint

The 20 Kroner Christian X Denmark is a historic Danish gold coin of the Scandinavian Monetary Union (Scandinavian Monetary Union, SMU, 1873-1924), struck at the Royal Danish Mint (Den Kongelige Mønt) in the years 1913-1917 — a very short period of Christian X's reign before the suspension of gold convertibility during the First World War. Gross mass 8.9606 g, fine gold 8.0645 g, fineness 900/1000, diameter 23.0 mm, thickness approx. 1.5 mm, face value 20 Danish kroner (legal tender Denmark until 1924). The obverse features the portrait of Christian X with a long beard in left profile — designed by the chief medallist of the Copenhagen mint Heinrich Goldschmidt — with the legend CHRISTIAN X DANMARKS KONGE (Christian X, King of Denmark). The reverse — the Royal Arms of Denmark (3 lions in a blue field with 9 hearts) with a crown above the shield, the motto above the arms, the face value 20 KRONER and the year of striking. Mintmark ♥ (heart) — the signature of the Royal Danish Mint since 1842. Status VAT exempt EU (Directive 2006/112/EC Art. 344), NOT CGT-free UK, NOT IRA-eligible USA. Market premium typically 8-15% over spot (lower secondary liquidity than 20F LMU, but rarer among historical coins — collector value). Copenhagen Mint LBMA Good Delivery since 1962.

Technical specification

Why 20 Kroner Christian X deserves a place in your portfolio

• Historic Scandinavian Monetary Union coin — low mintage of 5 vintages (1913-1917): The 20 Kroner Christian X is a historic coin struck in only 5 vintages (1913-1917) before the suspension of gold convertibility during the First World War. This is a very short production period compared with 20-kroner coins of the predecessor Frederick VIII (1908-1912) or French 20-franc coins of the Latin Monetary Union (1869-1914, 45 years) — which translates into lower total mintage and higher collector value. For collectors of historic gold coins with the full Scandinavian Monetary Union legend, the 20 Kroner Christian X complements the portfolio as a contrasting coin of the short final SMU period.
• Scandinavian Monetary Union (SMU 1873-1924) — the first modern monetary union of Northern Europe: The Scandinavian Monetary Union was established in 1873 between Denmark, Sweden and Norway (Norway joined in 1875 after the personal union with Sweden) as a unified monetary system with the krone/krona as the common currency. SMU functioned for 51 years (1873-1924) and was one of the two great monetary union projects of the 19th century (alongside the Latin Monetary Union LMU 1865-1927). SMU standard: 1 krone = 0.403226 g of fine gold, parity established based on convertibility of 1 krone = 1.125 g of silver (until 1873). 20 Kroner = 8.0645 g of fine gold at fineness 900/1000.
• Christian X (1870-1947) — hero of the Danish resistance during WWII: Christian X reigned for 35 years (14 May 1912 — 20 April 1947), including through WWI and WWII. He is widely known for his stance during the German occupation of Denmark (9 April 1940 — 5 May 1945) — he rode daily on horseback through the streets of Copenhagen without protection, which became a symbol of Danish civilian resistance. The popular (though historically unconfirmed) legend says that Christian X is supposed to have worn a yellow star in solidarity with Danish Jews — in reality the yellow star was not introduced in Denmark (Germans tried, but Danish resistance prevented it), but the legend symbolizes the king's real role in saving Danish Jews (95% of Danish Jews saved by smuggling to Sweden in October 1943).
• Mintmark ♥ — symbol of the Royal Danish Mint since 1842: The Royal Danish Mint (Den Kongelige Mønt) has used the characteristic mintmark in the form of a heart (♥) since 1842 — when it was moved from its original location (since 1623) to a new building in Copenhagen. The heart is one of the most recognizable European mintmarks (alongside A Paris, B Brussels, MO Mexico City, S San Francisco, P Philadelphia). On the reverse of the 20 Kroner Christian X, the ♥ mintmark appears beneath the Royal Arms of Denmark, next to the initials of the mintmaster (abbreviation of the name of the mintmaster responsible for striking in the given vintage).
• VAT exempt EU — full efficiency in the EU (Poland, Germany): The 20 Kroner Christian X as a legal-tender coin of Denmark (until 1924), with fineness 900/1000 (10% above the 900 minimum) and struck after 1800 — meets all the criteria of Directive 2006/112/EC Art. 344 for VAT exemption in the EU. The market price of typically 8-15% over spot remains below 180% of the gold value, confirming the VAT exemption. For EU residents (Poland, Germany), purchasing the 20 Kroner Christian X at GoldInvest24 is fully VAT-exempt — without VAT on the purchase price.

History of the Scandinavian Monetary Union and the reign of Christian X — from 1873 to 1947

The Scandinavian Monetary Union (Skandinaviska myntunionen in Swedish, Skandinaviske møntunion in Danish, Skandinavisk myntunion in Norwegian) was established in 1873 between Denmark and Sweden as a monetary treaty establishing the krone/krona as the common currency with a unified gold parity. Norway, in personal union with Sweden since 1814, joined the SMU in 1875 — for this reason, the first Norwegian krone has the smallest historical date range (1875-1914) of the three SMU countries. SMU standard: 1 krone = 0.403226 g of fine gold, parity established based on convertibility of 2480 kroner per kilogram of fine gold.

SMU functioned smoothly in the peace period 1873-1914 with full convertibility of gold coins between Denmark, Sweden and Norway — Danish 20 kroner, Swedish 20 kronor and Norwegian 20 kroner were mutually accepted as legal tender in all three countries with equal gold value (8.0645 g of fine gold). The outbreak of the First World War in August 1914 led to the suspension of gold convertibility of all three SMU countries (as well as most other European countries on the gold standard — United Kingdom, Germany, France, Italy, Russian Empire). The formal dissolution of SMU took place in 1924, when Denmark transitioned to a new monetary system and no further 20-kroner gold coins were struck.

Christian X (Christian Carl Frederik Albert Alexander Vilhelm Glücksborg, 1870-1947) became King of Denmark on 14 May 1912 following the death of his father Frederick VIII (reign 1906-1912, short 6 years). Christian X reigned for 35 years — including through the First World War (Denmark neutral), the Great Depression (1929-1933), the German occupation of Denmark (9 April 1940 — 5 May 1945, as part of Operation Weserübung together with the occupation of Norway), and the post-war reconstruction (1945-1947). Christian X was also King of Iceland in personal union (1918-1944, until Iceland's declaration of a republic) — as the last Danish King of Iceland.

Christian X's brother was Haakon VII of Norway (Karl Frederik Christian Birger Glücksborg, 1872-1957) — the first King of independent Norway after the dissolution of the Norwegian-Swedish personal union in 1905. Haakon VII reigned for 52 years (1905-1957) — the longest reign in the modern history of Norway. The Glücksborg brothers (from the House of Schleswig-Holstein-Sonderburg-Glücksburg) were two of the most important Scandinavian monarchs of the 20th century, guiding their countries through both world wars. The Norwegian 20 kroner Haakon VII, struck in 1910 (the only vintage, mintage about 30 000), is today one of the rarest SMU coins on the collector market.

The Royal Danish Mint (Den Kongelige Mønt) is one of the oldest active European mints — it has been operating since 1623 (founded by King Christian IV). In 1842 it was moved to a new building in Copenhagen and adopted the characteristic heart mintmark (♥). The Copenhagen Mint obtained LBMA Good Delivery accreditation in 1962 — one of the earliest Scandinavian mints on the LBMA list. In 1975 it was incorporated into the structure of the Danish National Bank (Danmarks Nationalbank) as a division of the state mint. In 2017 the Danish National Bank announced that the Copenhagen Mint would be closed as a production facility — all modern Danish circulation coins are currently struck on commission by the Finnish Suomen Rahapaja (FIN) or other European LBMA-accredited mints.

Obverse — portrait of Christian X with a long beard by Heinrich Goldschmidt

The obverse of the 20 Kroner Christian X coin features the portrait of the king in left profile — at middle age (about 43-47 years in 1913-1917), with a characteristic long beard reaching the shoulders, a sharply outlined nose, and the expressive profile typical of the Glücksborg house. Around the portrait is the legend CHRISTIAN X DANMARKS KONGE (Danish „Christian X, King of Denmark") — in the full form of the Danish title, without the Latin abbreviations typical of British coins (DEI GRA REG). Beneath the portrait appears the artist's signature „HG" (Heinrich Goldschmidt) in accordance with the convention of signing monarchical portraits on European coins.

Heinrich Goldschmidt — chief medallist of the Royal Danish Mint at the turn of the 19th and 20th centuries, author of the SMU coin designs of two consecutive Danish kings: Frederick VIII (reign 1906-1912, 20-kroner coins struck 1908-1912 with the portrait of the balding king with sideburns) and Christian X (reign 1912-1947, 20-kroner coins struck 1913-1917 with the portrait of the long-bearded king). Goldschmidt specialized in realistic monarchical portraits in the style of the 19th-century medallist tradition — with emphasis on physiognomic accuracy and the characteristic features of each monarch (beard, sideburns, nose profile, character of the gaze).

Christian X's long beard is a characteristic element of his monarchical portraits — he kept it throughout his life and it was his hallmark during the German occupation of Denmark 1940-1945, when the king rode daily on horseback through the streets of Copenhagen (Amalienborg → Christiansborg → Rosenborg → Amalienborg) without protection, greeted by the applause of Danes. The German occupier did not dare to touch the king — he was recognized as an untouchable symbol of Danish civilian resistance (both politically and symbolically). The portrait of the long-bearded king on the 20 Kroner 1913-1917 is, for collectors of European historical coins, an immediately recognizable image of 20th-century Scandinavian monarchy.

The portrait of Christian X on the 20 Kroner is qualitatively executed — the demanding engraving style of the era of the last decade before the First World War presents all the typical Danish features: anatomical accuracy, legibility of the legend in full profile, contrasting fields, and high relief. Each of the 5 vintages (1913-1917) uses a slightly modified portrait with different dates and variants of the mintmaster initials beneath the portrait — which creates the opportunity for collectors to gather the entire short line 1913-1917 with stylistic differences.

Reverse — Royal Arms of Denmark (3 lions with 9 hearts) with crown

The reverse of the 20 Kroner Christian X coin features the Royal Arms of Denmark — a heraldic shield with 3 lions in a blue field with 9 hearts (red „seerblade" — leaves of water plants or hearts, depending on historical interpretation) and a crown above the shield. Around the arms is the denomination inscription 20 KRONER and the year of striking (1913, 1914, 1915, 1916 or 1917 depending on the vintage). The mintmark ♥ (heart) of the Royal Danish Mint appears beneath the Royal Arms, next to the initials of the mintmaster (abbreviation of the name of the mintmaster responsible for striking coins in the given vintage — e.g. „GJ", „VBP" depending on the vintage).

The Royal Arms of Denmark with 3 lions in a blue field is the oldest continued Scandinavian coat of arms — the first mentions date back to the 12th century (reign of Canute VI of Denmark 1182-1202). Three lions facing left, crowned, walk one above the other in a blue field strewn with red hearts (seerblade) — a Danish royal symbol since the 13th century. The number of hearts on the arms changed historically (until the 20th century various configurations occurred), but the classic version with 9 hearts was standardized in the 20th century as the official version of the small Royal Arms of Denmark.

The crown above the heraldic shield on the reverse of the 20 Kroner Christian X is an open crown of Danish heraldic tradition — a symbol of monarchical power. The full Royal Arms of Denmark (Royal Coat of Arms, used in full forms until 1972, changed by Margrethe II) also contains supporters (two figures of wild men with clubs) and a complete system of heraldic fields covering Schleswig, Holstein, the Wends, the Goths, the Oldenburgs and others — but on the reverse of the 20 Kroner only the basic shield with the 3 lions and the crown above it was used, due to the limited coin field (23.0 mm diameter).

The tradition of the Royal Arms of Denmark on the reverse of SMU gold coins was chosen by the Copenhagen Mint (together with the design author Heinrich Goldschmidt) as a natural complement to the monarchical portrait on the obverse — a classic 19th-century medallist composition combining the personification of the monarch (obverse) with the state symbol (reverse). The same convention is used on the 20 Kroner Frederick VIII (1908-1912) — which creates stylistic continuity of the Danish SMU 20-kroner coins from the beginning of Frederick VIII's reign through Christian X (until 1917, when gold convertibility was suspended).

What to look out for when buying

Check the vintage of the 20 Kroner Christian X coin — it was struck in only 5 vintages: 1913, 1914, 1915, 1916 and 1917. Each vintage has its own mintage, with the highest mintages in the first years (1913-1914) and significantly lower in the last years (1916-1917, due to the approaching suspension of gold convertibility). The rarest vintage 1917 has the lowest mintage and accordingly higher market premium on the secondary market. The Mix Years offer (any vintage 1913-1917) is typically cheaper by 2-3% premium than a specific rarer vintage 1916-1917.

Check the mintmark ♥ — an authentic 20 Kroner Christian X coin must have the heart mintmark (♥) beneath the Royal Arms on the reverse. The heart mintmark has been characteristic of the Copenhagen Mint since 1842 — an authentic Danish 20-kroner coin with the Christian X portrait without the ♥ mintmark is very unlikely (although possible in the case of private issue coins or counterfeits). Also check the mintmaster initials next to the ♥ mintmark — different depending on the vintage and the mintmaster responsible for striking in the given year.

The market premium on the 20 Kroner Christian X typically holds in the range of 8-15% over spot — higher than 20 Franc LMU (5-10%, the highest liquidity among historical coins) due to the lower secondary liquidity of Danish SMU coins in Western Europe. The 8-15% premium covers the rarity cost (5 vintages of short production 1913-1917) and the collector value of Danish history and Christian X's heroism in WWII. For collectors of European historical coins, the 8-15% premium is rational compared with other historical gold coins.

CGT-free status in the United Kingdom — 20 Kroner Christian X is NOT CGT-free in UK, as the CGT-free status applies exclusively to British legal tender. IRA status — the coin is NOT IRA-eligible in the USA because the 900 fineness is below the IRS minimum 999.5 for investment gold. For EU residents (Poland, Germany) only VAT exempt is relevant — and it is confirmed by Directive 2006/112/EC Art. 344 (legal-tender coin, fineness 900, struck after 1800).

Why GoldInvest24

• Manufacturers with LBMA accreditation: in our catalogue you will find coins and bars from mints accredited by the London Bullion Market Association — the Royal Danish Mint holds LBMA Good Delivery status since 1962, one of the earliest Scandinavian mints on the LBMA list.
• Full range of historical Scandinavian Monetary Union coins: 20 Kroner Frederick VIII (1908-1912), 20 Kroner Christian X (1913-1917) — Denmark; 20 Kronor Oscar II (1873-1902), 20 Kronor Gustaf V (1907-1925) — Sweden; 20 Kroner Haakon VII (1910) — Norway. Facilitates building a complete SMU collection.
• PL / DE / EN language versions: full technical descriptions and specifications in three languages for convenient service of the Polish, German, and international markets.
• Current precious-metals quotes: spot data for comparing offer prices with the current market valuation — check the current precious-metals prices before purchase.
• Full precious-metal categories in one shop: access to gold investment coins, bars, silver, platinum and palladium — all from a single customer account.

Comparison of 5 coins — 20 Kroner Christian X, 20 Kroner Frederick VIII (SMU), Sovereign 2012 Jubilee, Half Sovereign 2025 and Panda 2010 Proof

See the entire gold investment coins category available at GoldInvest24.

FAQ — common questions about the 20 Kroner Christian X

What is the 20 Kroner Christian X and for how long was it struck?

The 20 Kroner Christian X is a historic Danish gold coin of the Scandinavian Monetary Union (SMU 1873-1924) struck at the Royal Danish Mint in the years 1913-1917 — only 5 vintages before the suspension of gold convertibility during the First World War. Gross mass 8.9606 g, fine gold 8.0645 g, fineness 900/1000, diameter 23.0 mm, face value 20 Danish kroner. Obverse: portrait of Christian X with long beard (Heinrich Goldschmidt). Reverse: Royal Arms of Denmark (3 lions in a blue field with 9 hearts) with crown. Mintmark ♥ (heart) of the Copenhagen Mint.

What is the technical specification of the 20 Kroner Christian X?

Gross mass 8.9606 g, fine gold 8.0645 g, fineness 900/1000 (90% gold, 10% copper — SMU standard), diameter 23.0 mm, thickness approx. 1.5 mm, face value 20 Danish kroner (legal tender Denmark until 1924). Obverse: Christian X in left profile (long beard) — designed by Heinrich Goldschmidt, legend CHRISTIAN X DANMARKS KONGE. Reverse: Royal Arms of Denmark with 3 lions and 9 hearts, crown above the shield, face value 20 KRONER, year of striking. Mintmark ♥ of the Copenhagen Mint.

What is the Scandinavian Monetary Union and which countries were part of it?

Scandinavian Monetary Union (SMU 1873-1924) — the first modern monetary union of Northern Europe, established in 1873 between Denmark and Sweden, joined by Norway in 1875. Common currency krone with parity 1 krone = 0.403226 g of fine gold. 20 Kroner = 8.0645 g of fine gold at fineness 900. SMU functioned 51 years. Suspension of gold convertibility during WWI in 1914, formal dissolution in 1924. Competitor to LMU (Latin Monetary Union 1865-1927).

Who was Christian X and what role did he play in the Second World War?

Christian X (1870-1947) — King of Denmark 1912-1947 (35 years) and Iceland (1918-1944, until the declaration of the republic). Brother of Haakon VII of Norway. Famous for his stance during the German occupation of Denmark (1940-1945) — he rode daily on horseback through the streets of Copenhagen without protection as a symbol of civilian resistance. The popular legend about wearing a yellow star in solidarity with Danish Jews is historically unconfirmed, but symbolizes the king's actual role in saving Danish Jews (95% saved by smuggling to Sweden in October 1943).

How does the 20 Kroner Christian X differ from other coins from package 110?

20 Kroner Christian X (Copenhagen Mint, 1913-1917) — fine gold 8.0645 g, fineness 900, historical SMU, premium 8-15%. Sovereign Elizabeth II 2012 — 7.32238 g, Crown Gold 916.7, Paul Day reverse, premium 7-12%. Half Sovereign Charles III 2025 — 3.66119 g, Crown Gold, premium 5-9%. Panda 2010 Proof — 31.1035 g, 999, mirror background, premium 25-50%. The 20 Kroner Christian X is the only historic coin of the package — struck 1913-1917 before the suspension of gold convertibility during WWI.

What is the LBMA, VAT, CGT, and IRA status of the 20 Kroner Christian X?

LBMA Good Delivery — YES (Copenhagen Mint since 1962). VAT in the EU — EXEMPT (legal-tender coin, fineness 900, struck after 1800 — Directive 2006/112/EC Art. 344). CGT-free in UK — NO (CGT-free applies only to British legal tender, 20 Kroner Christian X as Danish legal tender does not benefit from the status). IRA-eligible in USA — NO (fineness 900 below IRS minimum 999.5 for investment gold).

How to buy 20 Kroner Christian X at GoldInvest24?

Place an order in our shop with access to the gold investment coins category, the full range of historical SMU coins (Denmark, Sweden, Norway 1873-1924). Check the current gold quotes to compare the premium with the current spot price. Technical descriptions and specifications available in PL / DE / EN.