The introduction of an investor-oriented medal by the Bavarian State Mint in Munich has raised an interesting question: Why are there still no official bullion coins from the Federal Republic of Germany? The simple answer may be: there is no real need. Since the introduction of the euro in 2002, Germany has regularly issued gold coins with face values of €100, and more recently, €50 and €20. These coins are not only legal tender but also sought-after collectibles and investment items. Let’s take a closer look at the history and characteristics of these gold coins.

The €100 Gold Coins

The first €100 gold coin was issued on May 9, 2002, to mark the introduction of the euro. It consists of 999.9 fine gold, weighs 15.55 grams (half an ounce), and has a diameter of 28 mm. The obverse features a stylized German federal eagle, and the reverse shows the euro symbol along with the inscription "Transition to the Monetary Union – Introduction of the Euro."

From 2003 to 2019, the €100 series focused on UNESCO World Heritage Sites in Germany. Each year featured a new design, including cities like Quedlinburg (2003), Bamberg (2004), and Trier (2009). The only exception was in 2005, when the coin was dedicated to the upcoming 2006 FIFA World Cup.

Since 2020, the series “Pillars of Democracy” has highlighted key values of the German constitution. For instance, 2020 saw the release of the “Unity – St. Paul’s Church” coin, followed by “Justice – Federal Constitutional Court” (2021) and “Freedom – Brandenburg Gate” (2022). In 2023, the series “Masterpieces of German Literature” began with the design “Faust.”

The €20 Gold Coins

Since 2010, Germany has issued €20 gold coins weighing 3.89 grams (1/8 ounce) and with a diameter of 17.5 mm. The first series, “German Forest,” ran from 2010 to 2015 and featured various tree species such as oak, beech, and linden. Beginning in 2016, the “Native Birds” series was introduced and continued until 2021. Since 2022, the ongoing series “Return of the Wild Animals” has depicted endangered species like the Alpine ibex (2023).

The €50 Gold Coins

In 2017, on the occasion of the 500th anniversary of the Reformation, the first €50 gold coin was released with the “Luther Rose” design. This coin weighs 7.78 grams (1/4 ounce) and has a diameter of 22 mm. Starting in 2018, the “Musical Instruments” series was launched, featuring a different classical instrument each year, such as the concert guitar (2022) or the timpani (2021). In 2023, the “German Crafts” series began, focusing on various trades and professions, such as the culinary arts.

Why Are There Still No German Bullion Coins?

A key reason Germany has not issued classic bullion coins like the Krugerrand or the Vienna Philharmonic may lie in its political self-perception: in Germany, gold is primarily seen as a cultural asset rather than an investment vehicle. The Federal Ministry of Finance places great emphasis on designing commemorative and collector coins with historical or cultural significance – pure bullion coins with no artistic ambition do not fit this concept.

Additionally, the German market for investment gold is heavily dominated by well-established international products. Coins like the Krugerrand or Maple Leaf enjoy high trust, are globally recognized, and are produced in large quantities. To compete effectively, Germany would have to invest significantly in coin production and build an international distribution infrastructure – an effort that has not yet been deemed necessary from a political or economic perspective.

Instead, German gold commemorative coins – particularly the €100 issues – have increasingly assumed the role of bullion coins in practice. They are issued close to the current gold price, boast high fineness (999.9/1000), and are popular among investors due to their limited mintages and collector appeal. Thus, they combine cultural value with solid investment potential – a typically German solution that balances symbolism and substance.

The Development of Germany’s Gold Commemorative Coin Program

The “Golden Farewell Mark” of 2001 was the first gold coin issued by the Federal Republic of Germany. It was released in anticipation of the upcoming transition to the euro currency and symbolized the farewell to the Deutsche Mark, which had been a symbol of stability and trust since 1948. The coin consists of 999.9 fine gold, weighs 12 grams, and has a diameter of 23.5 mm. A total of 1,000,000 pieces were minted, equally distributed across Germany’s five mints: Berlin (A), Munich (D), Stuttgart (F), Karlsruhe (G), and Hamburg (J).

The 2001 Goldmark issue was a novelty, as no gold coins had previously been released for public sale to collectors and investors. The issue price was 250 Deutsche Marks, and the coin became available on July 26, 2001, through regional central banks and the official distributor for collector coins. Despite the high mintage, demand was enormous, and the coins sold out quickly. Today, the “Golden Farewell Mark” is considered a highly sought-after collector's item and a nostalgic memento of the end of the Deutsche Mark era – and it has also become a popular investment product.