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BRUUN SCANDINAVIAN PAPER MONEY RARITIESStack's Bowers Galleries is offering a multitude of Scandinavian Paper Money Rarities in the L.E. Bruun Collection, Part III, which are certified by PMG. Here is the PMG press release, along with some additional selections from the auction. -Garrett 
An extremely rare Danish West Indies note from the 18th century that has been certified by Paper Money Guaranty® (PMG®) and is pedigreed to the L. E. Bruun Collection is turning heads in an ongoing Stack's Bowers Galleries auction. It is just one of more than 200 PMG-certified Scandinavian notes being offered in Stack's Bowers' L. E. Bruun Collection, a Corpus of Scandinavian Numismatics Part III – Paper Money auction, which is set to end on October 28, 2025. The Danish West Indies 1799 5 Rigsdaler Vestindisk Courant graded PMG 12 Fine NET (lot 10189) has an estimate of €30,000 to €50,000 (about $35,000 to $59,000). Notes of the Danish West Indies from this time period are very scarce; of all the notes between 1788 and 1842, only three other examples are known to exist. Of these, this note is likely in the best condition, and it may be the sole example in private hands. Denmark sold the Danish West Indies (located just east of Puerto Rico) to the United States in 1917, and they were renamed the US Virgin Islands. Bruun, a Danish entrepreneur who made his fortune in butter and real estate, amassed a collection of thousands of numismatic pieces from Denmark and other Scandinavian countries. He ordered his amazing collection to be set aside for a century after his death to serve as a replacement for the one owned by the Danish government, in case it was lost or destroyed. Now that 100 years have passed, the collection is being offered, with the proceeds benefitting his heirs. A Denmark 1496 Noble from the collection that is certified by Numismatic Guaranty Company (PMG's coin grading affiliate) realized $1.33 million at auction in September 2024. The current auction represents the entirety of the paper money portion of the L. E. Bruun Collection, which includes notes from Denmark, Norway, Greenland, Iceland, the Danish West Indies and northern Germany (under Danish influence), covering the late 17th century to the early 20th century. Bruun acquired his rare paper money collectibles from the Count of Brahesminde Collection, which was assembled starting around 1800. Other PMG-certified banknotes in this L. E. Bruun Collection auction include: 
DENMARK. National Bank. 100 Kroner, 1887. PMG About Uncirculated 53. Pick-A83. Sieg-90. Bruun-79. A rarity that is missing from even the most renowned cabinets of Danish paper money. The second highest denomination of this series and highly attractive. This example with just a touch of circulation. Deckled edges on both sides are as-made. A fabulous rarity, this is the only example of this type in the PMG population report. A phenomenal note and while the L.E. Bruun collection of paper money focuses primarily on the early issues, this is a noteworthy exception destined for a long-term collection of Danish rarities. This is one of the key Danish notes and is surely missing from even the most advanced cabinets of the country. Sieg lists four dates as known. It is possible more dates were printed, but this was likely the final date of issue. Offerings of this type are very infrequent and we expect to see spirited bidding on this example. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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DENMARK. National Bank. 50 Kroner, 1881. PMG Very Fine 30. Pick-A82. Sieg-89. Bruun-78. Even circulation, but with fresh paper, lovely pastel blue color, and an attractive appearance. While fairly basic in design, upon close inspection the border offers an intricate engraving that is quite attractive. The only example of this type in the PMG population report as of the time of cataloging. With the introduction of the Danish Kroner banknote issuance became more standardized again in Denmark, although there are a number of rare types denominated in Kroner. This is one of those, which was issued in just four years, with this showing the final date of issue for the type. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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DENMARK. Kurantbanken. 10 Rigsdaler Courant, 1737. PMG Very Fine 25. Pick-A18a. Rønning-S28a. Sieg-23. Bruun-8. Handwritten denomination. Second word of sixth line reads "Rixdaler." Much nicer in grade than the example pictured in Sieg, which has the same set of signatures. Small internal splits and some staining not mentioned by the grading service. The only example in the PMG population report. PMG Comments "Internal Splits." Notes from the Kurantbanken are extremely rare in issued format, especially those of the first issue with handwritten denominations as seen here. These notes circulated extensively and were withdrawn systematically and subsequently burned in public. This is one of the few remaining examples in private hands of the first series. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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DENMARK. National Bank. 100 Rigsbankdaler, 1819. PMG About Uncirculated 53. Pick-A57. Sieg-57. Bruun-69. The highest denomination from the first issue of the newly established National Bank. Just a touch of circulation is seen. This is one of only three notes of this type in the PMG population report, and it is tied for finest. A world-class rarity that is surely missing from even the most advanced collections of Denmark. With the establishment of the Nationalbanken the Danish economy started its slow trajectory to stability after the state's bankruptcy. Perhaps scared by the result of excessive note-printing in the final years of the 18th century, the bank's output of paper money was minimal for much of its early existence and most day-to-day transactions were conducted in coin, leading to precious few examples of paper money from this time period surviving. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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ICELAND. Kurantbanken. 5 Rigsdaler, 1800. PMG Very Good 10. Pick-A6. Sieg-4. Bruun-207. Printed on Denmark P-A29b. Blue paper. Well circulated with typical edge splits, but still largely intact and very rare. Sieg only references a single sale two decades ago. PMG Comments "Splits." This is the only known date for this type. Both varieties of the 5 Rigsdaler are rare with the Iceland overprint. It is believed a mere 18,000 notes of this type were shipped to Iceland. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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DENMARK. Danish-Norwegian Specie Bank. 4 Rigsdaler Specie, 1798. PMG Choice Fine 15 Net. Tape Repairs. Pick-A37. Rønning-S46. Sieg-47. Bruun-46. An extremely difficult type to find in any grade. This example shows some rudimentary tape repairs on the back, used to reinforce the paper, but the printed areas on the front are virtually all complete. The pen signatures are clear, and the note has clear pen signatures. A bank that many collectors probably thought they never could reasonably hope to acquire, as any surviving examples are rare. This is one of only two notes graded by PMG as of the time of cataloging. PMG Comments "Tape Repairs." Unpriced in Sieg, which states that this denomination was issued with dates 1798, 1799, and 1800. The last date of that trio was never issued, and the 1799 date is not known to exist. Total printing of 114,030 notes for this date, but extremely rare with less than a handful notes believed extant. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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GREENLAND. Handelsstederne i Grønland. 24 Skilling, 1844. PMG Very Fine 20. Pick-A25. Sieg-25. Bruun-225. Signed by Brøndum - Lüttichau. The only example in the PMG population report. Light staining, but not distracting, and good paper quality for a note of this era from Greenland. PMG Comments "Stains." This is the second highest denomination of the 1844 series, which was essentially a reprint of the 1841 series with a new date. According to Sieg, three issued notes are known, along with a single remainder. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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GREENLAND. Handelsstederne i Grønland. 6 Skilling, 1848. PMG Very Fine 30. Pick-A27. Sieg-27, Bruun-229. Signed by Brøndum - Lüttichau. Once again the sole graded example in the PMG population report. Initial denomination of the 1848 series. Highly attractive, with nothing but light, honest circulation, and strong paper quality. One of those notes that would have perhaps deserved an additional comment for its exceptional eye-appeal. One issued example in private collections known to date. This becomes the second. In total, according to Sieg, five issued notes known to exist, along with a single remainder. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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NORWAY. Thor Møhlen Note. 100 Rixdaler Croner, 1695. PMG About Uncirculated 50. Pick-A5. Sieg-5. Rønning-S1. Bruun-245. Highest denomination of the series with matching serial number 147 for the circulating note and the counterfoil (encapsulated separately). Tied for the finest graded in the PMG population report as of the time of cataloging. An attractive pair with bold signatures and neatly applied seals. 300 notes printed of this denomination, with only 150 notes issued into circulation. Based on the serial number observed, this must have been one of the final notes put into circulation. Ex: Countship of Brahesminde Collection (Private Sale - 1922).
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