20 Mark Gold Coin
Also: Kaisermark, Zwanzigmark, Gold Mark
The 20 Mark gold coin is a circulation coin of the German Empire (1871–1915) minted in 900 fine gold with a fine weight of 7.168 grams. It qualifies as investment gold (§ 25c UStG) and is VAT-exempt on purchase.
The 20 Mark gold coin was the most important gold circulation coin of the German Empire. Following the founding of the Reich in 1871 and the introduction of the Gold Mark as the unified currency, the twenty-mark pieces were struck under the Coinage Act of 1873. They served as full legal tender and formed the backbone of the German gold standard.
Specifications and Fineness
All 20 Mark pieces share the same legally prescribed dimensions: 7.965 grams gross weight at a fineness of 900/1000 (known as Crown Gold) yields a fine weight of 7.168 grams of pure gold. The diameter is 22.5 mm.
Fine Weight = Gross Weight × Fineness
7.168 g = 7.965 g × 0.900
The current melt value can be calculated directly from the fine weight and the daily gold price.
Minting States and Designs
In the Empire, individual states held the coinage prerogative. Besides the dominant Prussia, Bavaria, Saxony, Württemberg, Baden, Hamburg, Hesse, and other states all struck their own 20 Mark pieces — identifiable by different royal portraits and coats of arms. The common reverse motif was always the Imperial Eagle with the face value. The mint marks (A, B, D, E, F, G, J) of the respective mints help with attribution.
| State | Mint | Mint Mark |
|---|---|---|
| Prussia | Berlin | A |
| Bavaria | Munich | D |
| Saxony | Dresden/Muldenhütten | E |
| Württemberg | Stuttgart | F |
| Baden | Karlsruhe | G |
| Hamburg | Hamburg | J |
Tax Treatment and Market Relevance Today
The 20 Mark gold coin qualifies as investment gold within the meaning of § 25c UStG: it meets all requirements — fineness ≥ 900/1000, minted after 1800, was legal tender in the German Empire, and the selling price does not typically exceed the material value by more than 80%. The European Commission lists Imperial coins on its annual investment gold list. Purchase is therefore VAT-exempt. On a sale after more than one year of holding, any gain is income-tax-free under § 23 EStG; for shorter holding periods, a tax-free allowance of €1,000 applies (from 2024).
Numismatically valuable specimens — such as rare dates, proof strikes, or small-mint variants — can command significant premiums above melt value and may consequently lose their investment gold status (premium > 80%), depending on the seller. Price research is worthwhile when buying such pieces. The premium for common grades is usually well below that threshold.
For authenticity testing, coin weight verification and authenticity checking via density determination are recommended, as tungsten forgeries do exist for historical coins.
Note: This is not tax or investment advice. Specific tax questions — particularly regarding collectibles or uncertain holding periods — should be clarified with a tax adviser.
In Brief
The 20 Mark gold coin combines historical collectible value with a clearly measurable material value of 7.168 g of fine gold, making it one of the most accessible entry coins for investors who wish to combine historical and physical gold.