20 Mark Gold Coin
Also: Kaisermark, Twenty Mark, Goldmark
The 20 Mark gold coin is a circulating gold coin of the German Empire (1871–1915) made of 900 gold with a fine weight of 7.168 grams. It qualifies as investment gold and is exempt from VAT on purchase.
The 20 Mark gold coin was the most important circulating gold coin of the German Empire. After the founding of the Reich in 1871 and the introduction of the Goldmark as a 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 defined measurements: 7.965 grams gross weight at a fineness of 900/1000 (so-called 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
You can calculate the current melt value directly from the fine weight and the current gold price.
Minting states and motifs
Within the Empire, the individual states held the coinage prerogative. Alongside the dominant Prussia, Bavaria, Saxony, Württemberg, Baden, Hamburg, Hesse and other states struck their own 20 Mark pieces — recognisable by different ruler 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 and market relevance today
The 20 Mark gold coin qualifies as investment gold under EU law: it meets the criteria — fineness of at least 900/1000, minted after 1800, was legal tender in its country of origin, and the selling price does not normally exceed the material value by more than 80%. The European Commission lists German Empire coins on its annual investment-gold list. Under Maltese law, aligned with Council Directive 2006/112/EC, investment gold (bars of at least 995 fineness and qualifying coins of at least 900 fineness) is exempt from VAT, so the purchase is VAT-free.
Regarding disposals: Malta levies no capital gains tax on private disposals of movable assets such as gold coins. Maltese capital gains tax applies only to specific categories of assets (immovable property, securities, business interests and similar), so a private sale of these coins does not trigger Maltese CGT. There is no German-style one-year speculation period under Maltese law.
Numismatically valuable specimens — rare years, pattern strikes or varieties from small mints — can command substantial premiums above the melt value and may then lose investment-gold status (premium above 80%). When buying such pieces, price research is worthwhile. The premium (agio) for common grades is usually well below that threshold.
For authenticity checks, a coin weight check and an authenticity check via density measurement are recommended, since tungsten counterfeits do occur with historical coins.
Note: This is not tax or investment advice. Individual tax questions — especially for collector items or unclear holding periods — should be clarified with a tax adviser. Sources: cfr.gov.mt, legislation.mt, eur-lex.europa.eu.
In brief
The 20 Mark gold coin combines historical collector appeal with a clearly measurable material value of 7.168 g of fine gold, remaining one of the most accessible entry coins for investors who wish to combine historical and physical gold.