COPENHAGEN, Denmark (AP) — The vast coin collection of a Danish butter magnate is set to finally go on sale a century after his death, and could fetch up to $72 million.
Lars Emil Bruun, also known as L.E. Bruun, stipulated in his will that his 20,000-piece collection be safeguarded for 100 years before being sold. Deeply moved by the devastation of World War I, he wanted the collection to be a reserve for Denmark, fearing another war.
Now, over a century since Bruun’s death at the age of 71 in 1923, New York-based Stack’s Bowers, a rare coin auction house, will begin auctioning the collection this fall, with several sales planned over the coming years.
On its website the auction house calls it the “most valuable collection of world coins to ever come to market.” The collection's existence has been known of in Denmark but not widely, and it has has never been seen by the public before.
“When I first heard about the collection, I was in disbelief,” said Vicken Yegparian, vice president of numismatics at Stack’s Bowers Galleries.
“We’ve had collections that have been off the market for 100 years plus,” he said. “But they’re extremely well known internationally. This one has been the best open secret ever.”
Born in 1852, Bruun began to collect coins as a boy in the 1850s and '60s, years before he began to amass vast riches in the packing and wholesaling of butter.
His wealth allowed him to pursue his hobby, attending auctions and building a large collection that came to include 20,000 coins, medals, tokens and banknotes from Denmark, Norway and Sweden.
Following the devastation of World War I and fearing another war, Bruun left strict instructions in his will for the collection.
“For a period of 100 years after my death, the collection shall serve as a reserve for the Royal Coin and Medal Collection," it stipulated.
“However, should the next century pass with the national collection intact, it shall be sold at public auction and the proceeds shall accrue to the persons who are my direct descendants.”
That stipulation didn’t stop some descendants from trying to break the will and cash in, but they were not successful. “I think the will and testament were pretty ironclad. There was no loophole,” Yegparian said.
Yegparian estimates some pieces may sell for just $50, but others could go for over $1 million. He said potential buyers were already requesting a catalogue before the auction was announced.
The collection first found refuge at former Danish royal residence Frederiksborg Castle, then later made its way to Denmark’s National Bank.
Denmark’s National Museum had the right of first refusal on part of the collection and purchased seven rare coins from Bruun’s vast hoard before they went to auction.
The seven coins — six gold, one silver — were all minted between the 15th and 17th centuries by Danish or Norwegian monarchs. The cost of over $1.1 million was covered by a supporting association.
“We chose coins that were unique. They are described in literature as the only existing specimen of this kind,” said senior researcher Helle Horsnaes, a coin expert at the national museum.
“The pure fact that this collection has been closed for a hundred years makes it a legend,” Horsnaes said. “It’s like a fairytale.”
Vicken Yegparian, vice president of numismatics, Stack's Bowers Galleries, holds a silver Norwegian coin from 1628, part of L. E. Bruun's collection, in Zealand, Denmark, May 7, 2024. The vast coin collection of a Danish butter magnate is set to finally go to on sale a century after his death, and could fetch up to $72 million. Lars Emil Bruun, also known as L.E. Bruun, stipulated in his will that his 20,000-piece collection be safeguarded for 100 years before being sold. (AP Photo/James Brooks)
Coins from L. E. Bruun's collection on display on wooden tray, in Zealand, Denmark, May 7, 2024. The vast coin collection of a Danish butter magnate is set to finally go to on sale a century after his death, and could fetch up to $72 million. Lars Emil Bruun, also known as L.E. Bruun, stipulated in his will that his 20,000-piece collection be safeguarded for 100 years before being sold. (AP Photo/James Brooks)
Vicken Yegparian, vice president of numismatics, Stack's Bowers Galleries, holds a golden coin once belonging to the collection of Danish king, Frederik VII, now part of L. E. Bruun's collection, in Zealand, Denmark, May 7, 2024. The vast coin collection of a Danish butter magnate is set to finally go to on sale a century after his death, and could fetch up to $72 million. Lars Emil Bruun, also known as L.E. Bruun, stipulated in his will that his 20,000-piece collection be safeguarded for 100 years before being sold. (AP Photo/James Brooks)
ALGIERS, Algeria (AP) — Algerians voted Saturday in an election to decide whether army-backed President Abdelmadjid Tebboune gets another term in office — five years after pro-democracy protests prompted the military to oust the previous president after two decades in power.
There is little suspense about the result with Tebboune expected to win easily. The question is more about how many voters cast ballots.
Tebboune said after voting that he hoped “whoever wins will continue on the path towards a point of no return in the construction of democracy.”
Polls closed late Saturday and vote counting was underway as Algerians awaited an announcement of the results. The country's election authority at 12:10 a.m. said that vote counting to so far suggested voter turnout was 48% in Algeria and 19.6% for precincts abroad — outpacing the country’s 2019 presidential election, where 39.9% of voters turned out to vote.
It's unclear whether Tebboune will consider such a figure a triumph. In the lead-up to Saturday, his backers and rivals all urged Algerians to come out and vote after boycotts and high abstention rates in previous elections marred the government's ability to claim popular support.
Algeria is Africa's largest country by area and, with almost 45 million people, it's the continent's second most populous after South Africa to hold presidential elections in 2024 — a year in which more than 50 elections are being held worldwide, encompassing more than half the world's population.
The campaign — rescheduled earlier this year to take place during North Africa's hot summer — was characterized by apathy from the population, which continues to be plagued by a high cost of living and drought that brought water shortages to some parts of the country.
“Uncle Tebboune," as his campaign called the 78-year-old, was elected in December 2019 after nearly a year of weekly “Hirak” demonstrations demanding the resignation of former President Abdelaziz Bouteflika. Their demands were met when Bouteflika resigned and was replaced by an interim government of his former allies, which called for elections later in the year.
Protesters opposed holding elections so soon, fearing the candidates running that year were close to the old regime and would derail dreams of a civilian-led, non-military state. Tebboune, a former prime minister seen as close to the military, won. But his victory was stained by boycotts and election day tumult.
Throughout his tenure, Tebboune has used oil and gas revenue to boost some social benefits — including unemployment insurance as well as public wages and pensions — to calm discontent. To cement his legitimacy, Tebboune hopes more of the country's 24 million eligible voters participate in Saturday's election than in his first election when only 39.9% voted.
Many Algerians remain unconvinced that elections will usher in change.
Activists and international organizations, including Amnesty International, have railed against how authorities continue prosecuting those involved in opposition parties, media organizations and civil society groups.
Some have denounced this election as a rubber stamp exercise that can only entrench the status quo.
“Algerians don’t give a damn about this bogus election,” said former Hirak leader Hakim Addad, who was banned from participating in politics three years ago. “The political crisis will persist as long as the regime remains in place. The Hirak has spoken.”
Twenty-six candidates submitted preliminary paperwork to run in the election, although only two were ultimately approved to challenge Tebboune.
Both avoided directly criticizing Tebboune on the campaign trail and, like the incumbent, emphasized election participation.
Abdelali Hassani Cherif, a 57-year-old head of the Islamist party Movement of Society for Peace, made populist appeals to Algerian youth, running on the slogan “Opportunity!” Youcef Aouchiche, a 41-year-old former journalist running with the Socialist Forces Front, or FFS, campaigned on a “vision for tomorrow.”
Both challengers and their parties risked losing backing from supporters who thought they were selling out by giving the impression the election was democratic and contested.
Walking near a vote center in downtown Algiers, longtime FFS supporter Mhand Kasdi said his party had betrayed its ideals by putting forth a candidate for the first time since 1999.
“It is giving its backing to a rigged election,” the 55-year-old gas station manager said, adding that Aouchiche and Hassani “are going to help make the regime's candidate look good."
Voting in his hometown Saturday, Aouchiche called on Algerians to vote for him “to give young people the confidence to put an end to the despair that drives them to take the boats of death in an attempt to reach the other side of the Mediterranean,” referring to those who migrate to Europe.
Andrew Farrand, the Middle East and North Africa director at the geopolitical risk consultancy Horizon Engage, said both challengers were looking more at the 2025 legislative elections than this 2024 presidential contest. Because Algerian law funds political parties based on the number of seats they win in legislative elections, they hope campaigning now positions them for a strong 2025 performance.
“It’s a long game: How can I mobilize my base? How can I build up a campaign machine? And how can I get into the good graces of the authorities so that I can be in a position to increase my seats?” he said. “We’ve seen that in their choice not to overtly criticize president … paired with a very strong message to Algerians to come out and vote.”
Presidential candidate of the Movement of Society for Peace (MSP), Abdelali Hassani Cherif, prepares to cast his ballot inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
Presidential candidate of the Movement of Society for Peace (MSP), Abdelali Hassani Cherif, prepares to cast his ballot inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
Presidential candidate and leader of the FFS party, Youcef Aouchich, casts his ballot inside a polling station during the presidential elections, Saturday, Sept. 7, 2024, in Tizi Ouzou, Algeria. (AP Photo)
Algerian president and candidate for re-election Abdelmajid Tebboune speaks after casting his ballot inside a polling station during the presidential elections, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo)
Election officials wait for voters inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
A voter prepares to cast his ballot inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
A voter prepares to cast her ballot inside a polling station during the presidential elections, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
A voter prepares to cast his ballot inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
Ballots showing presidential candidates inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
A ballot showing Algerian president and candidate for re-election Abdelmajid Tebboune, inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
Ballots showing the three presidential candidates are placed on a table inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Anis Belghoul)
A voter prepares to cast her ballot inside a polling station during the presidential elections, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
Election officials wait for voters inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
A voter poses for a photo with her inked finger after casting her ballot inside a polling station during the presidential elections, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
CORRECTS DATE - A voter prepares to cast his ballot inside a polling station during the presidential election, Saturday, Sept. 7, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
A man walks past electoral banners of presidential candidate, including President Abdelmadjid Tebboune, center, Tuesday, Aug. 27, 2024, in Algiers, Algeria. (AP Photo/Fateh Guidoum)
Algerian president and candidate for re-election Abdelmajid Tebboune delivers a speech during his campaign for the upcoming presidential election, in Oran, Algeria, Sunday, Aug. 26, 2024. (AP Photo/Str)
