Multiple Gold Coins: More Than Just a High-Value Means of Payment

In the early modern period, distributing large gold coins was a sign of economic and political power – in Switzerland, of course, as well. On the other hand, anyone who owned one or even several large gold coins could count themselves among the social elite. 

This first and introducing article in a series by Ursula Kampmann – written on the occasion of the auction of the SINCONA Lake View Collection, an extraordinary collection of Swiss gold coins – explores these social networks of mutual connections and obligations, as well as the competition among the ruling class to publicly display their wealth through gifts and donations.

The first of a total of three parts of the SINCONA Lake View Collection will be offered at the upcoming SINCONA Fall Auctions 106–110, taking place October 26–30, 2026.

Gold Chains and Gnadenpfennigs

Let’s go back to 1582 to find ourselves in the midst of one of the many wars that France was waging at that time. Relations with the Catholic part of Switzerland were therefore close. After all, mercenaries were Switzerland’s most important export and were in high demand at the French court. This business was run by experienced entrepreneurs. The best-known of these was probably Ludwig Pfyffer from Lucerne. He recruited his countrymen, assessed their skills and armament, trained them, and molded them into a company – known as “Fähnlein” (i.e. small banner) at the time. Then he sought out clients and hired himself and his mercenaries out to them for a handsome profit.

Ludwig Pfyffer’s life is exceptionally well documented. This is why we know about the many gold chains and “Gnadenpfennigs” that his satisfied clients gave him. In numismatics, a Gnadenpfennig is a gift in the form of a coin or a medal, usually made of gold. The early modern elite liked to be depicted in portraits and on tombs wearing all their gold chains, with just one single Gnadenpfennig hanging from them. The Gnadenpfennig was a symbol of loyalty. Wearing a ruler’s Gnadenpfennig meant displaying a visible sign of allegiance.

Ludwig Pfyffer’s biography also sheds light on how the handover of such a Gnadenpfennig could take place: On December 8, 1582, he was among those received by the French envoy after lengthy and arduous negotiations. An agreement had finally been reached. Although King Henry III was short of funds and unable to pay at the moment, he was granted eleven companies. 3,300 Swiss men went to war on his behalf. On this day, December 8, their commanders swore an oath of allegiance to the French crown. They were then presented with gifts, which were carefully chosen according to their importance and rank. Part of these gifts were gold chains. The heaviest weighed 700 écus, and the lightest 200 écus. All of them were adorned with the 12-écu Gnadenpfennig bearing the king’s portrait.

Maybe this very Gnadenpfennig is the one that Ludwig Pfyffer is wearing in his portrait. Then again, it might be another. After all, the portrait was created during Pfyffer’s final years, and he received many coins as gifts from his clients.

Most multiple gold coins minted in the 17th and 18th centuries were not intended to be worn on a chain, though. Instead, they were valuable gifts received by diplomats, citizens or members of the military from their own or a foreign ruling authority.

They were often kept for display and shown to visitors one wished to impress. Of course, this was only done as long as the family could afford it. Naturally, multiple gold coins could be melted down or used for payments at any time.

Gift Economy

In this context, sociology refers to the concept of a “gift economy”. This economic system focuses not on an object and its value, but on the connection established between two individuals by the act of giving. Every gift creates an opportunity for the future. This is because every giver expects to receive something in return at some point. Tradition and a sense of honor ensure that this will be the case. However, the timing and form of this future gift are beyond the giver’s control.

A gift could be anything. Examples range from a hare’s pelt for someone suffering from gout, to mustard made particularly well by a housekeeper, to exotic plant seeds, silver cups and money. The careful calculation of the value of a gift was of central importance, as the rank of the giver was reflected by their gift. Those of higher rank felt obliged to present the more substantial gift.

This private gift economy also played a role in the public sphere. Part of the remuneration of civil servants were regular gifts that were presented on specific occasions. The most important of these were the “New Year” celebrations in city states and the ruler’s birthday in autocracies.

At the state level, tailoring gifts to social status and merit was also of crucial importance. That is why coins became the predominant gift in the 17th century. Nothing could be adjusted more easily or precisely in terms of value than a coin. This explains why so many multiple gold coins were minted in so many different denominations.

Gift Diplomacy

Numismatic gifts were often used in diplomatic exchanges. They also served as measure of status in this context. Those of a higher rank sought to demonstrate their superiority by giving larger coins. The production of such multiple gold coins, particularly at the Habsburg imperial court, stemmed from the fact that the emperor could not afford to be outdone in the gift-giving competition.

The high number of multiple ducats produced in Switzerland in the 17th and 18th centuries indicates just how prosperous Swiss cities were during the Baroque period. They commissioned the finest artists to ensure the coins would impress recipients with their weight and their beauty.

Gifts as Part of Celebrations

Important cities such as Basel, Bern or Zurich regularly minted multiple gold coins. Other, smaller towns and princes could only afford to do so on very special occasions. After all, coins, and later medals, also played an important role at major celebrations. They were ceremonially distributed to visitors and participants to remind them of the event for many years to come. This is why coins and medals are often inspired by other – usually ephemeral – works of art created for a festival. Unfortunately, it is rare for a copper engraving, festival program or a work of art to reveal the event for which a coin or medal was created. Consequently, the historical context of these numismatic issues is almost always lost to us.

Each of these special gold coins, as those offered in the SINCONA Lake View Collection, has a fascinating, exciting history. We would like to share some of these stories with you and encourage you to find out more about Switzerland’s past.