The Key Developments Shaping the 2026 European Coin Market
Rising silver prices, shifting gold demand, and policy changes are reshaping Europe’s coin market in 2026—blurring the line between collecting and investing.
In 2026, the coin market stands at several decisive thresholds. Rising precious-metal prices, political decisions concerning the future of national coin programs, and changing investment behavior triggered far-reaching developments in 2025, the full impact of which is now unfolding with considerable force. Traditional dividing lines between collecting and investing are increasingly blurring, while certain segments are coming under structural pressure and others are benefiting from new target groups. For collectors, dealers, and manufacturers alike, the market environment is therefore both rich in opportunity and distinctly challenging.
This trend report systematically classifies the key shifts currently underway. It highlights where uncertainties are becoming entrenched, which collecting areas are losing or gaining in attractiveness, and which long-term consequences are already emerging–based on insights from the 2025 financial year gained by Leuchtturm, the world’s leading supplier of collecting accessories. The focus is not on short-term price fluctuations, but on structural change–ranging from German silver and gold coins and the physical precious-metal market to euro commemorative coins and new collecting phenomena.
Turning Point for German Silver Coins
German silver commemorative coins have made several headlines in 2025. The increase in face values from €20 to initially €25 and now €35 for regular commemorative issues, and from €25 to €35 and now €50 for Christmas coins, along with the suspension of issuance for several coins that had already been struck, is likely to go down as an unprecedented turning point in the history of German-language numismatics. How this popular collecting field will develop from here remains entirely unclear.
What impact does this uncertainty have on collectors? Contrary to initial expectations, they do not appear to be turning away from the segment just yet. “The run on silver will also be reflected in German coins and will increase demand,” says Sales Director B2B at Leuchtturm Georg Motschmann. It is certainly problematic for collectors that announced series, such as the “Christmas” program, cannot currently be completed, and that corresponding accessory products, such as albums or cases, will, for the time being, have empty spaces. However, silver remains relevant as a hedge for the value development of coins, and in recent years, collectors have been able to achieve substantial gains with classic German €10 and €20 silver coins, thanks to the silver price, gains that might not have been realized on the basis of pure collector demand alone.
In the long term, however, the uncertainty surrounding German silver coins could lead to difficulties––particularly if the federal government opts for far-reaching adjustments. “A lower silver content in German commemorative coins could result in weaker demand,” says Business Development Manager at Leuchtturm Lennart Stuhr. Demand at Leuchtturm for accessory products for bullion coins indicates that this sub-segment of numismatics has a future––and that, alongside the pure investment aspect, there is also a collector-driven motivation behind the purchase of silver coins.
Sell-out of Physical Silver: Coins Become Scarce
The investment superstar of 2025 was not gold, but its “little brother.” Silver has seen a rapid surge in recent months, reaching a price level of around €80 by the end of January 2026. This figure, however, refers to the global spot price. In the precious metals trade, silver ounces were changing hands at prices of around €100 and above. Premiums have therefore risen sharply, as physical silver has once again become scarce––much as it did during the coronavirus pandemic. Some mints have already pulled the emergency brake. In October 2025, for example, the issuance of American Silver Eagles was temporarily suspended due to sharply rising prices, and in early January 2026, the United States Mint also removed its silver collector coins from its online shop in order to establish a new pricing structure.
In addition to the structural supply deficit that has characterized the physical precious-metals market for years, the trade is currently facing another challenge. Hardly anyone is willing to sell investment silver. Instead, recycling silver––for example, in the form of cutlery––is being offered for purchase in large quantities. At the same time, exotic silver products such as coin bars, which had seen little demand for some time, are reappearing on the market. Premiums of 20% to 30%, even on standard bullion products, are unusual but underscore the current market situation and the scarcity of physical silver.
Small Blisters Instead of Ounces: A Shift Towards Smaller Gold Denominations
The rise in precious-metal prices has led to a change in investor behavior. Traditionally, the ounce was the benchmark unit in the world of precious-metal investment. However, when the gold price rose above the threshold of €2,000 per troy ounce––up to which gold purchases in Germany can be made anonymously––demand for gold ounces began to ease slightly. With gold prices now exceeding €4,000, even the half-ounce has fallen below the threshold for anonymous purchases. As a result, investors are increasingly turning to smaller denominations and, in doing so, are shifting from coins to bars. Small bars packaged in blister packs as a security feature are particularly popular, as are the corresponding accessory products. Storage boxes for blister-packed bars, for example, are effectively becoming a new kind of piggy bank.
German Gold Coins: The Pain Threshold Has Been Reached
From €807 in 2020 to just under €1,100 in 2024 and most recently around €1,560––the issue price of Germany’s €100 gold coins reflects the historic precious-metal rally of recent years. Anyone who managed to secure these coins at such prices can now look back on substantial gains: by the end of January 2026, the market price had already reached around €2,000 per coin. Collectors seeking a complete set of mint marks, therefore, now have to invest a five-figure sum each year––a pain threshold that many collectors are reaching, and one that is increasingly overwhelming large parts of the collecting community. This is also reflected in mintages: from 35,000 pieces per mint in 2020, production has fallen to just 14,600 pieces most recently––compared with 100,000 coins per mint in the first year of issue in 2002.
As smaller denominations––the 1/8 ounce at €20 and the 1/4 ounce at €50––have also risen sharply in price, Lennart Stuhr, Business Development Manager at Leuchtturm, raises a question about the future of Germany’s gold commemorative-coin program: “Will there be a ‘lighter’ gold coin from Münze Deutschland to make it easier for collectors to enter the market?” By comparison, standard bullion coins are usually available in mini versions of 1/10 ounce, and in some cases even 1/20 ounce. The Austrian Mint has issued the Vienna Philharmonic in a 1/25-ounce version, while Canada’s Maple Leaf is available as the “MapleGram,” weighing one gram. In addition, denominations weighing 1/100 ounce are also gaining acceptance, having previously been found mainly in mail-order retail.
Stackers Invest in Counterfeit Detection
The rapid rise in the gold price is currently fueling an additional demand among many investors for maximum security. One example of the growing importance of counterfeit detection in the precious metals sector is the AurumXpert precious-metal tester. Developed and manufactured in Germany, this precision instrument enables non-destructive authenticity testing of gold, silver, and other precious-metal objects by measuring the electrical conductivity of coins and bars within seconds––even through capsules or blister packaging. Positioned at the upper end of Leuchtturm’s product range with a price tag of €999, the device nevertheless sold out within a very short time.
Typical counterfeit materials such as tungsten, brass, or copper are reliably identified, making the AurumXpert a tool not only for dealers and numismatists but increasingly also for demanding private investors. Against the backdrop of rising demand for high-quality testing and analysis tools amid growing counterfeit risks in investment products, systematic authenticity checks are becoming more important even for high-value purchases. Acquiring appropriate technical equipment can help to increase confidence in the actual material quality of investment gold and silver and reduce financial risks––especially as the purchase of an AurumXpert can already pay for itself by preventing a single purchase of a counterfeit quarter-ounce gold coin.
Euro Coins: “€2” Remains the Unchallenged Number One
Commemorative €2 coins have remained the number one collecting field in Germany since the introduction of the euro––and this will not change in 2026. “€2 commemorative coins continue to be the largest collecting theme,” emphasizes Georg Motschmann, Sales Director B2B at Leuchtturm. Additional demand is coming from new euro-area countries such as Bulgaria, which plans not only its own €2 circulation coin but also one commemorative design per year. There is, however, one caveat. “Products for euro circulation coin sets have weakened significantly,” says Motschmann. In his assessment, the practice of collecting recurring coin designs year after year, distinguished only by a different date, has now become a niche pursuit.
In addition, market prices for many prominent €2 coins have cooled noticeably, according to the latest €2 coin catalogue compiled by Leuchtturm’s editorial team. Top pieces such as Monaco’s “Grace Kelly” coin or the once even more expensive commemorative €2 issue “Fortress on the Rock,” which until recently were trading at €4,000 to €5,000, are currently available in a price range of around €2,500 to €3,000. One likely reason is the aggressive issuing policy pursued by many countries––the sheer variety of variants appears to be increasingly overwhelming collectors, who typically place great value on completing their collections.
Zero-Euro Souvenir Bank Notes: No End to the Boom in Sight
Even after the tenth anniversary of the colorful souvenir bank notes––originally conceived as holiday keepsakes and now established as a collecting field in their own right––collector interest in “zero-euro notes” remains consistently strong. “All our albums dedicated to this theme continue to enjoy high popularity. If the boom were over, this should very quickly have a negative impact on accessory sales. That is not currently the case,” reports Georg Motschmann. He sees stable sideways movement in this segment.
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