Gold rush in Switzerland: Commemorative coin causes anger and explosion in value
The new edition of a famous 100-franc gold coin sold out in minutes, despite a server crash and the outrage of buyers. Prices on the secondary market have already exploded to 40,000 francs. What makes the “Vreneli” so coveted – and should collectors jump on the hype of the gold rush in Switzerland?
It was supposed to be a big day for collectors and investors – but in the end, it was met with anger, insults, and record prices: On July 1, the Swiss mint, Swissmint, released the strictly limited anniversary edition of the 100-franc Gold Vrenelis – exactly 100 years after the legendary first issue of 1925.
The issue price of 3,500 francs was already a cause for concern, as the 32.3-gram gold coin weighs almost 29 grams of pure gold. However, the true value apparently lay not in the precious metal but in the collective desire: Within minutes, the mintage of only 2,500 pieces was completely sold out.
A sales disaster on the internet – “more than embarrassing”
Anyone hoping to fill their virtual shopping cart at 9 a.m. sharp on July 1st was in for a disappointment. Massive IT problems crippled Swissmint’s online shop, and parts of the website were down for hours. Despite preparations for several hundred thousand hits, the infrastructure simply collapsed.
Sales didn’t even start until around noon—too late for many disappointed prospective buyers, especially since the sale was completed in record time. Frustration erupted on platforms like X (formerly Twitter) and in Google reviews, with comments ranging from “completely unprofessional” to “beyond embarrassing.”
Swissmint itself even claims to have received hate mail, and now faces the question of whether the alleged server crash could have been avoided. In any case, tens of thousands or even hundreds of thousands of prospective buyers who were on time for the sales launch are now left with nothing.
Price explosion: From 3,500 to 40,000 francs in just a few hours
As soon as the last coins had virtually crossed the counter, the run on the secondary market began. Experts had already predicted: “The price will rise rapidly, possibly even double.” Indeed, one example landed on Ricardo (an auction platform particularly popular in Switzerland) that same day for 9,999 francs, almost three times the issue price.
Another offer went one step further: 40,000 francs for a buy-it-now price, eleven times the gold value. By comparison, the historic original from 1925 fetches prices between 20,000 and 25,000 francs at auction – but the new edition, with only 2,500 pieces, is even rarer. Around 20 offers are now listed on “Ricardo.ch,” and bids are between 9,000 and 10,000 francs one day after the sale launch; however, the auctions are not yet over, so the price could still rise significantly. The first offers are also appearing on eBay, the leading auction site – shortly after its launch, the first auction shot up to over € 8,500.
The Vreneli – cult, myth, investment
The Gold Vreneli is far more than a piece of metal in Switzerland. Introduced as the official currency in 1897, it quickly became a popular cultural asset and a traditional gift, whether as a “godmother’s coin” for baptisms or as a token of appreciation for deserving employees. It proved particularly useful as a crisis currency during the devaluation of the franc in 1936: The gold value exceeded its face value, and millions of coins ended up in drawers and safes. To this day, the Vreneli is regarded as a symbol of stability and value preservation, particularly in times of uncertainty.
The portrait of the young Helvetia, designed by Fritz Ulysse Landry and inspired by the Bernese innkeeper Rosa Tännler, has long since achieved iconic status and was reinterpreted in 2025 to mark her 100th birthday. Swissmint even accepted the role of guest of honor at the world’s largest coin fair, the World Money Fair in Berlin, specifically for this anniversary, and spectacularly showcased the new coin. However, the sympathetic presentation of the Swiss Confederation, which has so far maintained a rather inconspicuous presence in the coin world and is striving to reshape its image, is likely to leave a sour taste in the mouths of many new Swiss collectors.
When coins become a gold rush in Switzerland
The Gold Vreneli from Switzerland, however, is just one of many recent examples of extremely limited special mintings where it is already clear in advance that the planned mintage will not meet demand. This artificially created imbalance, with few coins and many interested parties, combined with technical problems with online sales, initially results in a rapid increase in value on the secondary market. The rapid resale at inflated prices gives investors the impression that this represents a sustainable increase in value.
But the more mint, national banks, and private sellers copy this recipe, the greater the flood of supposedly top rarities becomes. Especially in trendy collecting areas, such as 2-euro commemorative coins or modern gold and silver issues, numerous strictly limited editions appear every year – even from renowned, often official, government sales outlets. In reality, however, the effect of the limitation is relativized when the market as a whole is flooded with ever-new “special” issues.
Price collapse after the hype
In many cases, the initial boom is followed by disillusionment: As soon as the first coins are sold at inflated prices and the hype subsides, market prices often drop rapidly. Buyers who invest large sums in anticipation of rapid increases in value must then expect losses. While classic numismatics—such as historic gold coins with decades-long collector bases—remain relatively stable, trend and event mintings often exhibit high volatility.
Demotivation and withdrawal from the hobby
For the collector community, this development has a dangerous side effect: More and more collectors are capitulating to the overwhelming abundance of editions and the feeling of being constantly confronted with rapid price movements and artificial scarcity.
What was once a long-term hobby combining patience, expertise, and the joy of building a collection has, for many, become a frantic race for the supposed next big opportunity. Disappointment and financial losses often lead collectors to abandon their hobby altogether, a trend that can also weaken the value of established collecting areas in the long term.
Original article: Focus
