Numismatic News on Europe's 2026 Coin Market: German Silver Coin Face Values, Scarce Silver, €2 Coins

This article is based on a Numismatic News report published on February 17, 2026. The report reviews developments in Europe's coin market, mainly in Germany, based on insights from the 2025 financial year gained by Leuchtturm, a supplier of collecting accessories.

Higher face values for German silver commemoratives

According to the report, German silver commemorative coins made several headlines in 2025. Face values for regular commemorative issues rose from €20 to €25 and then to €35, and for Christmas coins from €25 to €35 and then to €50. Issuance of several coins that had already been struck was suspended.

The commemorative coin honoring Elisabeth Schwarzhaupt was originally planned at a face value of €20. Because of the rising price of silver, its face value was raised first to €25 and then to €35, and its metal content was drastically reduced.

Around 481,000 of the 2025 Christmas coins were minted and then had to be melted down because of the high silver price. At the time of the report, they were waiting in the five German mints to be transported back to the smelter.

The report says it remains entirely unclear how this collecting field will develop. Georg Motschmann, Sales Director B2B at Leuchtturm, said: "The run on silver will also be reflected in German coins and will increase demand." Lennart Stuhr, Business Development Manager at Leuchtturm, said: "A lower silver content in German commemorative coins could result in weaker demand."

Physical silver in short supply

The report says the global spot price of silver reached around €80 by the end of January 2026, while silver ounces in the precious metals trade changed hands at around €100 and above. It says premiums rose sharply because physical silver had become scarce.

In October 2025, issuance of American Silver Eagles was temporarily suspended, and in early January 2026 the United States Mint removed its silver collector coins from its online shop to set up a new pricing structure.

According to the report, hardly anyone is willing to sell investment silver, while recycling silver such as cutlery is being offered in large quantities. Premiums of 20% to 30% even on standard bullion products are described as unusual.

A move to smaller gold units

In Germany, gold purchases can be made anonymously up to €2,000. The report says demand for one-ounce gold coins eased slightly once the gold price rose above that level, and with gold now above €4,000, even the half-ounce exceeds it. Investors are turning to smaller denominations and shifting from coins to bars, with small bars in blister packs particularly popular.

Germany's €100 gold coin: issue prices and mintages

The issue price of Germany's €100 gold coin rose from €807 in 2020 to just under €1,100 in 2024 and most recently to around €1,560. By the end of January 2026, the market price had reached around €2,000 per coin, according to the report.

Mintages fell from 100,000 pieces per mint in the first year of issue in 2002, and 35,000 per mint in 2020, to 14,600 most recently. The report says collectors seeking a complete set of mint marks now have to spend a five-figure sum each year.

Stuhr asked whether Münze Deutschland will issue a "lighter" gold coin to make it easier for collectors to enter the market. For comparison, the report notes that the Austrian Mint has issued the Vienna Philharmonic in a 1/25-ounce version and that Canada's Maple Leaf is available as the one-gram "MapleGram."

Counterfeit detection

As an example of investors' demand for security, the report describes the AurumXpert precious-metal tester, which is developed and made in Germany and tests authenticity by measuring electrical conductivity, even through capsules or blister packaging. Priced at €999 in Leuchtturm's range, it sold out within a very short time.

€2 commemoratives remain the top collecting field

"€2 commemorative coins continue to be the largest collecting theme," Motschmann said. Additional demand is coming from new euro-area countries such as Bulgaria, which plans its own €2 circulation coin and one commemorative design per year. Motschmann also said products for euro circulation coin sets have weakened significantly.

According to the latest €2 coin catalogue from Leuchtturm's editorial team, market prices for many prominent €2 coins have cooled. Monaco's "Grace Kelly" coin and the "Fortress on the Rock" issue, which until recently traded at €4,000 to €5,000, are now available at around €2,500 to €3,000. The report names the issuing policy of many countries as one likely reason.

Zero-euro souvenir notes

Zero-euro souvenir notes have existed since 2015. First conceived as holiday keepsakes, they are now a collecting field of their own. Motschmann said albums for this theme remain popular and described the segment as moving sideways.

Source: Numismatic News, "The Key Developments Shaping the 2026 European Coin Market" (February 17, 2026).