Elsen reports a solidus of Louis the Pious sold for €120 000 plus buyer's fee (September 2025)
On September 24, 2025, Elsen (elsen.be) reported that a gold solidus of the Carolingian emperor Louis the Pious (814-840) sold for €120 000 plus the buyer's fee, against an estimate of €50 000. Its date (816) and mint (Aachen) carry question marks, and the item sets out the views of several scholars.
Correction (Oct 13, 2026): We rewrote the headline, summary and body to match the source. We removed unsupported claims such as a "record price," a top-few-percent condition ranking and an appearance "once every five to ten years," together with analysis of institutional and wealthy-buyer demand, investment and market growth, and we reported the uncertain date and mint, the scholars' views and the estimate as the source gives them. The previous headline was "Louis the Pious Solidus: Tracing the Demand for Rare Carolingian."
This article is based on a news item that Elsen posted on its website on September 24, 2025.
According to Elsen's news item, a gold solidus of the Carolingian emperor Louis the Pious (reigned 814-840) sold for €120 000 plus the buyer's fee. The estimate shown in the same item was €50 000. The item does not give the date of the sale.
The coin
The item describes the coin as an AV (gold) solidus dated to 816 and attributed to Aachen, with a question mark on both. It calls the coin "of the highest rarity" and says it is by far the best of the four known specimens, and the third from this pair of dies.
According to the item, the engraving is clearly inspired by Roman art, and the portrait is as good as the best portraits on the deniers showing the busts of Charlemagne and Louis the Pious.
Mint and date are not settled
The mint has been a subject of controversy. The item says it is very likely the palace mint in Aachen, given the ceremonial and imperial nature of the coin.
The date is not established with certainty either. According to the item, Grierson (M.E.C. I, p. 329) and Sarah (RBN 2014, p. 28-29) believe the issue was meant to celebrate the imperial coronation of Louis the Pious by Pope Stephen V in Reims in October 816. In their reading, the reverse shows the imperial crown as a divine gift (munus divinum).
Morrison, by contrast, holds that the reverse legend refers to the cross, not the crown. That would link the issue to the synod held in Paris in 825, which condemned any mark of disrespect towards the Cross.
Three specimens counted as the official issue
According to the item, G. Sarah identifies only three specimens that he considers part of the official issue of 816, struck from two pairs of dies. They are held by the Royal Library of Belgium, the National Library of France and the Fitzwilliam Museum in Cambridge; the Fitzwilliam piece came from the Grierson and Motte collections.
All three have been mounted, and two are still in ancient mounts, presumably to serve as brooches. The item goes on to say that all other known specimens are of poorer style and should be considered later imitations. It also notes that, according to Grierson, other authors consider type 3 to have been part of the official coronation issue as well.
Gold content
An analysis of the fineness by specific weight gave a result of 98% pure gold. The item says this is very close to the Brussels specimen (97.4%).
Source: Elsen, "An exceptional solidus of Louis the Pious" (September 24, 2025).
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