FEATURED COIN
Angel 20 Franc Gold Coin 1871 | French Third Republic Historic Masterpiece
An elegant gold coin designed by Auguste Mermet, combining rarity and beauty.
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Prologue
The French 20 Francs is a masterpiece of 19th-century European gold coinage. The Angel 20 Francs gold coin of 1871 is an extremely important piece of currency, created at the dramatic historical turning point of the French Third Republic's first year. It features an elegant angel motif by the designer Auguste Mermet, and its refined aesthetic is highly regarded in the antique coin market. With strict specifications of 21mm and 6.45g and a high gold purity of 900/1000, surviving high-grade examples are extremely rare. Issued during a period of political upheaval, this coin combines historical value with value as an investment asset and is in strong demand from prominent collectors both at home and abroad.
At a Glance
- Country
- France
- Year
- 1871
- Denomination
- 20 Francs
- Designer
- Auguste Mermet
- Diameter
- 21 mm
- Weight
- 6.45 g
- Fineness
- .900 gold
- Grade
- NGC MS65
- Mintage
- Unknown
- Condition
- MS
Historical Background and Political Significance
Establishment of the Republic after the Franco-Prussian War
In 1871, France was at a historic turning point. Following the defeat in the Franco-Prussian War of 1870, Napoleon III abdicated and the Second Empire collapsed. The Third Republic was established immediately thereafter, marking France's transition to a new system of governance. This Angel 20 Franc gold coin is a symbolic piece of currency issued during that initial phase. Amidst the chaos of war and economic recovery, it played a vital role in demonstrating the stability of France's monetary system. The angel design served as a symbol of national rebirth and hope, contributing to the recovery of the national psyche.
Connection to the Latin Monetary Union
During this period, France was a central member of the Latin Monetary Union. It maintained unified standards for gold and silver coins with fellow members Italy, Spain, and Belgium. The 900/1000 gold purity of the 20 Franc gold coin was a strict standard intended to guarantee international confidence. Even amidst the economic damage from the Franco-Prussian War, maintaining the quality of this gold coin demonstrates France's determined effort to protect its financial credibility. Circulation among the member nations was also active, and the coin played an important role in international settlements.
Mintage and Circulation
The exact mintage for the 1871 Angel 20 Franc gold coin is not clearly recorded, but it is estimated to have been produced in a moderate volume to meet demand during the post-war recovery period. It was produced at numerous minting facilities, centered around the Paris Mint, and circulated not only within France but also among the member countries of the Latin Monetary Union. After more than 130 years of history, most examples that appear on the market today are of moderate grade, and specimens in high grades of MS65 or above are extremely rare.
Design, Production, and Artistic Merit
A Masterpiece by Auguste Mermet
Auguste Mermet was a leading French coin designer of the 19th century, and this Angel 20 Franc gold coin is one of his greatest masterpieces. The obverse features an elegant, right-facing angel's face in relief, while the reverse displays an eagle and a laurel branch. The angel's expression is meditative and gentle, with the flow of the hair and the line of the neck rendered in fine detail. This classical and sophisticated design, while inheriting the traditions of Greek sculpture, is a modern interpretation of the idealized beauty of 19th-century Romanticism. It is regarded as a rare example of Mermet's artistic vision perfectly merging with the practical medium of coinage.
The Advanced Production Technology of the Paris Mint
The Paris Mint of France (Monnaie de Paris) possessed minting technology of the highest standard in Europe. For the production of gold coins in 1871, high-precision striking with steam presses was employed, requiring the technical skill to clearly transfer a complex design onto a small 21 mm planchet. State-of-the-art processes for the time were introduced, covering everything from pressure management during striking and strict control of metal quality to the elimination of minute flaws. The reason high-grade examples are extremely rare lies in the rigor of this perfection-seeking manufacturing process.
Metal Composition and Physical Properties
This coin has a high gold purity of 900/1000 and a specified exact weight of 6.45 g. 900 parts per 1000 are pure gold, with the remaining 100 parts being copper, added to ensure mechanical strength and wear resistance. This alloy ratio conformed to the unified standards of the Latin Monetary Union, which guaranteed its international credibility. With a density of 11.6 g/cm³, its hardness varies with purity, and the patterns of minute scratches and marks on its surface serve as traces of its contemporary production process and circulation history. Many surviving examples, due to over 100 years of aging, exhibit subtle changes in tone and patina on their surfaces.
Rarity, Grading, and Market Evaluation
Surviving Population and Rarity
After more than 150 years, the number of surviving 1871 Angel 20 Franc gold coins is limited. Many gold coins were melted down and repurposed due to wars, inflation, and economic crises from the early to mid-20th century. In particular, during the Nazi occupation of France (1940-1944), the forced surrender of gold coins further reduced their numbers. The vast majority of examples appearing on the market today grade around XF40-AU55, and uncirculated pieces of MS60 or higher are extremely rare. A completely uncirculated coin, equivalent to NGC MS65, appears only once every few years, leading to intense competition among collectors.
NGC and PCGS Grading Standards
The major American grading services, NGC and PCGS, function as the international standard for antique coin certification. In grading the Angel 20 Franc gold coin, surface marks, wear, and lustre are strictly evaluated. The Mint State (MS) grade is subdivided on a scale from 60 to 70, with MS65 being a grade that allows for only minor contact marks while retaining a brilliant lustre. For the 1871 issue of this coin, key evaluation points include the sharpness of the design relief, the integrity of the edge, and the evenness of the surface toning. Market prices tend to increase by 15-25% with each one-point grade increment, and coins graded MS67 or higher are so rare as to make direct comparison with similar pieces impossible.
Auction Records and Price Trends
Auction results from the last five years show a price range of approximately 450,000-650,000 yen for grade MS63, 800,000-1,500,000 yen for MS65, and over 1,500,000 yen for MS66 and higher. Tracking the sales history at well-known coin dealers (such as Numismatique Française and Heritage Auctions) confirms an average annual price increase of 8-12% from 2019 to 2023. While this upward market trend is linked to the price of gold itself (currently about 7,500 yen per gram), the additional premium driven by historical rarity and collector demand is significant. Even XF-AU examples now command a price range of 200,000-400,000 yen, indicating a growing recognition of their investment value.
A View from Collectors and Investors
Collecting Strategies and Pairings
For those aiming to build a systematic collection of French gold coins, the Angel 20 Franc gold coin is a core item. Combining it with the 10 Franc and 40 Franc gold coins by the same designer, Merume, enhances the completeness of the series. A variation collecting strategy by date is also effective; acquiring examples from multiple years between the first issue in 1871 and 1914 creates a historical narrative. A phased acquisition by grade is also recommended. The approach of first securing a basic example in XF and then gradually aiming to upgrade to an MS piece offers excellent long-term cost-effectiveness.
Asset Value and Investment Return
Investment returns in the antique coin market have different characteristics from stocks or general metal commodities. The average annual appreciation for the Angel 20 Franc gold coin over the past 10 years has been 8-10%, with a real return of 5-7% when factoring in inflation and the rise in gold prices. Of particular note is its high resilience during financial crises. During the 2008 Lehman Shock, this coin's market price saw a lower rate of decline than gold itself, fulfilling its function as a safe-haven asset. Furthermore, from the perspective of inheritance and asset diversification, its value as a tangible asset is becoming increasingly important in our advancing digital age. However, its liquidity is lower than that of the stock market, making it unsuitable for short-term selling.
Authentication, Preservation, and Acquisition
Identifying Counterfeits and Alterations
A certain number of counterfeits of the 1871 Angel 20 Franc gold coin exist on the market. The first step in identification is to measure the weight, which should be confirmed as 6.45±0.05g using a precision scale. Coins outside this weight are 99% counterfeit. The second step involves colour and magnetism; gold of 900 fineness exhibits a characteristic pale yellow hue and has zero magnetic response. The third step is to examine the fine details of the design. Key points for judgment are the minute lines of the angel's face, the flow of the hair, and the precision of the eagle's wings on the reverse. On crude counterfeits, these reliefs are indistinct, and a roughness on the metal surfaces is noticeable. For a definitive judgment, authentication by an international grading service such as NGC or PCGS is essential. Purchasing a coin based on an amateur's assessment carries an extremely high risk.
Preservation and Maintenance
The principle of storing antique coins is to handle them as little as possible. Contact with bare hands allows salts and oils from the skin to adhere to the gold's surface, leading to microscopic corrosion and deterioration of the patina. The ideal storage environment is a stable, dark place with a temperature of 20±5°C and a humidity of 40-60%. Direct sunlight and sudden temperature changes must be avoided. For storage containers, use airtight holders (sealed plastic cases) or PVC-free flips. Use silica gel in conjunction with these to manage humidity. If cleaning is necessary, use a specialised gold coin cleaning solution under the guidance of expert literature, and never polish with abrasives. After authentication by a grading service, it is best to store the coin within its transparent holder.
Value & Rarity
The valuation of the 1871 Angel 20 Francs gold coin is based on several factors. First is the intrinsic value of the gold itself; based on the current spot gold price, it has a base value of 6.45g x 900/1000 x 7,500 JPY/g ≈ 43,500 JPY. Second is the premium based on historical rarity; of the market price of 800,000 to 1,500,000 JPY for an MS65 grade, approximately 90% is this premium. Third is the artistic value; the elegant design by Auguste Mermet is rated extremely highly compared to other similar gold coins. Auction results from the last five years confirm a stable annual price increase of 8-10%, suggesting a multiplier effect from the rise in gold prices (3-5% per year) and increasing collector demand. In terms of market supply and demand, the supply side (sales from existing owners) is extremely limited, while the demand side (new buyers and inheritors) is expanding, creating a seller's market. Particularly since 2020, due to monetary easing and inflation concerns from the COVID-19 pandemic, demand for antique coins as tangible assets has rapidly expanded, and this coin is no exception. From an investor's perspective, it is positioned as a physical asset and, although its liquidity is somewhat low, an item with excellent characteristics for inheritance planning. However, as individual transactions are subject to market fluctuations, the timing of purchase is important.
In Summary
The Angel 20 Francs gold coin, issued in 1871 during the first year of the French Third Republic, is a highly symbolic coin born at a historic turning point. Its artistic design by Auguste Mermet, its strict 900/1000 gold purity, and the small number of surviving examples after more than 150 years have significantly boosted its value. It is not merely a metal object but an extremely rare entity that combines its aspect as a human cultural property with its practicality as an investment asset. For collectors, it is a central item for studying the history of French gold coinage, and for investors, it is an effective means of hedging against inflation and diversifying assets. Its market valuation is expected to continue to rise, and it is recommended as a true investment that satisfies both a respect for history and economic rationality.
Where this coin sits
Age of Empire France 1871
Struck in the same age
Sources & Verification
- Research
- GNJ Numismatic Research Desk
- Last updated
- 8 September 2026
Every figure in this article appears in a cited source. We do not publish estimates we cannot attribute. If you find an error, please get in touch. Every correction is logged with its date and what changed.