Trial strikes of coins of the Independent State of Croatia rank among the rarest, numismatically and commercially most interesting units of 20th-century Croatian numismatics. These are coin strikes conceived as coinage of the Independent State of Croatia, but which generally never became legal tender and were not struck in larger quantities for circulation purposes. Therefore, in numismatics, they are not treated as a standard monetary issue, but rather as trial and design strikes created in the process of the production development of money, artistic solutions, and technical executions.
In that group, denominations of 25 and 50 banica, 1 and 2 kuna, and the particularly interesting 500 kuna trial strikes meet. Most of them are principally tied to the year 1941, that is, to the earliest phase of the shaping of the NDH monetary system, but that does not mean they were actually made that year. The peculiarity of these trials is a large number of variants: the same denominations are known in aluminum, bronze, zinc, nickel, brass, lead, silver, and gold. Differences in alloy, mass, diameter, fine details, and the presence (or absence) of individual marks create a complex and, for collectors, very demanding whole.
Artistically, the essays test elements and iconography that were in line with the ruling narrative of the time, specifically motifs that sought to create a connection with Croatian tradition: the Old Croatian interlace, the national coat of arms, a wheat sheaf, a female harvester, a pine marten, a Bosnian fort, and other symbols. There is a noticeable and excessive absence of direct regime symbols. Mostly, the official state symbols of the time are present. The only symbol that can be directly linked to the Ustasha regime is on the 25-banica specimen, where the Ustasha letter “U” (intentionally or “accidentally” made as a lowercase letter “u”) appears. The author of the essays was our well-known sculptor Ivo Kerdić, who himself was not a supporter of the ruling structures.
A gold coin with the image of Dr. Ante Pavelić, the Poglavnik (leader) of the Independent State of Croatia, is likely a forced work created to satisfy his personal vanity of being on currency. According to unwritten numismatic rules, such a practice (apart from monarchies) is found only in authoritarian regimes.
The combination of historical symbolism, a tense wartime political context, and unfulfilled monetary ambition makes them historically sensitive, yet numismatically extremely important items. They appear on the market rarely, often in very small numbers, and some versions reach the status of true rarities. Because of this, their auction results are not just a piece of price data, but also an indicator of the market's attitude toward the rarity, provenance, metal, preservation, and historical appeal of an individual specimen.
Auction results
Below we provide an overview of the specimens that have appeared at foreign auctions over the past 24 years. We have recorded a total of 66 auction appearances here, with the largest share consisting of gold pattern coins, mostly in higher grades of preservation. The highest number of specimens was offered at the auctions of the Fritz Rudolf Künker auction house, which confirms the important role of this auction house in the international market visibility of this material.
This is not a definitive list, as these pieces likely appeared at other, less significant auction houses as well. Likewise, it should be emphasized that modern restrikes and dubious specimens were not taken into account in this overview and analysis.
4,200 EUR — UNC (NGC MS60)
MDC Monaco — Auction 14, Lot 319 — 03.05.2024.
3,072 EUR — UNC (NGC MS60)
Heritage Auctions — Auction 3107, Lot 31361 — 05.03.2023.
3,200 EUR — Proof (PCGS SP62)
KATZ Auction — eAuction 39, Lot 4016 — December 17, 2020.
5.670 EUR — UNC (NGC MS60)
Maison Palombo — Auction 18, Lot 149 — November 17, 2019.
2,480 EUR — XF+ (very fine)
Spink — Auction 19060, Lot 623 — 30.09.2019.
2.417 EUR — XF+ (good extremely fine)
Spink — Auction 19025, Lot 1115 — 28.01.2019.
EUR 3,200 — XF (extremely fine)
Fritz Rudolf Künker — Auction 283, Lot 5862 — September 29, 2016.
3,336 EUR — XF+ (Choice EF)
Classical Numismatic Group — Auction 100, Lot 619 — 07.10.2015.
1,300 EUR — XF (vz)
Gorny & Mosch Giessener Münzhandlung — Auction 217, Lot 4905 — 17.10.2013.
Not sold — UNC- / UNC (AUNC/UNC)
KATZ Auction — Premium Auction 125, Lot 360 — May 29, 2024.
1,500 EUR — UNC- / UNC (AUNC/UNC)
KATZ Auction — Jubilee Auction 100, Lot 267 — November 23, 2023.
420 EUR — XF (Excellent)
Fritz Rudolf Künker — Auction 127, Lot 5069 — June 20, 2007.
3,614 EUR — UNC (NGC MS61)
Heritage Auctions — Auction 3107, Lot 31362 — May 3, 2023.
6,402 EUR — UNC (NGC MS61)
Maison Palombo — Auction 18, Lot 148 — November 17, 2019.
3.684 EUR — XF+ (good extremely fine)
Spink — Auction 19025, Lot 1114 — January 28, 2019.
6,655 EUR — Proof (PCGS SP 61)
Maison Palombo — Auction 15, Lot 505 — October 22, 2016.
4,004 EUR — XF (EF)
Classical Numismatic Group — Auction 100, Lot 620 — October 7, 2015.
not sold — XF / UNC- (XF/AUNC)
KATZ Auction — Premium Auction 125, Lot 361 — May 29, 2024.
1,800 EUR — XF+ (XF+)
KATZ Auction — Jubilee Auction 100, Lot 268 — 23.11.2023.
not sold — XF- (f.vzgl.)
Auction House H. D. Rauch — Auction 109, Lot 2403 — 11.11.2019.
3.336 EUR — XF (EF)
Classical Numismatic Group — Auction 100, Lot 621 — 07.10.2015.
345 EUR — XF+ (good extremely fine)
Spink — Auction 19025, Lot 1118 — 28.01.2019.
322 EUR — XF+ (good extremely fine)
Spink — Auction 19025, Lot 1120 — 28.01.2019.
322 EUR — XF+ (good extremely fine)
Spink — Auction 19025, Lot 1119 — 28.01.2019.
3.466 EUR — UNC- (PCGS AU 58)
Stack’s Bowers Galleries — January 2024 NYINC Auction, Lot 54045 — 12.01.2024.
4,000 EUR — UNC (UNC)
Heritage Europe (formerly MPO Auctions) — Auction 70, Lot 5607 — 25.05.2021.
2.773 EUR — UNC- (AU)
Chaponnière & Firmenich — Auction 7, Lot 191 — 23.10.2016.
2.892 EUR — XF (EF)
Classical Numismatic Group — Auction 100, Lot 623 — 07.10.2015.
2.248 EUR — XF- (About Extremely Fine-Extremely Fine)
Sincona — Auction 1, Lot 1286 — 29.06.2011.
2,600 EUR — XF (Extremely Fine)
Fritz Rudolf Künker — Auction 166, Lot 3974 — 10.03.2010.
not sold — XF (Extremely Fine)
Numismatik Lanz Munich — Auction 133, Lot 1207 — 11/28/2006.
not sold — XF (Extremely Fine)
Numismatik Lanz Munich — Auction 133, Lot 1208 — November 28, 2006.
not sold — UNC (Fast FDC)
UBS Gold & Numismatics — Auction 57, Lot 2596 — 15.09.2003.
5,500 EUR — UNC (About Uncirculated-Brilliant Uncirculated)
Fritz Rudolf Künker — Auction 439, Lot 2123 — March 17, 2026.
6,000 EUR — UNC (NGC MS60)
Fritz Rudolf Künker — Auction 437, Lot 572 — 28.01.2026.
3.299 EUR — UNC- (PCGS AU 58)
Stack’s Bowers Galleries — November 2025 Collectors Choice (World) Online Auction, Lot 76376 — 03.11.2025.
4.596 EUR — UNC (NGC MS62)
Heritage Auctions — Auction 3114, Lot 33409 — 01.16.2024.
4.337 EUR — UNC (PCGS MS61)
Heritage Auctions — Auction 3107, Lot 31363 — 05.03.2023.
4.060 EUR — UNC (NGC UNC Details (cleaned))
Maison Palombo — Auction 20, Lot 220 — 22.01.2022.
4,200 EUR — UNC (FDC)
Nomisma — Auction 64, Lot 100 — 17.12.2021.
2,200 EUR — XF (Superb)
Gadoury (formerly Editions V. Gadoury) — Auction 2021, Lot 504 — 10/22/2021.
5,000 EUR — UNC (UNC)
Heritage Europe (formerly MPO Auctions) — Auction 70, Lot 5608 — 25.05.2021.
3,200 EUR — UNC (FDC)
Nomisma — Auction 62, Lot 142 — 15.09.2020.
3.292 EUR — UNC (NGC UNC Details (cleaned))
Maison Palombo — Auction 18, Lot 143 — 17.11.2019.
1.917 EUR — XF- (about extremely fine)
Spink — Auction 19060, Lot 622 — 30.09.2019.
2.533 EUR — – (–)
Spink — Auction 19025, Lot 1112 — 28.01.2019.
5.084 EUR — UNC (PCGS MS61)
Maison Palombo — Auction 15, Lot 504 — 22.10.2016.
3,200 EUR — UNC- (q.FDC)
Numismatica Varesi — Auction 69 – Part 1, Lot 131 — 08.10.2016.
2,895 EUR — UNC (FDC)
Sincona — Auction 29, Lot 1972 — 18.05.2016.
4.233 EUR — UNC (NGC MS62)
Heritage Auctions — Auction 3044, Lot 29271 — 01.03.2016.
2.892 EUR — XF (EF)
Classical Numismatic Group — Auction 100, Lot 622 — 07.10.2015.
5,000 EUR — UNC (About Uncirculated-Brilliant Uncirculated)
Fritz Rudolf Künker — Auction 256, Lot 6732 — 10.09.2014.
3,400 EUR — XF (Extremely Fine)
Fritz Rudolf Künker — Auction 218, Lot 5286 — 10/11/2012.
2.946 EUR — XF (Extremely Fine)
Hess Divo — Auction 320, Lot 937 — 10.26.2011.
3.246 EUR — XF (Extremely Fine)
Sincona — Auction 1, Lot 1287 — 06.29.2011.
not sold — UNC (UNCIRCULATED)
Stack’s Bowers Galleries — Sale #150 – Los Angeles ANA Auction, Lot 8524 — 08.08.2009.
not sold — UNC (Almost FDC)
Maison Palombo — Auction 5, Lot 757 — 07.06.2008.
1,800 EUR — XF (Extremely Fine)
Fritz Rudolf Künker — Auction 91, Lot 7604 — 12.03.2004.
1,350 EUR — XF (Extremely Fine)
Fritz Rudolf Künker — Auction 73, Lot 6158 — 15.03.2002.
not sold — UNC (NGC UNC Details (cleaned))
Maison Palombo — Auction 18, Lot 144 — 17.11.2019.
460 EUR — XF (extremely fine)
Spink — Auction 19025, Lot 1116 — 28.01.2019.
1,660 EUR — UNC- (NGC AU 58)
Stack’s Bowers Galleries — January 2023 NYINC Auction, Lot 40884 — 13.01.2023.
not sold — UNC (UNC)
KATZ Auction — Premium Auction 125, Lot 363 — 29.05.2024.
not sold — XF+ (XF+)
KATZ Auction — Premium Auction 125, Lot 364 — 29.05.2024.
1,550 EUR — UNC (UNC)
KATZ Auction — Jubilee Auction 100, Lot 269 — 23.11.2023.
1,500 EUR — XF+ (XF+)
KATZ Auction — Jubilee Auction 100, Lot 270 — 23.11.2023.
Analysis of auction results
This analysis covers 66 auction appearances. Of these, 55 lots had a recorded sale price, while 11 lots remained unsold. Prices are stated as hammer prices in euros, excluding auction commissions, taxes, and additional buyer's expenses.
It is important to emphasize that this is not a list of unique specimens. The same specimen may appear multiple times over the years, especially in the case of certified pieces or items from well-known collections (which can be clearly identified). Therefore, these figures should be read as an indicator of auction activity rather than the actual number of surviving specimens.
Frequency of test samples at auctions
At first glance, 66 recorded occurrences over the period from 2002 to 2026 may give the impression that NDH trials appear relatively frequently. However, when that number is distributed across nearly a quarter of a century, it yields an average of approximately 2.6 auction occurrences per year.
This means that NDH trial prints cannot be considered regular auction material. They appear occasionally, often in waves, usually when a larger collection, a group of related items, or when a particular auction house offers several types in the same sale.
The highest concentration of occurrences is visible in the more recent period. From 2016 to 2020, 23 occurrences were recorded, and from 2021 to 2026, another 23 occurrences. This shows that the market visibility of these trials in the last decade is significantly higher than before. Prior to 2011, occurrences were much rarer and more sporadic.
The year 2019 stands out in particular with 14 recorded lots. This is followed by 2023 with 8 lots, and 2016 and 2024 with 7 lots each. This confirms that the market does not move evenly, but rather in occasional concentrations.
What appears most often?
The most common type in the processed results is the 500 kuna 1941 Harvester. This type appears a total of 32 times, in gold, silver, and aluminum. This accounts for almost half of all recorded occurrences.
The most important and most frequent form of that type is the 500 kuna Harvester gold proof, with 26 recorded occurrences. This is by far the most represented individual type and metal in the entire overview.
The following:
May 25, 1941. Tobacco – 12 appearances
500 kuna 1941 Pavelić – 10 appearances
50 Banica 1941. Bosanski čardak – 7 appearances
2 Kuna 1941: The Reaper – 3 appearances
1 Kuna 1941. Female Spinner – 2 appearances
From this, it can be seen that the NDH coin market largely revolves around a few attractive gold types. Gold specimens dominate: out of 66 processed occurrences, as many as 51 refer to gold. Silver, aluminum, nickel, and tin appear significantly less often.
The appearance of newly minted coins, replicas, and doubtful specimens is not included in this statistics.
What appears least often?
The rarest recorded occurrences refer to individual metals and nominals represented in the table by only a single entry.
Appear only once:
25 banica 1941. Tobacco, tin
2 Kuna 1941, Harvester, Silver
2 Kuna 1941, Harvester, Nickel
2 kuna 1941, Harvester, aluminum
500 Kuna 1941, Pavelić, aluminum
They appear very rarely as well:
1 kuna 1941. Spinner woman, gold – 2 appearances
25 bani 1941. Tobacco, silver – 2 occurrences
50 Banica 1941, Bosnian čardak, silver – 2 appearances
500 kuna 1941. Harvester, silver – 2 appearances
One needs to be careful here. A smaller number of auction appearances does not always mean that a certain type is absolutely rarer in terms of the number of surviving specimens. It can also mean that the specimens are in stable private collections, that they are offered publicly less often, that they are less attractive to major international auctions, or that the market recognizes them less. Nevertheless, from an auction perspective, the mentioned types are far less accessible than the 500 kuna Harvester gold proof.
March 25, 1941. Tobacco
Type 25 tobacco pipe appears a total of 12 times. It is most common in gold, with 9 recorded occurrences. Silver specimens appear 2 times, and pewter ones only once.
The 25 bani gold coin achieves a selling price range from 1,300 EUR to 5,670 EUR, with a median market level of around 3,200 EUR. The highest recorded result for this type is 5,670 EUR, achieved in 2019 at Maison Palombo for a specimen certified as NGC MS60.
It is interesting that all gold specimens in the processed sample were sold. This shows that there is a stable demand for this type, especially when the specimen is in a high state of preservation or certified. Silver specimens are recorded much less frequently, and one of them achieved 1,500 EUR. A tin specimen, recorded in 2007 at Künker, was sold for 420 EUR.
From a market perspective, the 25 banica Duhan is an attractive type because it combines a small denomination, a trial character, different metals, and good recognition of the motif. Gold specimens are rare, but still sufficiently present to track a certain market level. Silver and tin specimens appear much less frequently, and it is more difficult to speak of a stable market range for them.
50 banica 1941. Bosanski čardak
The tip of 50 banica Bosnian čardak appears 7 times. Of these, 5 records refer to gold and 2 to silver.
This guy achieves the highest individual results in the entire processed sample. The golden specimens fetched prices from EUR 3,614 to EUR 6,655. The highest result of EUR 6,655 was achieved in 2016 at Maison Palombo for a specimen certified as PCGS SP61. Another very high result, EUR 6,402, was achieved in 2019 also at Maison Palombo for an NGC MS61 specimen.
This shows that the 50 banica Bosnian house is one of the strongest market-wise types of NDH trial pieces. Although it appears less frequently than the 25 banica Tobacco and significantly less frequently than the 500 kuna Harvester, when it appears in gold and high preservation, it achieves very strong results.
Silver specimens are rarely recorded. One was sold for 1,800 EUR, while the other remained without a selling price. This confirms that a reliable market level cannot be established for silver, but the sheer rarity of appearance shows that these specimens are significantly rarer at auction than gold ones.
1 kuna 1941 Spinner
The 1941 gold proof 1 kuna "Spinner" has been recorded only twice. One specimen was sold in 2015 at Classical Numismatic Group for EUR 3,336, while the other record from 2019 at H. D. Rauch does not have a recorded sale price.
This type is one of the rarest in the processed sample based on public auction appearances. Due to only one recorded sale, a stable market range cannot be discussed. Nevertheless, the achieved price of 3,336 EUR shows that, when it does appear, it falls into the price range of serious NDH gold trial strikes.
With this type, the rarity of appearance is more important than the actual sales price figure. For collectors trying to assemble a complete set of NDH pattern coins, the 1 Kuna "Prelja" (Spinster) can be a significantly more difficult piece than those that are more expensive on the market but appear more frequently.
2 kuna 1941. Harvester
Type 2 kuna 1941. Reaper in the processed table appears only three times, in three different metals: silver, nickel and aluminum. All three records originate from the Spink 19025 auction from 2019.
Selling prices are very close: 345 EUR for silver and 322 EUR each for nickel and aluminum. These are the lowest prices in the entire analyzed sample, but that does not mean the type is common. On the contrary, in terms of the number of occurrences, it is an extremely rarely offered material.
Here the difference between market price and auction availability is clearly visible. The 2 kuna Harvester does not achieve high prices like gold proof coins, but it appears publicly very rarely. For a specialized collector, precisely such specimens can be problematic because they cannot simply be bought “whenever desired”; one has to wait for them to appear.
500 Kuna 1941 Pavelić
Tip 500 kuna Pavelić appears a total of 10 times. Of these, 9 records refer to gold and one to aluminum.
Gold examples have 6 recorded sales and 3 appearances without a selling price. The selling price range is from 2,248 EUR to 4,000 EUR, with a median value of around 2,800 EUR. The highest result of 4,000 EUR was achieved in 2021 at Heritage Europe.
Ovaj tip je zanimljiv jer se pojavljuje rjeđe od 500 kuna Žetelica, ali u prosjeku ne postiže nužno više cijene. Razlog može biti kombinacija tržišne percepcije, motiva, očuvanosti, procjena i konkretne potražnje u trenutku aukcije.
Aluminijski primjerak 500 kuna Pavelić zabilježen je samo jednom, 2023. godine kod Stack’s Bowers Galleries, gdje je prodan za 1.660 EUR kao NGC AU58. To je važan podatak jer pokazuje da aluminijske probe, iako nisu od plemenitog metala, mogu postići vrlo solidne cijene kada su rijetke i certificirane.
Kod zlatne 500 kuna Pavelić vidljiva je i određena osjetljivost tržišta. Tri pojavljivanja bez prodaje pokazuju da rijetkost sama po sebi nije uvijek dovoljna. Ako je procjena previsoka, ako se primjerak pojavi u slabijem trenutku ili ako nema aktivnih specijaliziranih kupaca, lot može ostati neprodan.
500 kuna 1941. Žetelica
Tip 500 kuna Žetelica najzastupljeniji je u cijeloj analizi. Pojavljuje se 32 puta, od čega 26 puta u zlatu, 4 puta u aluminiju i 2 puta u srebru.
Zlatna 500 kuna Žetelica tržišno je najlikvidniji tip proba NDH. Ima 24 zabilježene prodaje i samo 2 pojavljivanja bez prodajne cijene. Raspon cijena kreće se od 1.350 EUR do 6.000 EUR, uz srednju tržišnu razinu oko 3.300 EUR.
Najviši rezultat u obrađenoj tablici za zlatnu Žetelicu iznosi 6.000 EUR, postignut 2026. godine kod Künkera za primjerak NGC MS60. Iste godine zabilježen je još jedan snažan rezultat od 5.500 EUR, također kod Künkera, za primjerak u stupnju Vorzüglich-Stempelglanz.
Ovaj tip dobro pokazuje dugoročno kretanje tržišta. Rani rezultati iz 2002. i 2004. godine kreću se oko 1.350 do 1.800 EUR. Kasnije se cijene stabiliziraju u višem razredu, najčešće oko 3.000 do 4.500 EUR, dok najbolji primjerci u novije vrijeme prelaze 5.000 EUR.
Srebrna 500 kuna Žetelica pojavljuje se samo dva puta. Jedan primjerak prodan je 2019. godine za 460 EUR, dok drugi nema zabilježenu prodajnu cijenu. To je vrlo mali uzorak i ne dopušta snažnije zaključke, osim da je srebrna varijanta znatno rjeđa u javnoj aukcijskoj ponudi.
Aluminijska 500 kuna Žetelica pojavljuje se četiri puta, sve u novijem razdoblju 2023. i 2024. godine. Dva prodana primjerka ostvarila su 1.500 i 1.550 EUR, dok su dva kasnija pojavljivanja ostala bez prodajne cijene. To upućuje na to da postoji interes za aluminijske probe, ali i da je tržište za njih osjetljivije nego za zlatne primjerke.
Očuvanost i certificiranje
U obrađenim rezultatima vidljiv je velik udio visoko očuvanih primjeraka. Veći dio materijala kreće se u rasponu XF do UNC, a dio primjeraka je certificiran kod NGC-a ili PCGS-a. Ukupno je 18 zapisa imalo jasno navedenu NGC ili PCGS certifikaciju.
Certificirani primjerci osobito su važni kod najskupljih tipova. Najviši rezultati često su vezani uz oznake MS, SP ili UNC. To je posebno vidljivo kod 50 banica Bosanski čardak u zlatu, gdje su najbolji rezultati postignuti za PCGS SP61 i NGC MS61 primjerke.
Kod proba NDH certificiranje ima dodatnu tržišnu vrijednost. Ono kupcu daje veću sigurnost oko autentičnosti, očuvanosti i identifikacije, a kod međunarodnih aukcija olakšava usporedbu s drugim rezultatima. To ne znači da necertificirani primjerci ne mogu biti vrlo vrijedni, ali kod rijetkog i skupog materijala certifikat često pomaže u postizanju više cijene.
Što nam pokazuju aukcijski rezultati?
Aukcijski rezultati pokazuju da probe NDH nisu čest materijal, ali se u posljednjih desetak godina pojavljuju vidljivije nego ranije. Tržište je najaktivnije kod zlatnih primjeraka, osobito kod tipova 500 kuna Žetelica, 25 banica Duhan i 50 banica Bosanski čardak.
Najlikvidniji tip je 500 kuna Žetelica u zlatu. Ona se najčešće pojavljuje, ima najviše prodaja i najbolje omogućuje praćenje tržišnog kretanja kroz dulje razdoblje. Najviše pojedinačne cijene ostvaruje 50 banica Bosanski čardak u zlatu, koja se pokazuje kao jedan od najjačih tipova u visokoj očuvanosti.
Najrjeđi po aukcijskim pojavljivanjima nisu nužno najskuplji. Primjerice, 2 kune Žetelica i 1 kuna Prelja pojavljuju se vrlo rijetko, ali ne postižu cijene kao najatraktivnije zlatne probe. To potvrđuje da tržišna cijena nije rezultat samo rijetkosti, nego kombinacije nominale, metala, motiva, očuvanosti, certifikata, provenijencije i trenutne potražnje.
Ukupno gledano, probe NDH iz 1941. godine čine usko i specijalizirano tržište. To nije masovni kolekcionarski segment, nego područje za naprednije sakupljače hrvatske numizmatike, kolekcionare probnih otkova i kupce koji prate rijetke zlatne primjerke 20. stoljeća. Upravo zato svaki novi aukcijski rezultat ima veliku vrijednost za praćenje tržišta i za buduće katalogiziranje ovog materijala.
Author: Zlatko Viščević with AI assistance
Photos: Auction House H. D. Rauch, Chaponnière & Firmenich, Classical Numismatic Group, Fritz Rudolf Künker, Gadoury, Gorny & Mosch, Heritage Auctions, KATZ Auction, Maison Palombo, MDC Monaco, Nomisma, Numismatica Varesi, Sincona, Spink, Stack’s Bowers Galleries, UBS Gold & Numismatics.
