Netherlands 1898 10 Gulden

The depiction of Queen Wilhelmina went through various stages on the Netherlands 10 gulden, which was struck intermittently over several decades until 1933, the last year the denomination was issued in gold. These include a one-year type showing a young, crowned head dated 1898. 

Genuine examples of these coins sell for many hundreds of dollars in Mint State, and the gold alone in 10-gulden coins is currently worth over $500. The genuine coin shown here (the sole-highest graded among the more than 250 examples listed in the NGC Census as of April 2025) realized $3,120 at a Heritage Auctions sale in August 2024. Numismatic Guaranty Company (NGC) recently received a purported example of a Netherlands 1898 10 gulden.

The coin appears to have been made with the transfer-die process, a common method of counterfeiting, and one that, in this case, led to a significant loss of detail. It is especially noticeable in the queen’s hair and the designer’s name below her neck. This coin does have a variety where the dot after the first “P” is missing, but the other letters are so poorly formed that the name is difficult to read. 

Additionally, the tops of the letters’ surfaces in the legends are much more rounded on the fake. Lumps emerge from the rim in places, especially at 8 o’clock on the obverse. These issues are more than enough to identify this coin as a counterfeit.

Don’t throw the coin away though. The counterfeit appears to be struck in a gold alloy (with significant melt value), albeit one that resulted in a dull yellow color that deviates from what is expected. If a coin’s color or other characteristics seem off to you, remember that NGC backs its determinations of authenticity and grade with the NGC Guarantee.

A version of this article appears in the June 2025 issue of The Numismatist (money.org).