Obverse and reverse of an 1814 Louis XVIII 5 Francs silver coin, a historic issue from the Bourbon Restoration.

Introduction – Historical Hook and Context

In 1814, after Emperor Napoleon’s abdication, the Bourbon monarchy was restored and Louis XVIII ascended the French throne. This dramatic regime change marked the end of the Napoleonic Wars and the reestablishment of the old royal order. To herald this new era, France issued coinage reflecting Bourbon iconography and legitimacy. One such coin was the 1814 “BB” 5 Francs silver piece, struck at the Strasbourg Mint (mint mark “BB”) during Louis XVIII’s brief first Restoration. Born of a turbulent transition between empire and monarchy, the 1814 BB 5 Francs is not only a tangible artifact of post-Napoleonic France, but also a numismatic treasure ardently sought by collectors. Its story – from origin to modern auction fame – weaves together history, rarity, and enduring value, making it a coin that truly captivates connoisseurs of heritage assets.

Design and Numismatic Rarity

Design Features: The 1814 Louis XVIII 5 Francs showcases an elegant neoclassical design rich with royal symbolism. On the obverse, it bears the inscription “LOUIS XVIII ROI DE FRANCE”, encircling a left-facing bust of King Louis XVIII. Unlike the laurel-wreathed portraits of Napoleon, Louis XVIII is depicted bare-headed yet “dressed” in regal attire, notably wearing the badge of the Order of the Holy Spirit on his chest
. This eight-pointed star of France’s highest chivalric order subtly underscores the legitimacy and ancien-régime pedigree of the returning king. Beneath the bust, one can find the discreet signature “Tiolier F.”, for Pierre-Joseph Tiolier, the French Mint’s chief engraver who crafted the coin’s dies. The reverse design is equally steeped in Bourbon imagery: it features a crowned shield of France adorned with the fleurs-de-lis, flanked by two olive (laurel) branches tied with a ribbon. Around this motif appears the legend “PIECE DE 5 FRANCS”, indicating the denomination – a wording used only on this Restoration-era type and absent from Napoleon’s earlier issues. At the bottom, the date 1814 is engraved, flanked by a small mint mark “BB” for Strasbourg and an assay privy symbol. Notably, the coin’s edge is incuse-lettered with the Latin motto “DOMINE SALVUM FAC REGEM” (meaning “O Lord, save the King”). This prayer for the monarch’s safety replaced Napoleon’s republican-era edge inscription (“DIEU PROTÈGE LA FRANCE” – “God protect France”), a poignant detail highlighting the ideological shift back to king and crown.

Mintage and “BB” Mint: The Strasbourg Mint, signified by “BB”, struck only a minuscule quantity of these coins, making the 1814 BB 5 Francs extraordinarily scarce. Historical records indicate a mintage of roughly 4,900 pieces for the 1814 BB issue
 – a trivial output compared to other mints that year. By contrast, the main Paris Mint (“A”) produced over 1.4 million 5-franc coins dated 1814, and even regional mints like Rouen (“B”) struck more than 600,000 pieces. Strasbourg’s tiny mintage (only ~0.3% of Paris’s output) underscores its extreme rarity. In fact, numismatic catalogs note that across the entire 5-franc series of 1814–1815 (Louis XVIII’s first reign), the 1814 BB is among the very rarest date-and-mint combinations. Many examples likely fell victim to heavy circulation or the melting pot during France’s financial upheavals, leaving precious few survivors for today’s collectors. When one does surface, it’s often in circulated condition – making any high-grade specimen a prized find.

The coin’s rarity is further evidenced by third-party grading data. Until recently, PCGS had recorded only a single example of the 1814-BB in any uncirculated grade, underscoring how infrequently top-quality pieces are encountered. Advanced collectors of French coinage regard the 1814 BB 5 Francs as a “key date” trophy coin – the elusive jewel needed to complete a set of Louis XVIII crowns. Its desirability stems not just from low mintage, but also from the coin’s historical significance. As an issue from Louis XVIII’s initial restoration (which lasted barely a year before Napoleon’s return for the Hundred Days), it represents a short-lived chapter of French history. The fleur-de-lis emblazoned arms and the edge’s royalist motto embodied the Bourbon dynasty’s attempt to reclaim France’s identity after the revolutionary and imperial period. Owning this coin is thus owning a piece of the restoration story – a narrative that resonates deeply with numismatists who appreciate coins as cultural artifacts. In sum, the 1814 BB 5 Francs marries artful design, historical context, and absolute rarity, a combination that makes it immensely appealing to discerning collectors.

Investment Value and Market Performance

Beyond its rich history, the 1814 BB Louis XVIII 5 Francs has proven to be a stellar performer in the marketplace, reinforcing its reputation as a sound investment for the numismatic connoisseur. In recent high-profile auctions, this coin has commanded prices that reflect intense competition among collectors. Notably, in the Stack’s Bowers New York sale at the January 2025 NYINC (New York International Numismatic Convention), an example graded PCGS MS-63 – the sole finest known in that grading service’s census – realized an impressive $9,600. The catalog described it as “exceedingly Choice… one is not likely to encounter again anytime soon,” underscoring both its superb preservation and the unlikelihood of a similar piece appearing in the near future
. This particular coin had an illustrious provenance (the Richard Margolis Collection, acquired in 1988 for $1,288
), meaning its value nearly octupled over 37 years, a testament to its long-term appreciation and the growth of demand for such rarities.

Across the Atlantic, another 1814-BB surfaced in a Monaco auction in October 2025, providing an instructive comparison. That piece – graded XF (Extremely Fine) Details due to an old cleaning – still hammered for €2,000 despite its impaired condition. Even in less-than-perfect state, the coin drew multiple bidders, which speaks volumes about its underlying appeal and liquidity in the collector market. For top-grade specimens, the sky is the limit: numismatists recognize that it could be years before another mint-state 1814 BB comes to auction, so when one does, deep-pocketed collectors are prepared to pay a premium. In short, the coin exhibits the hallmarks of an investment-quality collectible: scarcity, a strong collector base, and a track record of rising prices.

Why Collectors and Investors Covet It: The 1814 BB 5 Francs hits a sweet spot for both history enthusiasts and investors. First, its historical significance is undeniable – as a coin minted during the fall of an empire and the revival of a kingdom, it carries the gravitas of that epochal moment. Louis XVIII’s profile and the Bourbon fleur-de-lis on the reverse symbolize the restoration of monarchy; owning the coin is like holding a small relic of post-Napoleonic Europe. This emotional and historical resonance adds a premium that goes beyond silver content or catalog values. Second, the coin’s absolute rarity and key-date status mean that demand vastly outstrips supply. Seasoned collectors of French coins, world crowns, or Napoleonic-era memorabilia all covet this issue, ensuring a broad and competitive market. The fact that even circulated examples are pursued (and command solid four-figure prices) indicates that its value is not narrowly confined to only the highest grades – a positive sign for liquidity and resilience.

Finally, from an investment perspective, the 1814 BB offers the allure of a tangible asset with enduring value. Unlike modern speculative assets, a 200-year-old rare coin has a finite supply that cannot increase – every surviving piece is accounted for, and as collections are built or museums acquire examples, availability can only tighten. The coin appeals to a wealthy, educated audience who appreciate both the aesthetic beauty of classic coins and their portfolio diversification benefits. These collectors tend to have a long-term horizon, viewing coins like the 1814 BB 5 Francs as stores of value and cultural wealth that can be passed down through generations. The coin’s recent auction performances – setting price benchmarks while being absorbed by major collections – suggest that its market is both active and robust. In an age where truly rare historical coins are increasingly sought after on the world stage, the 1814 “BB” Louis XVIII 5 Francs stands out as a blue-chip piece. It offers a compelling blend of heritage and investment potential, making it a crown jewel for the connoisseur who demands the very best in their numismatic pursuits.