Medals symbolize honor, bravery, sacrifice, and service to one’s country. The value of military medals can vary significantly depending on factors such as rarity, historical significance, provenance, condition, and the individuals associated with them.
So, what’s the most expensive medal ever sold, and why did it command such a high price in the collector’s market?
Why Are Some Military Medals So Expensive?
There are several essential factors that can contribute to the high prices of specific medals in the collector’s market. The main ones include rarity, historical significance, provenance, condition, and market trends. let’s go through each of these in some more detail.
Rarity
Medals with scarce or limited numbers in circulation tend to be more valuable. This can be due to a specific time period of issuance, a small number of recipients, or a discontinued design.
As you might suspect, the rarity of a medal increases its desirability and drives up its price. For example, a medal that is expensive due to its rarity is the Congressional Medal of Honor (the highest military decoration awarded by the United States government and one presented to members of the U.S. Armed Forces who have displayed extraordinary valor and bravery in combat).
Here are some other examples medals that are scarce or limited in number, making them highly valuable:
- Victoria Cross (UK): Awarded for exceptional valor in combat, with only 1,358 issued since 1856. Typically ranges from $125,000 to $500,000, depending on provenance.
- Blue Max (Germany): The Pour le Mérite, awarded to German officers for military excellence during WWI, was limited and discontinued post-1918. Price: Approximately $25,000 to $60,000.
- Waterloo Medal (UK): Issued in 1816 to veterans of the Battle of Waterloo, a one-time event tied to a specific historical moment. Average Price: Around $2,000 to $6,000.
- Knight’s Cross with Oak Leaves, Swords, and Diamonds (Germany): Rare WWII decoration with only 27 awarded to military officers. This medal’s price exceeds $125,000.
- Royal Order of Kalākaua I (Hawaii): Discontinued after Hawaii’s monarchy ended in 1893, with few in existence. Valued at approximately $6,000 to $12,000.
Historical Significance
Medals associated with significant historical events, influential military figures, or pivotal moments in history often carry a higher price tag. The historical context and the story behind the medal can elevate its value, especially if it represents a notable act of heroism, bravery, or a significant military campaign.
For instance, The George Cross, a prestigious British military decoration awarded for acts of exceptional bravery, carries significant historical significance due to its association with remarkable acts of heroism.
Provenance and Association
A medal’s ownership history or provenance can impact its value. Medals associated with well-known military figures, famous battles, or historical events tend to be more sought after.
For example, the Medal of Honor awarded to Sergeant Alvin C. York 🔗, a renowned World War I hero, is an example of a military medal with a high price due to its connection to a distinguished individual and an iconic battle. Other examples include:
- Lord Nelson’s Chelengk (UK): This diamond-encrusted medal, gifted by the Sultan of Turkey to Admiral Lord Nelson for his victory at the Battle of the Nile in 1798, was sold for £350,000 in 2010.
- George Washington’s Badges of Military Merit (USA): A rare surviving example of this early precursor to the Purple Heart, linked to George Washington himself, sold for over $300,000.
- Victoria Cross of Lieutenant Colonel John Gough (UK): Awarded to Gough for bravery in the Second Boer War, this medal sold for £500,000 in 2012.
- The Nazi Gold Party Badge (Germany): Once belonging to Adolf Hitler, this badge was sold for $100,000 at auction in 2019.
- Medal of Honor of Captain Charles Lindbergh (USA): Lindbergh’s Medal of Honor for his transatlantic flight was sold for over $500,000.
- The Order of the White Eagle (Poland): A set belonging to Tsar Nicholas II of Russia, awarded during his reign, sold for over $200,000.
Condition and Authenticity
The condition of a medal plays a role in determining its value, too. Well-preserved medals with minimal wear or damage are generally more valuable. Additionally, proper documentation and provenance are crucial to its value. An example is the Victoria Cross which once belonged to a famous military leader and commands a premium price in the collector’s market due to its exceptional ownership history. Other examples:
- Victoria Cross of Captain Noel Chavasse: Captain Noel Chavasse 🔗, a British Army medical officer in World War I, is one of only three people to receive a Victoria Cross and Bar, meaning he was awarded the medal twice for acts of extraordinary bravery. His medals were well-preserved, displayed with official documentation and provenance tied to his heroic actions during the Battle of Passchendaele in 1917. In 2009, Chavasse’s Victoria Cross and accompanying medals sold at auction for $2 million.
- Medal of Honor of Captain Charles Lindbergh: Charles Lindbergh, the famed aviator who completed the first solo transatlantic flight in 1927, was awarded the Medal of Honor for his aviation achievement. While this medal is traditionally a military decoration, Lindbergh’s receipt of it as a civilian is unique and historically significant. The medal, along with Lindbergh’s flight memorabilia, was meticulously preserved and accompanied by extensive documentation, including official citations and personal items linked to the achievement. In 1999, his Medal of Honor and related items sold for $550,000 at auction.
Demand and Market Forces
The laws of supply and demand affect the prices of medals as well. High demand for a specific one, coupled with limited availability, can escalate its price. The collector’s market can be, for example, influenced by the interests of individuals, museums, and institutions. The Distinguished Flying Cross, in high demand among collectors due to a growing fascination with aviation history, has seen its price rise in response to current market trends.
The Most Expensive Medal Ever Sold
The most expensive military medal ever sold at auction is the Victoria Cross (VC). The Victoria Cross is a prestigious British military decoration awarded for acts of valor and courage in the face of the enemy. It was first introduced in 1856 and remains one of the highest honors bestowed upon members of the British and Commonwealth armed forces.
While the Victoria Cross is priceless in terms of its historical and symbolic value, the highest price ever paid for a Victoria Cross at auction was £1.5 million (approximately $2.02 million USD) in 2017. The medal, awarded to First World War pilot Captain Albert Ball 🔗, was sold by his family to a private collector.
It is worth noting that the value of military medals can vary significantly depending on factors such as rarity, historical significance, provenance, condition, and the individuals associated with them. Medals associated with well-known military figures or extraordinary acts of bravery tend to command higher prices in the collector’s market.
