20 Euros Reformation

Issued to mark the 500th anniversary of Martin Luther's posting of the Ninety-Five Theses in 1517, this coin was part of a broader German federal commemorative program that had been building toward the quincentenary for years. Germany produces its silver €20 commemoratives with a face value that actually circulates as legal tender — an unusual arrangement that creates consistent collector demand while keeping mint runs relatively modest. The Bansen & Heinz engraving studio handled the design commission.