Where craftsmanship meets currency

By: Charlie Dunne

The history of coin watches is an elusive tale. Scattered across archived auction lot results, printed within the bindings of old books collecting dust, and occasionally in the pockets of some dealers who have gone off the deep end into obsession, there are examples in desperate need of discussion. 

Several manufacturers adopted the coin form timepiece during the 1920s, yet specific styles and makers warrant context. According to Sotheby's, Cartier began producing coin watches in 1929. However, records in the brand’s literature indicate there were much earlier examples via a process introduced by Joseph Vergely. These are distinguished by the case form being entirely constructed through the two separate coins, a technique the head watchmaker of European Watch and Clock Company Paris is credited with perfecting. While earlier timepieces featuring a coin date further back to the late 19th century, manufacturers would go on to utilize Vergely’s process as the standard.

Dating back to 1888, The Hour Lounge cites one particular Vacheron Constantin custom order of a watch “with a coin adjusted on the case back”. Patek Philippe enthusiasts will recall one example sold to Henry Graves Jr., (the original horological hypebeast) in 1928 which was made three years prior. The Genevan powerhouse would go on to create an entire line during the 1950s through 1980s.

The overall popularity of coin watches dwindled later in the second half of the 20th century, with what appears to be a miniscule production today. However, there were an abundance of coin watches that were fixed with lugs to be worn on the wrist from the likes of Corrum, Vacheron Constantin and others. Yet the standard coin watches elicit many questions as the niche topic’s origin and popularity has remained largely undiscussed. And while this may not provide all the answers, a collage of horological coins is what’s necessary in 2021.

As we will see, there are several watchmakers that have contributed to this specialized craft. When factoring in denominations and currency, it becomes a fascinating subject to explore, and ultimately, an incredible chapter in the story of watchmaking.

This complex subsection of watchmaking requires a meticulous skill set beyond the talent normally required of a case manufacturer. The rigorousness is evident in that few companies produced, let alone offered a line of coin watches. Names such as Cartier, Patek Philippe, Piaget, Rolex, and Audemars Piguet are among the most prominent makers. In some instances, non-household names such as Ebel, Favre-Leuba, Agassiz and Eska appear.

More often than not, these coins would begin as legal tender, then would require a skilled coin maker to dissect two sides, carve an interior within each to house the timepiece, and finally reconstruct the two sides in a hinged fashion. The transformation of these coins into watches can bring about an interesting discussion surrounding legality. Federal statute in the United States maintains that whomever “fraudulently alters, defaces, mutilates, impairs, diminishes, falsifies, scales….possesses, passes, utters, publishes, or sells, or attempts to pass, utter, publish, or sell, or brings into the United States...Shall be fined under this title or imprisoned not more than five years, or both.” The case could be argued that the specific use of the term “fraudulently” would direct any legal enforcement towards an intentional act of counterfeiting currency.

A collage of coin watch makers

Patek Philippe

Patek Philippe is recognized for being one of the most diversified watchmakers in the world. Their offerings range from solar timepieces, chiming watches, jump hours, digital wristwatches, hell, even ink chronographs. You name it, chances are they’ve created it. So it is not in the least bit surprising to learn that Patek had been quite active in coin watches as well. According to Collectability, there are over 15 different Patek Philippe coin watch references, the most common being the reference 802.

The reference 802 is part of a small series of gold coin watches from Patek with the reference numbers 800 to 809, which use the U.S $5 (ref. 800), $10 (ref. 801), $20 (ref. Ref. 802 and ref. 803), CHF 100 (ref. 804), Pesos 50 (ref. 805), and others. What follows is a selection of these coin watches from Patek Philippe that have appeared at auctions and from private dealers. Because of the limited comprehensive cataloging of coin watches, we hope this compilation will serve as a resource for collectors and further discussion of coin watches.

Patek Philippe 18k yellow gold ref. 801 coin watch, made in 1993 from a United States 10 dollar coin from 1910 (above).

Obverse and reverse of Patek Philippe 18k yellow gold ref. 801 coin watch, made in 1993 from a United States 10 dollar coin from 1910 (above).

Patek Philippe 18k yellow gold ref. 803 coin watch with Breguet numerals, made in 1957 (above).

Patek Philippe 18K yellow gold ref. 803 coin watch with Breguet numerals, made in 1971 and sold in 1974 (above).

Patek Philippe Coin Watch ref. 802 retailed by Koch. Made in 1962 from a $20 coin from 1924 (above).

The discrete nature of coin watches raises the question of how many examples may be unknowingly in the possession of coin collectors. Upon discussion of the history and current market for these timepieces, Wind recounted a colleague’s experience at Heritage Auctions. “Being that Heritage is one of the preeminent auction houses for rare coins, they tend to offer the widest selection of coin watches.” He went on to share that collectors will occasionally consign their coins, only to be shocked when a specialist brings to their attention a concealed button revealing a hidden watch. “One gentleman was so taken aback upon realizing his coin contained a Patek Philippe that he fainted on the spot!” Next time you are about to spend your pocket change, be sure to carefully inspect each one.

A ref. 803 Patek Philippe coin watch retailed by Tiffany & Co. featuring Roman numerals. Made in 1963 (above).

Patek Philippe ref. 803 retailed by Tiffany & Co. featuring Breguet numerals. Made from a $20 US coin, circa 1975 (above).

“An exceptionally fine and particularly rare yellow gold skeletonized twenty-dollar coin watch [by Patek Philippe] made in 1984 ref. 802/1” Made from 1908 United States Twenty Dollar coin (above).

“An exceptionally fine and rare yellow gold and diamond-set skeletonized twenty dollar coin watch [Patek Philippe] ref 802/2 mvt 1389282 case 2872508 made in 1991”. Made from a 1924 United States Twenty Dollar coin (above).

Patek Philippe ref. 805 made from Mexican Pesos. Made in 1955 (above).

Patek Philippe coin watch ref. 868 from 1971 featuring an effigy of President John F. Kennedy (above).

Patek Philippe coin watch ref. 868 from 1971 featuring an effigy of President John F. Kennedy (above). “Unlike all other coin watches by Patek Philippe, this coin was not originally legal tender. In fact, it was made by the Swiss company Argor as a commemorative coin as part of a special order.”

A very early coin watch dial signed “Patek Philippe & Co Genève” retailed by Astrua, Torino. Made in 1938. Image credit: Sotheby’s (above). The same watch would later come up for auction at Phillips Hong Kong in 2018.

As seen above in the two early examples from the late 1930s, Patek Philippe has a rich history in creating coin watches. According to John Reardon of Collectability “it was not until the 1950s through 1980s that coin watches were part of Patek’s regular offering, and to this day the coins represent a form of understated luxury that only those in the know can appreciate.” While it appears that Patek Philippe has quite the selection, its coin watches are in fact very rare. Reardon states “less than 200 examples were made in total, only around 20% of which have appeared publicly”. 

Additional information on Patek Philippe coin watches can be found within Collectability’s article 'References 801 and 803: When time is literally money'.

Vacheron Constantin

Similar to Patek Philippe, Vacheron Constantin produced a limited number of coin watches throughout the 20th century. What follows is a selection of notable examples.

“Reference 3911, produced in 1937, features a 5£ Queen Victoria Jubilee coin in 22K gold [from 1887] and houses [a] caliber 10’’ 9/12, 1.69 mm thinness. That same year, a similar coin watch was manufactured under ref. 3910, with a 5£ King Edward VII coin dating from 1912. The following year, ref. 3909 was produced; a 1£ King George V coin, from 1913, housing a 7’’ 7/12 caliber, remarkable for its very small size and thinness.” Image credit: The Hour Lounge. 

Vacheron & Constantin coin watch (movement circa 1910). Made from an 1893 Queen Victoria Sovereign Gold Coin Watch.

Ulysse Nardin

While it may not have the name recognition of houses like Patek Philippe and Vacheron Constantin, Ulysse Nardin also produced a collection of notable coin watches throughout the 20the century.

Ulysse Nardin coin watch with Breguet numerals made from a 1904 $20 coin circa 1990s.

Piaget

When it comes to the battle to create ultra-thin watches, Piaget is one of the undisputed leaders. The bragging rights that come with whose movement is thinnest is an ongoing war to this day, crown. By the sixties, the brand would begin to boast about their technical acumen. In the 1961 article “Reception by Piaget in Mexico-City,” the timepieces were heralded as the “universally known Piaget coin watches”. As a true competitor, it makes sense that they have put their money where their mouth is over the years. 

A mid-century coin watch made by Piaget for Cartier (above). The coin watch features the famous 1908 United States of America ‘Double Eagle’ $20 gold coin designed by Augustus Saint-Gaudens. The caliber is made by Piaget with a POC import code indicating it was for the US market. One noteworthy find within this timepiece is the marteau sans manche with the number 122 indicating it was made by Oreade (a casemaker out of La Chaux-de-Founds).

Piaget Coin Watch Circa 1970-1980 made of two separate 1904 twenty-dollar gold pieces (above).

Piaget coin watch (above and below). Coin watches are truly amazing pieces of engineering and craftsmanship. Made from two coins, they are an interesting blend of horology, numismatics, and history.

Jaeger LeCoultre

“The watchmaker’s watchmaker”, Jaeger LeCoultre also produced a collection of beautiful coin watches throughout the 20th century.

Jaeger-LeCoultre coin watch circa 1970s made from a $20 U.S. coin dated 1904.

Agassiz

Agassiz was started by Georges Agassiz after he left Longines. Longines was founded by Auguste Agassiz, along with Ernest Fancillon, and Georges had worked in business operations for the Saint-Imier manufacturer. Eventually, Agassiz was absorbed by Longines. The Agassiz name continued to be used for pocket watches, and of course, coin watches. 

Agassiz coin watch created out of an $20 US coin from 1899 (above).

Agassiz coin watch created out of a 1904 $20 US coin (above).

Rolex

Of course, Rolex needs no introduction. While Hans Wilsdorf’s company is today most recognized for its robust sports watches, its 20th-century catalog is actually incredibly varied, even including a small collection of coin watches.

Rolex coin watch Ref. 3612/8 made from a twenty dollar US coin. Circa 2010 (above).

Rolex coin watch made from 100 Francs coin (above).

Rolex Reference 3612 with manual wind calibre 651. Made from a twenty-dollar coin dated 1900 (above).

Rolex coin watch with two Cartier coin watches (above).

Cartier

Cartier is highly admired for the horological accessories they have produced over the years. While it is one of the brands with a larger production of coin watches, they are by no means common. Vergely’s role in setting the standard for coin watches certainly distinguishes the examples for the brand. Several examples are differentiated with subtle aspects to the watch. Timepieces with exposed cabochon crowns will also feature the movement embedded into the case rather than the mobile examples. Those without the sapphire cabochon will either have the crown located next to the button that opens the hinge, or more frequently will have the exposed crown positioned around 1-2 o'clock.   

Cartier coin watch circa 1930 made from a gold Crown 1902 featuring a sapphire cabochon crown. Dial signed “Cartier Paris”. Nos. 4479 and 6173, case No. 64532 (above). A similar timepiece belonged to President Franklin D. Roosevelt that was given to him as a Christmas gift in the winter of 1939.

Cartier coin watch made from 1904 Twenty Dollar coin featuring Roman numerals and Breguet hands. The engraving reads “REIMS MAY 7, 1945 .0241 (E.T.Q)”. Circa 1945 (above).

Cartier US $20 gold coin watch made circa 1930. Coin from 1914 (above).

Cartier coin watch made from Edward VII Gold Sovereign, 1902 (above).

Cartier coin watch from Nick Welsh, Cartier Collection (above).

Cartier Yellow Gold Mexican coin watch circa 1950s. The lot essay indicates that the watch was given to an ambassador to Mexico (above).

Cartier gold coin watch circa 1935 made from an Edward VII Gold Sovereign (above).

Audemars Piguet

Founded in Switzerland’s Vallee de Joux in 1875, Audemars Piguet is one of the country’s oldest and most historic manufacturers. Its catalog is incredibly varied over the years, including a selection of beautiful coin watches.

Upon exploring the coin watches by Audemars Piguet, Eric Wind of Wind Vintage highlighted a recent example that had been offered publicly a few years back. “While the majority of coin watches are made from American coins and were destined for the American market, there are other interesting coin watches from around the world. In Geneva in 2018, Christie's sold an Audemars Piguet retailed by Asprey coin watch made from an 1896 Monaco coin for the equivalent of $43,000.”

Variations of vintage Audemars Piguet coin watches. Audemars Piguet: Masterpieces of Classical Watchmaking by Gisbert Brunner, Christian Pfeiffer-Belli, and Martin K. Wehrli.

Audemars Piguet Twenty Dollar Gold Coin Ref. 5610 BA. ““The development of ultra-thin movements in the mid- to-late 50s led to wildly creative timepiece applications like the use of currency and coins as dials and watch cases. Not only does this remarkable timepiece feature a mechanical movement with 32 hour (!) power reserve, it’s also slim enough to fit inside a hollowed out twenty dollar gold coin. Overall, a stunning piece.” —Max Prince, Deputy Editor (Watch Journal). Image & information credit: Watch Journal.

Detailed image of button to open the coin on Audemars Piguet coin watch (above).

A skeletonized coin watch by Audemars Piguet from the 1990s. The watch is also briefly shown in a video by WatchesTV (above).

In 2019, Wind and Alan Bedwell of Foundwell sold to Bulgari a rare Audemars Piguet retailed by Bulgari coin watch made in 1941 from an 1863 Napoleon III French 100 franc coin for the company's museum. As far as Wind and Bedwell know, it is the only known Audemars Piguet coin watch, or any coin watch from the 1940s or earlier, to have a Bulgari retail signature on the dial. The watch was imported to Italy only months before the Italian government instituted a ban on gold jewelry imports. During World War II the Bulgari family took in and helped Jewish women during those years and the family is listed among The Righteous Among the Nations in Israel for their effort to help protect the Jewish women. In addition, this is an early use of the coin motif for Bulgari that is so important to its jewelry today. 

When describing his impression upon close observation of the timepiece, Bedwell stated “The perlage featured on the interior caseback was certainly some of the finest I’ve encountered.” The fact that upon initially obtaining it it took me a while to actually find the trigger set so beautifully in the coin edging was also testament to the quality of the workmanship. It would be easy to understand that some of these, over the years, would have been bought and sold as simply coins by the untrained eye.”

These timepieces maintain a much more personal function in that they are valued by those in on the secret. As far as usefulness goes, they certainly aren’t as practical as, say a wristwatch. However, outside of the one-on-one admiration, they undoubtedly make for a fascinating experience to both watch fanatics or the average person. Wind even cites that one client has a penchant for bringing their coin watch out while playing rounds of golf. “He may be the only person using a Patek Philippe coin watch as a ball marker.”

The Who’s who of coin watch collectors

Academy Award winning actor Jose Ferrer’s Agassiz $20 US coin watch.

Recently, Florida based Hill Auction Gallery offered a number of fascinating lots which belonged to the late Academy Award winning actor Jose Ferrer. Among those lots were a pair of Vulcain Crickets, several clocks and a fascinating Agassiz $20 coin watch. The date of the watch is a bit of a mystery, however it certainly warrants an inclusion within the list. According to the Glitz & Glamour with a Hollywood Oscar Winner, “ Ferrer [was] the uncle of actor George Clooney and the first Hispanic actor to win an Academy Award, achieved lasting fame for his Tony- and Oscar- winning portrayals of Cyrano de Bergerac. The sale includes TWO Tony Awards won by Mr. Ferrer, as well as items from his personal collection of art, watches, jewelry, and more.”

One homerun example from Cartier is the 1926 Babe Ruth coin watch that was presumably deebo'd (stolen) by Bumpy Johnson during Christmas of 1937. It is made from a $20 coin from 1908 which was designed by US coin designer and engraver Augustus Saint Gaudens (above). 

In likely a more pleasant Christmas exchange, Pierre Camille Cartier actually gifted President Franklin Delano Roosevelt a Cartier coin watch (below).

Some of the most prominent individuals and watch collectors had a deep appreciation for this level of artisanship. As Wind detailed, President Roosevelt’s Vice President and successor, President Truman, was the recipient of a Movado coin watch. The sterling silver interior reads "To Our Chief Truman Dem. Club Xmas 1952" (below).

Depiction of Saint Christopher on President Truman’s Movado coin watch (above).

Andy Warhol also had a similar Movado depicting Saint Christopher. During late 1988, Sotheby’s held an enormous sale of the artists’ possessions, and the coin watch was offered within ‘The Andy Warhol Collection Jewelry and Watches, Part II’. While Truman’s Movado was in sterling silver, Andy’s was in 18K gold. It can be inferred that the coin was likely to be made of white gold, as the lot description cites it having a “silver matte dial’. The coin was interestingly adjacent to a double signed Tiffany & Co Patek Philippe ref. 600.

One of the most iconic watch collectors, Henry Graves Jr., was among the first clients to receive a coin watch from Patek Philippe. To top it off, Thierry Stern assumed the position of President of Patek Philippe as a result of his awesome reflex in catching Philippe’s “final test” by flipping a 1913 coin watch in front of him at a Christmas party in 2009. Perhaps the most high stakes father-son game of catch.

Conclusion on coin watches

One of the recurring points brought up in discussing coin watches is the incredible construction and craftsmanship that these timepieces possess. An area that certainly deserves further research is the casemaker’s hallmarks within these timepieces. Learning more on the casemakers may allow further insight into who was behind many of these specialized creations.

With wristwatches remaining the conventional area of focus for collectors, there are many alternative areas to explore. Whether it be pocket watches, alarm clocks, ring watches, pen watches or travel clocks, there is joy to be found in going off track every now and again. The global pandemic of 2020 resulted in a national coin shortage, and as a result the Federal Reserve formed The U.S. Coin Task Force (seriously). Ironically, in 2021 the scholarship of coin watches has yet to be thoroughly explored. Instead of a definitive overview of coin watches, this article is only the beginning in what we hope will develop into an ongoing conversation around them. We encourage collectors and experts to share their knowledge on the matter to better serve those eager to learn and to create change.

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Acknowledgments: 

Rescapement would like to express gratitude towards several parties for providing insight into the subject of coin watches. A particular acknowledgment to Serge Maillard for graciously allowing us to highlight the advertisements and archived materials of Europa Star. Europa Star offers print & digital issues, along with more than 600 fully searchable digitised magazines dating back to 1950 comprising over 100,000 pages of watchmaking history. 

We would like to thank the following parties for lending their knowledge in the creation of this list:

Alan Bedwell of Foundwell. Foundwell curates the finest vintage and antique pieces sourced from all over the world with the aim to bring together collections of unique, interesting and inspiring pieces that reflect the best in design, craftsmanship and manufacturing from the last two hundred years.

John Reardon of Collectability. Collectability’s goal is to give collectors the knowledge they need to make informed decisions on buying and selling vintage and pre-owned Patek Philippe watches.

Eric Wind of Wind Vintage. Wind Vintage is dedicated to offering exceptional watches for sale at all price points and providing advisory services to top vintage watch collectors around the world. Eric previously served as Vice President, Senior Specialist for Christie's where he helped lead the sale of a number of important watches at auction around the world.