Grand old coin, Paul. Valuable, too. The many independent German States congealed into the German Empire under Otto Von Bismarck in 1871. At that time small denomination currency (pfennigs and 1 mark coins) were unified throughout the new empire. But larger denomination coins (2 through 20 marks) were retained in the member states. Baden is one such state and it was ruled by King Friedrich II from 1907 to 1918.
Catalog values for these silver coins run like this:
2 (ZWEI) MARK (0.322 troy ounces silver):
worn: $100 US dollars approximate catalog value
average circulated: $250
well preserved: $400
fully uncirculated: $700
3 (DREI) MARK (0.482 ounces silver):
worn: $10 US dollars approximate catalog value
average circulated: $25
well preserved: $40
fully uncirculated: $80
drei marks dated 1908 and 1915 are somewhat more rare, especially in high grades (well preserved and fully uncirculate); double the values for a 1908 coin, and triple the values for a 1915 coin
5 (FUNF) MARK (0.804 ounces silver):
worn: $40 US dollars approximate catalog value
average circulated: $50
well preserved: $200
fully uncirculated: $500
The coin in our picture is in gorgeous condition. The fields are beautifully clear and even, and the devices are sharp and detailed. There is little or no evidence of wear or contact with other coins. It sold in a 2012 auction from SINCONA AG in Zürich, Switzerland for 300 Swiss francs (about $330 US dollars). SINCONA's coin is a good example of a premium piece which is ultimately worth much more than the catalogs indicate. In high-end coin collecting, each coin stands on its own merits, and catalogs do not mean very much.
CoinQuest thanks SINCONA for use of their coin image.