The silver tetradrachm you’re referring to comes from the era of Alexander the Great, one of history’s most renowned conquerors and the king of the ancient Kingdom of Macedon. Here’s an overview of its historical context:
Alexander the Great and the Kingdom of Macedon:
Rise to Power: Alexander III, better known as Alexander the Great (356–323 BC), ascended to the throne of Macedon after the assassination of his father, King Philip II. Under his leadership, Macedon transformed from a regional power into an empire that stretched from Greece to Egypt and into the heart of Asia.
Military Conquests: Known for his brilliant military tactics, Alexander’s conquests toppled the vast Persian Empire, and his campaigns spread Greek culture and ideas far beyond their traditional boundaries.
Legacy: His legacy includes not only the dramatic reshaping of the ancient world but also the diffusion of Hellenistic culture, which blended Greek, Persian, Egyptian, and other traditions. This cultural fusion influenced art, architecture, philosophy, and even coinage.
The Silver Tetradrachm:
Coinage and Economy: The silver tetradrachm was one of the most common and influential coins of the Hellenistic world. Weighing roughly 17 grams (though this could vary slightly by mint), it served as a major unit of currency and trade throughout Alexander’s vast empire.
Design and Symbolism:
Obverse (Front): Coins from Alexander’s era typically feature his portrait, often idealized to stress his heroic and divine associations. In some issues, he is depicted with a lion skin or other iconography that links him to Heracles, the legendary hero, symbolizing strength and legitimacy.
Reverse (Back): The reverse side often includes symbols of the gods (such as Zeus or Athena), eagles, or other emblems that underscore the divine favor and authority under which Alexander ruled.
Political Propaganda: Beyond their economic function, these coins were a powerful tool for disseminating Alexander’s image and propaganda. By circulating coins bearing his likeness and associated symbols across his empire, Alexander reinforced his authority and promoted the unity of his diverse territories under Hellenistic culture.
Historical Significance:
The coin not only served as a medium of economic exchange but also as a mobile piece of art and propaganda, broadcasting Alexander’s achievements and ideals.
Its widespread circulation helped standardize monetary systems in the newly conquered regions, facilitating trade and the spread of cultural and political ideas throughout the Hellenistic world.
In essence, the silver tetradrachm of Alexander the Great is much more than a piece of currency—it’s a historical artifact that encapsulates the ambition, cultural fusion, and enduring legacy of one of history’s most influential figures and the empire he forged.
The gold Ducato of the Papal States issued under Pope Eugene IV (1431–1447) is a rare and historically significant coin from the early Renaissance period. Pope Eugene IV ruled during a tumultuous time, facing conflicts with the powerful Colonna family, struggles with the Council of Basel, and efforts to reunite the Eastern and Western Christian churches. The Papal States, located in central Italy, had their own currency, often minted in Rome or other major cities under papal control. The Ducato, first introduced in Venice in the 13th century, was widely adopted across Italy for its stability and reliability in trade. The gold Ducato of Pope Eugene IV typically features an obverse depicting Saint Peter, the patron saint of Rome, often standing and holding the Keys of Heaven. The reverse usually showcases a figure of Christ or the papal coat of arms, sometimes accompanied by a cross or other religious symbols. Weighing approximately 3.5 grams, the coin followed the standard of Venetian ducats. Due to its scarcity, coins from Eugene IV’s reign, particularly gold issues, are highly desirable among collectors. Beyond its numismatic rarity, the coin symbolized papal authority and financial strength at a time when the Papacy was both a religious and political power. Serving as a trade coin, it played a vital role in commerce across Italy and beyond, reinforcing the Pope’s influence over economic affairs.
Here’s an overview of its historical context, design, and significance:
Historical Context
Pope Eugene IV (1431–1447) ruled during a turbulent time for the Catholic Church and the Italian peninsula. His papacy was marked by conflicts with the powerful Colonna family, struggles with the Council of Basel, and efforts to reunite the Eastern and Western Christian churches.
The Papal States, located in central Italy, had their own currency, often minted in Rome or other major cities under papal control.
The Ducato (also called the “Ducat”) was a gold coin first introduced in Venice in the 13th century and widely adopted across Italy for its stability and reliability in trade.
Design Features
While variations exist, the gold Ducato of Pope Eugene IV typically includes:
Obverse (front): A depiction of Saint Peter, the patron saint of Rome, often standing and holding keys (symbolizing the Keys of Heaven).
Reverse (back): A figure of Christ or the papal coat of arms, sometimes featuring a cross or other religious symbols.
Material & Weight: Gold, approximately 3.5 grams, similar to Venetian ducats.
Significance
Rarity: Coins from Eugene IV’s reign are scarce, particularly gold issues, making them highly desirable among collectors.
Political Importance: These coins symbolized papal authority and financial strength during a time when the Papacy was both a religious and political power.
Economic Role: The Ducato was a trade coin, used in commerce across Italy and beyond, reinforcing the Pope’s influence over economic affairs.
The gold dinar of Shapur I, minted during the Sasanian Kingdom (241-272 AD), is a rare and remarkable piece of numismatic history. Shapur I, one of the most powerful and celebrated rulers of the Sasanian Empire, succeeded his father Ardashir I and continued the ambitious expansion of Persian influence, particularly against Rome. His reign was marked by military triumphs, architectural achievements, and cultural flourishing.
This particular gold dinar is an exceptional artefact, as gold coinage from the Sasanian period is significantly rarer than the more commonly found silver drachms. The Sasanians primarily struck silver coins for widespread use, while gold dinars were reserved for special occasions, payments to high-ranking officials, or diplomatic gifts. The survival of such a coin in superb condition makes it an extraordinary find.
Shapur I’s reign was defined by his successful wars against the Roman Empire. In 260 AD, he famously defeated and captured the Roman Emperor Valerian, an event depicted in rock reliefs at Naqsh-e Rostam and Bishapur. This was an unprecedented humiliation for Rome, as Valerian was paraded as a prisoner and, according to some accounts, was later used as a human footstool before his grim fate. Coins like this gold dinar would have been struck during a period of Persian dominance, reflecting Shapur’s wealth and military prowess.
The design of the coin typically features a portrait of Shapur I wearing his elaborate, stepped crown adorned with a korymbos (a large, globular ornament), symbolising divine glory. The reverse often showcases a fire altar, a significant Zoroastrian symbol representing Ahura Mazda, the supreme deity of Zoroastrianism. This fire-worshipping tradition was central to Sasanian religious practice, and the coin itself would have carried not just economic value but deep spiritual and political significance.
Fun fact: The Sasanian coinage system was highly influential and inspired later Islamic coinage after the Arab conquest of Persia. The distinctive portrait style of the Sasanian rulers and the fire altar design were adapted into early Islamic coins before purely Arabic inscriptions became the norm.
The rarity of a gold dinar from this period, especially in such fine condition, makes it an object of immense historical interest, not just for collectors but for historians trying to piece together the economic and political landscape of one of the greatest Persian empires.
Baldwin Auction 112: The Patrick Deane Collection, Part III Achieves Astounding Results, surpassing the reserve price twofold
Baldwin’s is delighted to announce the remarkable success of Auction 112, featuring the London and political 18th-century tokens from the Patrick Deane Collection, Part III. The auction far exceeded expectations by achieving a total of just over £146,000, surpassing the estimated range of £58,000 to £80,000. Every single lot found a new home, and the intense bidding atmosphere led to some tokens selling for multiples of their initial estimates.
Notably, this auction drew significant attention from collectors and dealers in the United States, where the late 18th-century halfpennies are highly sought after. A rare sight in today’s era of online auctions, a dozen dealers and collectors were present in the room, with many American enthusiasts traveling specifically to closely examine this exceptional collection. Furthermore, the online bidding was fierce, primarily driven by American collectors and dealers.
One of the standout moments of the auction was Lot 1307, a halfpenny featuring a hanged man titled “End of Pain,” referring to Thomas Paine’s involvement in the drafting of the Declaration of American Independence. Despite being mis-struck, this remarkable token achieved an impressive hammer price of £3,000, surpassing the estimated range of £700-£1,000.
Another highlight was Lot 1369, a halfpenny depicting the curios dealer in Cavendish Street, London, Richard Summer, dated 1797. It featured the face of a Wildman from northern Japan and hammered for an astonishing £2,600, far surpassing the estimate of £500-£800. Notably, this token had last changed hands in 1931 for a mere 63 shillings (£3.15).
Spence’s tokens, issued in Holborn in the late 1790s, also garnered significant interest, particularly his silver farthing (Lot 1352) featuring Adam and Eve and a pig trampling the emblems of royalty. It sold for an impressive £2,100, exceeding the estimated range of £800-£1,000. This token had last been sold in 1930 for £2.50, along with 18 additional coins.
Lot 1267, a halfpenny dated 1795 displaying an American Indian holding a tomahawk with the inscription “if rents I once consent to pay, then is my liberty passed away,” fetched an extraordinary £750 in mint condition, greatly surpassing the estimated range of £150-£200.
Another notable token (Lot 1144), issued in 1796, depicted Newgate Gaol on one side and three men hanging on the other. It sold for £1,300 against an estimate of £225-£275. This token was issued by four inmates of the prison and served as a powerful commentary on the lack of liberty in the country.
The exceptional condition of these tokens, combined with their prestigious provenance from Francis Cokayne, generated immense interest and spirited bidding, especially through online platforms.
Baldwin’s would like to express our gratitude to all participants and bidders who made this auction such a resounding success. For the full list of prices realised, click here and for more information and to explore upcoming auctions, please check our website.
About A.H. Baldwin
Founded in 1872, A.H. Baldwin is one of the oldest and most respected numismatic firms in the world. The company offers a wide range of rare coins, medals, and other collectibles, as well as expert appraisal and auction services. With a reputation for excellence and a commitment to customer satisfaction, A.H. Baldwin has become a trusted partner for collectors and enthusiasts around the world.
Based at 399 Strand in London, A.H. Baldwin continues to be a leader in the world of numismatics, offering a wide range of rare coins, medals, and other collectibles. The company’s team of experts include some well know TV personalities, like Mark Smith a regular Medal Specialist on BBC Antiques Roadshow and Dominic Chorney who collaborates frequently with the BBC, including other of the most knowledgeable and experienced professionals in the field. Their commitment to excellence and customer satisfaction is a hallmark of the A.H. Baldwin brand.
Throughout its long and storied history, A.H. Baldwin has remained true to its founding principles, providing collectors and enthusiasts with exceptional coins and collectibles. The company’s commitment to quality and service has earned it a reputation as one of the most respected and trusted names in the world of numismatics, and it continues to be a leading force in the industry today.
We’re set to host a captivating auction on the 11th of October 2023, featuring a rare and exceptional collection of late eighteenth-century token halfpennies. These tokens are a fascinating window into the political upheavals that swept across Britain during a tumultuous period, marked by the loss of its North American colonies and conflict with republican France.
In the 1790s there was a dire shortage of small copper change which caused great difficulties in the small transactions of everyday life. With the average workers’ wage of around 8 or 9 shillings a week, how were wages to be paid, food and provisions bought, change given and importantly, largess to the poor be given? The answer to this problem was solved by an Anglesey copper mine that turned the copper it mined straight into coin – not by copying the regal issues, which carried the death penalty for counterfeiting, but by making its own coins – the same official weight but calling them ‘tokens’ that were redeemable in coin of the realm by the issuer. The idea caught on and throughout the 1790s merchants and shopkeepers throughout Britain were having pennies and halfpennies made, calling them tokens or promissory change – to the extent that in this decade the coppers one might have had in one’s pocket would all have been these privately issued coins – the varieties of which numbered in their thousands, but each more or less the correct weight.
Very soon the advertising potential of the circulating coin was realised by the issuers and almost every trade was represented and every British town had several shopkeepers issuing their own coins – London had hundreds !
Thomas Spence, a schoolmaster from Newcastle had moved to London in 1792 where a couple of years later he set up a bookshop in at 9, Little Turnstile Lane, Holborn called the ‘Hive of Liberty’. He was a radical and became an active member of the Corresponding Society which agitated for ‘democratic reform’ of the British Parliament. Prime-minister Pitt saw all this as an instrument of French revolutionary subversion, and members of the group were arrested and Spence, although never found guilty of sedition, spent three short sojourns in Newgate Gaol! Spence, recognising the propaganda potential of the circulating coin, had made a great number of token halfpennies, representing his social and political philosophy, which he sold at his shop. He produced a great variety of tokens and they could be ordered, struck from any combination of dies – it is recorded that visitors to his shop reported seeing thousands of tokens lying around in heaps !
Spence issued a whole series of halfpennies showing his portrait with prison sentence on one side and political themes on the reverse – He was vehemently opposed the ownership of land and promoted its ‘nationalisation’ – there is a marvellous reverse of two men dancing around a large bonfire which is made up of blazing land deeds with the legend ‘The End of Oppression’, or another showing an American Indian standing, forlornly saying ‘If rents I once consent to pay, my liberty is passed away’. Or another showing an ass heavily loaded with large paniers labelled RENTS and TAXES with the legend I was an ass to bear the first pair’.
He was also concerned with the freedom of speech and the individual – probably especially sharpened due to his brushes with the law. He produced a marvellous image of a Free Borne Englishman – a man standing in shackles with a padlock through his mouth, or another with a civilian being press-ganged into the navy by a sailor wielding a club with the legend ‘British Liberty Displayed’. A particularly pretty piece likens the average British citizen to a fawning Spaniel dog with the legend ‘Much Gratitude brings Servitude’.
He was particularly pro the egalitarian aspects of the French and American revolutions and one token he produced shows a (French) Cockerel crowing over a (British) lion with the legend ‘Let Tyrants Tremble at the Crow of Liberty’. Or another showing an emaciated man in gaol, shackled and gnawing on a bone with the legend ‘Before the Revolution’. Or another titled ‘After the Revolution’ with a man sitting eating a full meal under the ‘Tree of Liberty’ and nearby three men dancing a jig !
Spence was arrested on the charge of High Treason and it is very likely for this piece he produced – showing the head of George III conjoined with that of an ass, titled ‘A Million Hog, A Guinea Pig, ODD FELLOWS , Certainly, he hated prime minister Pitt and produced a satirical farthing showing Pitt in janiform, one side as the devil with horns and the other side smugly leering titled ‘EVENFELLOWS – or another also in janiform showing Pitt weeping and Fox (his Liberal opponent) laughing – ODD FELLOWS, Quis Rides ?
These are just a few of the political tokens Spence produced and then in 1796/7, on the brink of bankruptcy and only after a couple of years or so of selling all these political tokens, he sold the dies to John Skidmore, a token manufacture and seller close by on High Holborn, who then continued to produce yet further combinations of the series for sale to the public. Skidmore also produced political tokens for ‘the other side’ politically speaking and there is a particularly quaint token showing an overweight Englishman tucking into a plate of ribs with a plum pudding to follow and a mug of ale – whilst on the other side is a Frenchman gnawing on some frogs’ legs with a guillotine just behind him, titled ‘English Slavery’ and ‘French Liberty’ !
Although Spence produced by far the majority of political tokens at this time there were other views. William Mainwaring, a Birmingham button maker, produced a marvellously satirical and anti French token in 1794 – on the one side is the legend ‘MAY GREAT BRITAIN EVER REMAIN THE REVERSE and on the other side is a map of France surrounded by daggers, with fire in all corners, Fra-ance divided, ‘Honor’ trodden under foot, the throne upside down, religion divided, glory scored out and blood stains all over !
Lastly, there is one token in this collection which has particular interest and poignancy. This halfpenny, featuring a shackled African slave, was made for one of the early anti-slavery groups who again, realising the importance of the circulating coin, chose to use it in their efforts to have slavery abolished. The leading protagonist in Parliament was William Wilberforce and as a Member of Parliament and a friend of William Pitt he pushed for the abolition of slavery in the British Empire. In 1787 he joined in setting up in London a committee for the ‘Abolition of the Slave Trade in the West Indies’ which exposed to the House of Commons the horrors and evil of this activity. Early anti-slavery groups (we do not know who) in the late 1790s issued this copper token halfpenny to spread far and wide their message of the equality of man. ‘Am I not a man and a brother’.
All these token pence struck in the 1790s give a marvellous glimpse as to what was going on politically in the 1790s when Britain was at war with France. The Patrick Deane Collection will provide a fantastic opportunity to buy some of these 18th. c. halfpennies which are mostly in mint condition and were last sold in auction at the beginning of the last century. To view these halfpence please go to baldwin.co.uk. – if only to see the stunning variety of satirical political expression , the equivalent in copper of George Cruikshank’s work on paper !
1273 London – Holborn, Thomas Spence Halfpenny (1795/6), Draped bust left of Lord George Gordon, rev. 4-line legend, edge SPENCE DEALER x IN x COINS x LONDON x, 30.25mm/10.3gm. (DH 782). Good Extremely Fine, with considerable amounts of original lustre and much reflection, rare.£120-160
With a Spinks ticket c.2008 – therefore very likely ex F S Cokayne Col.
Lord George Gordon, son of the 3rd Duke of Gordon, is mostly renowned for giving his name to the Gordon Riots in 1780 (to which the date on the token refers). On the 2nd. of June he headed a crowd of some 50,000 people and marched to the Houses of Parliament to present a petition against Catholic Emancipation. They threatened to storm Parliament, but then dispersed and over the next few days burnt down Catholic chapels, several prisons and even attempted to storm the Bank of England. Eventually the army was brought in and some 450 people were killed or wounded before peace was restored. For his role in instigating the riots Gordon was charged with High Treason and sent to the Tower of London – although a few months later he was acquitted on the grounds that he had no ‘Treasonable Intent’. In 1787 he converted to Judaism taking on the name of Yisrael bar Avraham Gordon and went to live in Birmingham. The next year he was sentenced to five years in Newgate prison for defaming the French ambassador, and whilst there conducted the life of an Orthodox Jew – He grew his beard to a long length (as pictured on the token), put on his tzitzit and tefillin daily. He fasted when the halakha (Jewish law) prescribed it, and likewise celebrated the Jewish holidays. He was supplied kosher meat and wine, and Shabbat challos by prison authorities. They also permitted him to have a minyan on the Jewish Sabbath and to nail a mezuza on the door of his cell. The Ten Commandments were also hung on his wall. Shortly after his release, as a model and pious prisoner, he caught Typhoid, which had been raging through Newgate, and died. He was not buried in a Jewish cemetery but in the ‘detached’ (because he had been excommunicated) Anglican burial ground of St. James’s Piccadilly, (just north of Warren Street). The auction will take place on the 11th of October 2023, at A.H. Baldwin’s location at 399 Strand, London. Interested bidders can participate in person, by phone, or online through the company’s website.
1276 London – Holborn, Thomas Spence Halfpenny undated, Bust left of the boxer Daniel Mendoza, rev. A Bridewell Boy standing holding a swagger stick edge plain, 28mm/10.57gm. (DH 786). Good Extremely Fine with some original lustre and iridescence, superb and rare.£300-400
Ex ‘an old Surrey Col.’ via Mark Rasmussen Sep. 2016.
Daniel Mendoza was born in Whitechapel in 1764, to a family of Spanish and Portuguese Jews. He is regarded as being the English Prize-fighting Champion from 1792 (when he defeated Bill Warr at Purley) to 1795 (when he lost to John Jackson at Hornchurch). At 5’7” and weighing only 11.5 stones, known as ‘Mendoza the Jew’ he is now regarded as a father of scientific boxing. At a time when the sport consisted primarily of barehanded slugging, Mendoza introduced the concept of ‘defence’. He developed the guard, the straight left, and made use of side-stepping tactics. This new strategy, the Mendoza School, also referred to as the Jewish School, was criticised in some circles as cowardly – but it permitted Mendoza to fully capitalize on his small stature, speed, and punching power. Initially admired as an heroic figure, Mendoza’s popularity declined – most likely due to public knowledge of various crimes he committed. It is possible that he was deported at some part in his youth for robbery, was tried for fraud at the Old Bailey in October 1793 and was found guilty of assault – on a woman who had insulted his wife in 1795. Though intelligent, and charismatic, his life was chaotic, and he was useless and managing his earnings. He died in 1836 at the age of 72 at his home off Petticoat Lane, leaving his wife Ester and family of eleven in abject poverty. He was buried in the Nuevo Sephardic Cemetery, a Jewish Cemetery near Mile End, and when it became part of Queen Mary University of London the burial was removed to Brentwood Jewish Cemetery in Essex. This item will be auctioned on the 11th of October 2023, at A.H. Baldwin’s location at 399 Strand, London. Interested bidders can participate in person, by phone, or online through the company’s website.
London – Holborn and Clerkenwell, John Skidmore (ironmonger and token manufacturer) Halfpenny 1795, Two men working at a forge, rev. iron fire-grate, edge diagonally milled, 29.5mm/9.97gm. (DH 480). As struck with almost full lustre and marvellous iridescence. £90-140
A. H. Baldwins and Sons, a renowned name in numismatic history, is set to host a captivating auction on the 11th of October, featuring a rare and exceptional collection of late eighteenth-century token halfpennies. These tokens are a fascinating window into the political upheavals that swept across Britain during a tumultuous period, marked by the loss of its North American colonies and conflict with republican France. John Skidmore sold fire grates and stoves at his showrooms at No. 123 High Holborn that were manufactured at his iron foundry in Coppice Row, Clerkenwell. As a subsidiary to his main line of business he also started to make and sell ‘tokens ‘and in 1795 issued his own token halfpenny (above) advertising his business. It would appear that the token side of the business was run by his second son Paul who is the P in the PSCo. Cypher in the Skidmore’s London Churches series. Skidmore generally used Charles James as his die engraver and from 1795 to 1797 he had many tokens issued which he sold to the enthusiastically collecting public. Dies were often mixed to create new varieties as can be seen in the following Skidmore ‘mule’ tokens. At the end of the century Paul Skidmore, with his brother Meremoth went to New York and opened up an ironmonger’s there which failed soon after. Meremoth returned to the family business in London but it is not certain what Paul did – is he the Paul Skidmore that is reported a few years later as living in Louisville, Kentucky – or had he died – either could explain the fact that he is not mentioned in his father’s will in 1822. FROM LONDON TO LOUISVILLE: the journey of P Skidmore John Skidmore, once described as “one of the most reprehensible dealers of the time” was born in Kingswinford, Staffordshire, in 1739 and married Nancy Jones in 1751. By 1784 he is listed as having a stove and grate business in Clerkenwell and subsequently a shop in High Holborn. How his token business was organised is unclear but the majority of his medallic issues are identified by the monogram “PSC0” or the name P Skidmore. It has always been assumed the “P” stood for Peter, but no one of that name exists in the Skidmore family and in fact the son of “Skidmore and Son” is the eldest child, Meremoth, who was taken into partnership in 1795. John and Nancy Skidmore had six children, Meremoth and a daughter Sarah born before they left Staffordshire, additionally Gamaliel, another daughter and two more sons, were born in London. The eldest of this latter group was Paul Skidmore, who was born on 22 December 1775 and baptised at St James, Clerkenwell on 04 February 1776. It is known that he was apprenticed to bricklayer and tyler Samuel Gray in December 1789 and had an interest in art, as witnessed by a letter he wrote to the Royal Society of Arts in March 1796. Thereafter, the trail goes cold. He is not mentioned in his father’s will of August 1822 and it was presumed that he had predeceased him. However, recent research has shown that he had made the long and arduous voyage to America and was trading with his brother as P&G Skidmore at 222 Pearl Street, New York in June 1798. Close to the East River, they were offering for sale jewellery and all types of metalware imported from England. Sadly, the business was unsuccessful. By 1801, Gameliel had returned home and Paul was embroiled in the first of a number of court cases for debt, which eventually led to his bankruptcy. He resurfaces over 700 miles away in Montgomery County, Kentucky in 1805 and the following year is based at the Bourbon Furnace in nearby Bath County. His journey west takes him via Lexington to Louisville where he starts the city’s first iron foundry in 1812 and that along with other reports, show that is was clearly successful. He married Matilda Frances Gwathmey in 1815, the daughter of a prominent local businessman. Perhaps his greatest claim to fame is being the architect of “Farmington” a Jefferson style historic house built in 1816, which still stands today and is open to the public. His will was signed on 04 December 1817 in New Orleans and he died there shortly after. The New York Evening Post of 24 January 1818 reports his death somewhat inaccurately as: “At Louisville, Paul Skidmore, native of London” The auction will take place on the 11th of October 2023, at A.H. Baldwin’s location at 399 Strand, London. Interested bidders can participate in person, by phone, or online through the company’s website.
Coin collectors and dealers alike have witnessed huge increases in the prices of coins over the last 20 years. There are a number of factors that can affect the price of coins, unstable economies, low interest rates and lack of confidence in the banks. After all, coins are a tangible asset rather like gold, when the price of gold is high coins are usually not far behind. The type of coins that have seen huge gains are those that are rare but more importantly those that are in superb condition. Third party grading has been an enormous factor in this trend but I will discuss this later.
The first time I witnessed a noticeable price increase was in the Slaney sale part 1 back in 2003. A varied sale of British coins, predominantly hammered, milled, gold and silver coins. The one thing that these coins had in common was their superb state of preservation. Only the highest quality had been collected, even the rarer items were all the finest or one of the finest known. Over the next 20 years this gradually set a trend of collectors looking for the best examples they could possibly find.
The coin market jumped again in the 2007/2008 financial crisis, with low interest rates investors began to look for alternative investments to place their money. Coins seemed very attractive especially gold and silver coins. More so gold coins, investors could relate to the precious metals content. ‘Blingy’ gold 5 guineas and 5 pound pieces saw the steepest gains combined at this time with the ever growing popularity of third party grading, the investor-collector was born. With continued low interest rates the coin market steadily rose until the pandemic hit and we again saw rapid increases in the price of coins. During the pandemic , when people couldn’t view physically, third party grading came into its own as it provided an unbiassed or ‘disinterested’ observation as to the condition of a coin – and set a new norm for grading coins.
The debates on third party grading are endless, I personally think it does more harm than good. No one though can argue that it has radically changed the coin market. A vast array of record prices have been achieved year upon year. Conversely, I also believe third party grading has destroyed the value of many top quality coins, with the slightest issues or incorrect grading…….more on this later on.
In this article I am going to discuss three very different coins but all extremely rare and popular in their own right.
1/ A milled gold pattern, extremely rare and the finest graded by NGC.
2/ A hammered coin in silver, extremely rare, extremely collectible due to the historic significance of the era in which it was struck and although in poor condition, problem free – but, not graded by a third party grader.
3/ A large hammered gold coin, with huge historical significance, well struck and one of the finest known – however, due to a few slight issues, unable to receive a numbered grade from a third party grader.
1729 George II Proof Guinea – Encapsulated by NGC as PF65
1/ This stunning proof encompasses all the characteristics of a coin that is in the highest state of preservation, extremely rare and has been graded by NGC as Proof 65.
Condition – being a proof the quality should always be exemplary, the fields are mirrored, the portrait and shield on the reverse all completely fully struck up without a hint of wear.
Rarity – this coin has been given a rarity of R4, only 11-20 examples known. In reality this 1727 first year George II guinea is likely to be far rarer. We can only find one other example selling at auction in the last 20 years. An inferior example, NGC Proof 64 selling for a total of £45,600 back in 2017.
Third Party Grading – at Proof 65 this is the finest certified by a third party grader. 65 is an exceptionally high grade and due to the rarity of this coin is never likely to be bettered.
In summary, this coin ticks all the boxes where condition, rarity and third party grading is concerned. It is the perfect choice for an investor-collector. With a PF64 fetching £45,600 six years ago, with the significant price increases and current trends, one would expect this coin to be worth nearer £100,000.
1645 Charles I Silver Three Shillings Struck during the Siege of Carlisle.
2/ A true, academic rarity and filled with historical importance, this impressive silver coin captures a time when the soldiers were under siege during the English Civil war. With the only source of silver being plate and other flatware in the castle, these coins were struck under in emergency conditions during the siege in order to pay the defenders, that they would continue to fight on.
Condition – due to the hasty and makeshift nature in which these were struck, no high grade examples exist. This example is typical to how they turn up. The important aspects of the coin are visible, the date and also the denomination III (three shillings).
Rarity – the three shillings being the larger denomination struck in Carlisle was produced in far smaller numbers. It is believed that less than 10 examples exist, making it excessively rare.
Third Party Grading – due to the poor strike of these coins, although an extreme rarity, there would be little reason to have this coin third party graded as the numbered grade achieved would simply not be high enough. Although this example is about as good as they turn up.
In summary this coin is truly an academic rarity, the fascinating and compelling story of the Civil war and Carlisle being under siege will always make this an extremely desirable coin. The fact that it has not and would not benefit being graded by a third party grader means that this great rarity has not really increased in value over the last twenty years. This is a coin that has great potential in the future and is somewhat undervalued due to the hype of the third party grading.
Henry VII Sovereign of Twenty Shillings
3/ The Henry VII sovereign was the first sovereign ever produced and this series of sovereigns, especially the later milled issues, are one of the most widely collected series of coins. With the sovereign’s historical importance and still widely used today in the world of gold bullion, there is little wonder why the sovereign is an extremely popular choice for collectors and investors of gold.
Condition – having been struck by hand and in a metal as notoriously soft as gold – they are more prone to wear, Henry VII sovereigns rarely turn up in pleasing condition due to the very nature of their extreme rarity. This is a superb example, unusually well struck, the obverse detail spectacular, boasting the full likeness of the king’s portrait. One of the strongest examples available for commerce.
Rarity – being the first ever sovereigns to be struck they were issued in very limited numbers. Very few examples have survived today and those that still exist are usually very poorly and crudely struck.
Third Party Grading – it is unlikely that this example would receive a numerical grade due to some very minor scratches that are only visible under close inspection.
In essence this truly iconic and widely sought-after coin – ‘The very first gold sovereign ever produced’ , visually stunning and extremely rare. The 2023 catalogue in VF for this coin is £165,000. This coin, due its strike and well struck portrait, catapults it into the category of one of the finest known examples. However, because of the very light scratches (only visible under close inspection) and the fact that it won’t receive a numerical grade from a third party grader, the price of this example is far, far less. In 2010 a similar example without the light scratches realized £186,000 including premium. In today’s coin market one would expect this coin to sell for nearer £300,000 or more. Therefore, the example with the light scratches seems particularly good value at around half the price.
It seems only fitting to end this article on the impacts of third party grading. Whether you are pro third party grading or against it, it has made a colossal impact in the coin world. With the difference between one point on the grade potentially having a difference of 1000’s or even 10,000’s of pounds, it is always going to be the subject of much debate and controversy.
The three coins I have mentioned show the difference that the impact third party grading has. The proof guinea is the finest known graded and should always reach maximum potential. The Carlisle siege three shillings, all examples poorly struck, the number it would receive will make little difference to the price.
The Henry VII sovereign is the point I wish to raise in this article. Any coin deemed to have a problem by the third party graders (ie. one that comes back as ‘details’) suddenly becomes far less valuable and harder to sell – notwithstanding the fact that this coin happens to be extremely rare with a defect so minor that it would still be one of the finest known examples!
To put this into prospective, 20 years ago a choice five guinea piece would be priced for example at £10,000. If there was another in similar condition (same date and type) but it had a light scratch on the reverse the price would be a little less, maybe £9,000. As long as the coin was well struck and still had good eye appeal, a small scratch that was barely noticeable would not matter and it would still be regarded as one of the finest known examples. In today’s coin market, with third party grading, the same two coins today might be say ‘MS63’ and the one with the slight scratch ‘Unc Details’. The difference in price would now be astronomical. The ‘MS63’ £150,000 – £200,000. The ‘Unc Details’ worth perhaps only £30,000 – £40,000. The huge discrepancy in price is not justified for a coin that 20 years ago would have taken pride in a top collector’s collection and despite the light scratch, was still one of the finest known.
My point here is not whether a coin has been incorrectly called ‘cleaned’ when it hasn’t, or other such inconsistencies in third party grading, but that the current system with coins that have slight issues is completely flawed. This is true in all denominations, hammered or milled. A coin that would have been accepted 20 years ago as one of the finest known, such as the Henry VII Sovereign in my article should still be an extremely sought after example despite the light scratches.
Surely, it would be prudent still to assign these coins numerical grades but given a lower number on the basis of the severity of the issue. Alternatively, perhaps give the number of what the coin would have achieved but note the issue, for example ‘AU58 light scratches’ – as also suggested by a good friend in the coin trade.
Sooner or later these issues will hopefully be addressed and the balance in prices will be restored. High grade, rare examples being recognised for their quality, not for some minor defect, hugely emphasised on a superb coin with the attribution of ‘Details’.
James Carlill was a watchmaker in York, and issued his own ‘Halfpenny’ in 1792 in order that he could give change. The design for his halfpenny featured the bust of Constantine the Great who it is thought, was born in this city in around AD 274.
Another anonymous York shopkeeper or merchant issued a handsome token showing York Minster on one side and Clifford’s Tower on the other. Both coins are copper and about 30mm wide.
In the 1790s there was no official small copper change in the country. Britain was at war with France and the price of copper had risen causing the regal issue to ‘vanish’. This caused tremendous hardship for small merchants and shop keepers throughout the country, for how were they to conduct the everyday transactions of selling small goods if they had no change. The Crown was busy with the war and any ‘unofficial’ production of coin of the realm would be seen as forgery which was punishable by hanging ! Eventually a Welsh mining company hit upon the idea of turning their copper straight into pennies and halfpennies but calling them ‘tokens’ that were redeemable in official coin – thus avoiding the forgery problem. As they were the correct weight, no one bothered to change them and in the space of a year, merchants in every town in England started issuing their token pence !
This solved the lack of small change in the 1790s and for ten years, until the government got its act together after the war and issued official copper coins. Throughout this last decade of the eighteenth century, it is these copper ‘token’ pence and halfpence one would have had in one’s pocket, all over the country, as small change.
There were many merchants in Yorkshire issuing their own coppers, particularly in York, Leeds Sheffield and also other smaller localities such as Huddersfield, Beverley, Hull and Bedale.
Henry Brownbill, also a watch maker, from Leeds issued a halfpenny in 1793. Because of the importance of the wool trade to Leeds he chose to put on his token a portrait of Bishop Blaise holding a wool-comb and a view of the Mixed Cloth Hall which had been erected thirty-five years earlier in 1758. Bishop Blaise is the patron saint of Wool Combers as in around AD 316 he was skinned alive with wool-combs for not renouncing his Christian faith.
John Downing of Huddersfield. was a grocer and dealer in fine teas and produced a fairly ‘straight forward’ token in 1793. One side shows a view of the façade of East India House in London and the other side portrays the Grocers’ Arms – both pertinent images to his trade.
The tokens for all these Yorkshire localities can be seen in an auction of 18th. century Tokens being held by A H Baldwin & Sons on the 25th. of May. This is one of the finest collections of these tradesmen’s tokens to come onto the market in many years and each piece can be viewed on https://thestrand.com/departments/coins#upcoming-auctions They provide a marvellous window into this last decade of the eighteenth century.
Every English county is represented and nearly every English city and market town has a merchant or shopkeeper issuing their own coins and for ten years it was a truly a coinage ‘of the people, by the people, for the people’.
