St. James's Auctions
Auction 32 19 May 2015
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George IV, sovereign, 1823, laur. head l., rev. St. George and the dragon (S.3800; M.7), with old ticket, about uncirculated, very rare, one of the finest known examples of this prime early sovereign rarity
Lustrous, boldly struck, of fine old-gold colour, and showing few abrasions, this is indeed a special example of the rarest date sovereign of this design type. Some 21 million sovereigns of the Laureate Head style were coined between 1821 and 1825, of which only during 1823 did the mintage fall below one million (616,770 struck in 1823). And then this regal style ended, being replaced at the king's own command by the Bare Head portrait issue. It is a familiar story that during 1823 the new portrait was first prepared as a medallion by Sir Francis Chantrey. The obverse die for the sovereign was engraved by J.B. Merlen, as Pistrucci famously refused to simply copy the work of another artist. The king approved of it without delay, and in mid-year 1825 the new portrait began to appear. George IV was a vain man who had admired a large bust of himself in this style, showing him to be slimmer in demeanour than the Laureate portrait suggested; but he was not slim at all, and in fact the first style of portrait, as seen on this sovereign, is the more lifelike.
Despite the obviously lower output of sovereigns in 1823, however, there is no specific reason for this date's rarity. Economic activity in 1823 was not out of the ordinary. In fact there is the suggestion in all histories of economic plenty at the time, which doubtless accounts for the issue of the Two Pound gold coin struck only during 1823 for commerce. Half sovereigns of 1823 were also struck in smaller numbers compared to other years in this series. It must be that the Two Pound coin was seen, at the time, as reducing the requirement for gold sovereigns used in commercial transactions, although clearly the larger coin was deemed unnecessary in subsequent years, as no others were made for commercial purposes until the Jubilee issue of 1887. The gold sovereign continued to be the standard for trade purposes, both at home and across the empire. We must ultimately conclude that sovereigns of 1823 saw continual use, and over time wore down until they were re-coined into newer sovereigns.
Estimate: £8000-10,000
Lustrous, boldly struck, of fine old-gold colour, and showing few abrasions, this is indeed a special example of the rarest date sovereign of this design type. Some 21 million sovereigns of the Laureate Head style were coined between 1821 and 1825, of which only during 1823 did the mintage fall below one million (616,770 struck in 1823). And then this regal style ended, being replaced at the king's own command by the Bare Head portrait issue. It is a familiar story that during 1823 the new portrait was first prepared as a medallion by Sir Francis Chantrey. The obverse die for the sovereign was engraved by J.B. Merlen, as Pistrucci famously refused to simply copy the work of another artist. The king approved of it without delay, and in mid-year 1825 the new portrait began to appear. George IV was a vain man who had admired a large bust of himself in this style, showing him to be slimmer in demeanour than the Laureate portrait suggested; but he was not slim at all, and in fact the first style of portrait, as seen on this sovereign, is the more lifelike.
Despite the obviously lower output of sovereigns in 1823, however, there is no specific reason for this date's rarity. Economic activity in 1823 was not out of the ordinary. In fact there is the suggestion in all histories of economic plenty at the time, which doubtless accounts for the issue of the Two Pound gold coin struck only during 1823 for commerce. Half sovereigns of 1823 were also struck in smaller numbers compared to other years in this series. It must be that the Two Pound coin was seen, at the time, as reducing the requirement for gold sovereigns used in commercial transactions, although clearly the larger coin was deemed unnecessary in subsequent years, as no others were made for commercial purposes until the Jubilee issue of 1887. The gold sovereign continued to be the standard for trade purposes, both at home and across the empire. We must ultimately conclude that sovereigns of 1823 saw continual use, and over time wore down until they were re-coined into newer sovereigns.
Estimate: £8000-10,000