St. James's Auctions
Auction 39 30 September 2016
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† Charles II, five guineas, 1668, VICESIMO, first laur. head r., elephant below, rev. crowned cruciform shields, sceptres in angles (S.3329), light surface marks, otherwise almost very fine, evenly struck on each side, reverse better, with a pleasing old-gold colour, featuring the hallmark of the Royal African Company and quite a good portrait, rare as a gold type and historical
'Tis a familiar tale yet it bears repeating, that the gold used to produce this large coin of a then-new denomination (1668 being the first year such a coin was struck) was mined in Guinea, on the Gold Coast of Africa, and imported by the Company, the reason being that this precious metal was in short supply in the Kingdom. It is fair to say that the Royal Mint had quite a job on its hands, producing the first thick gold coins of this size, using modern coining presses. Initially the Company's hallmark was simply the elephant, being the badge of the Company, but a few years hence this distinctive mark would come to feature a castle riding upon the elephant (the symbolism being obvious), and indeed this redesign was seen at the time as being more regal. Historically, these coins were not known as '5 guineas' in their day but rather were valued and called after their weight, the first guinea being worth 20 shillings (thus called a 'pound sterling') and this largest denomination being worth 100 shillings. It was quite a sum of value at the time! In fact almost no subject of the realm ever saw one of these coins aside from the aristocracy and bankers, as the value was equal to months of a laborer's wages, and yet most 5 guineas exhibit commercial wear, so these coins' usefulness in banking and larger commercial activities was clearly significant. Most of the mintages of all the early monarchs who issued milled coins were later melted to produce modern coins. Hence their rarity. (£12500-15000)
'Tis a familiar tale yet it bears repeating, that the gold used to produce this large coin of a then-new denomination (1668 being the first year such a coin was struck) was mined in Guinea, on the Gold Coast of Africa, and imported by the Company, the reason being that this precious metal was in short supply in the Kingdom. It is fair to say that the Royal Mint had quite a job on its hands, producing the first thick gold coins of this size, using modern coining presses. Initially the Company's hallmark was simply the elephant, being the badge of the Company, but a few years hence this distinctive mark would come to feature a castle riding upon the elephant (the symbolism being obvious), and indeed this redesign was seen at the time as being more regal. Historically, these coins were not known as '5 guineas' in their day but rather were valued and called after their weight, the first guinea being worth 20 shillings (thus called a 'pound sterling') and this largest denomination being worth 100 shillings. It was quite a sum of value at the time! In fact almost no subject of the realm ever saw one of these coins aside from the aristocracy and bankers, as the value was equal to months of a laborer's wages, and yet most 5 guineas exhibit commercial wear, so these coins' usefulness in banking and larger commercial activities was clearly significant. Most of the mintages of all the early monarchs who issued milled coins were later melted to produce modern coins. Hence their rarity. (£12500-15000)