St. James's Auctions
Auction 39 30 September 2016
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† James II, five guineas, 1686, SECUNDO, first laur. bust l., rev. crowned cruciform shields, sceptres in angles (S.3396), certified and graded by NGC as About Uncirculated 53, evenly struck with good detail and a pleasing portrait, only tiny abrasions in the soft gold surfaces, very scarce
The rarest coin of the James II series, and only three others graded AU53 or higher by NGC or PCGS.
During the first year of the reign of Charles II's younger brother, James, coins bearing the date 1685 were mainly tin farthings and halfpennies, shillings and halfcrowns, and two varieties of golden guineas, some of them bearing the distinctive 'elephant and castle' hallmark of London's Royal African Company. The coin offered here was among the first issue of the 5 guineas of King James, with the distinctive 'second' year of reign designation in Latin on its edge. Mintage was tiny. Survival was minuscule. Its rarity masks a silent battle that had been raging at the Royal Mint for a couple of years, beginning at the end of the previous reign. It is known in the annals of numismatics as the Slingsby Affair and it involved a scandal over the quality of the gold used for making coins. Mint officials discovered in 1684 that the gold specie supplied to the mint by the goldsmith Jonathan Ambrose had been debased without disclosure, accomplished by adding a small amount of copper to the gold clippings and removing the equivalent weight of gold. The investigation disclosed that a few officers of the mint had been aware of the practice and most likely had received a portion of the profit made by Ambrose. In essence, a payoff. Justice was done and shortly the gold coinage resumed its official intrinsic value. If little gold was coined during 1685 and 1686, it was likely the result of the mint seeking to sort out the quality of all sourced gold, to assure its quality. An overriding fact remains, however: gold was not plentiful during this era, and the vast majority of coins struck during the 17th century were later melted as a source for newer coins. (£20000-27500)
The rarest coin of the James II series, and only three others graded AU53 or higher by NGC or PCGS.
During the first year of the reign of Charles II's younger brother, James, coins bearing the date 1685 were mainly tin farthings and halfpennies, shillings and halfcrowns, and two varieties of golden guineas, some of them bearing the distinctive 'elephant and castle' hallmark of London's Royal African Company. The coin offered here was among the first issue of the 5 guineas of King James, with the distinctive 'second' year of reign designation in Latin on its edge. Mintage was tiny. Survival was minuscule. Its rarity masks a silent battle that had been raging at the Royal Mint for a couple of years, beginning at the end of the previous reign. It is known in the annals of numismatics as the Slingsby Affair and it involved a scandal over the quality of the gold used for making coins. Mint officials discovered in 1684 that the gold specie supplied to the mint by the goldsmith Jonathan Ambrose had been debased without disclosure, accomplished by adding a small amount of copper to the gold clippings and removing the equivalent weight of gold. The investigation disclosed that a few officers of the mint had been aware of the practice and most likely had received a portion of the profit made by Ambrose. In essence, a payoff. Justice was done and shortly the gold coinage resumed its official intrinsic value. If little gold was coined during 1685 and 1686, it was likely the result of the mint seeking to sort out the quality of all sourced gold, to assure its quality. An overriding fact remains, however: gold was not plentiful during this era, and the vast majority of coins struck during the 17th century were later melted as a source for newer coins. (£20000-27500)