Baldwin's of St. James's
Auction 20 26 Sep 2018
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British Coins, George IV, sovereign, 1823, laur. head l., rev. St. George and the dragon (S.3800; Marsh 7, [R3 in any condition]), a marvellous example, lustrous with choice surfaces, certified and graded by PCGS as Mint State 63+
Certainly the finest known of this very rare date, and the only example graded MS63+ by PCGS Superior to the Bentley specimen, which fetched £18,000.
This is a special coin. Retaining so much lustre, as a rarity seldom seen in any condition approaching that of the presently offered coin, it is indeed a special example of the rarest date sovereign of this design type. In all, some 21 million sovereigns of the Laureate Head style were coined between 1821 and 1825, but only during 1823 did the mintage fall below one million (616,770 struck in 1823). After only five years, this regal style ended, being replaced at the king's own command by the Bare Head portrait issue. It's a familiar story that, during 1823, in the middle of this style's short existence, a new portrait showing George IV without the laurel wreath and more thin-faced was first prepared as a medallion by Sir Francis Chantrey. The obverse die for the sovereign was engraved by J.B. Merlen, as the senior engraver 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 luxurious 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.
There seems to be no specific reason for this date's rarity. Economic activity in 1823 was not out of the ordinary and in reality, it was a period of economic plenty, and this would account for the issuance of a then-novel £2 gold coin, struck only during 1823 for commerce, the same time as this sovereign was minted. Half-sovereigns of 1823 were accordingly also struck in smaller numbers compared to other dates in this series. It is a logical assumption, then, that the £2 coin was seen, at the time, as fulfilling the requirement for gold 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. We must ultimately conclude that sovereigns of 1823 saw continual use, wore down over the years, and that the majority of remaining pieces were part of the 90 million sovereigns melted into bars by the Bank of England during 1930 and 1931.
(10000-12000 GBP)
Certainly the finest known of this very rare date, and the only example graded MS63+ by PCGS Superior to the Bentley specimen, which fetched £18,000.
This is a special coin. Retaining so much lustre, as a rarity seldom seen in any condition approaching that of the presently offered coin, it is indeed a special example of the rarest date sovereign of this design type. In all, some 21 million sovereigns of the Laureate Head style were coined between 1821 and 1825, but only during 1823 did the mintage fall below one million (616,770 struck in 1823). After only five years, this regal style ended, being replaced at the king's own command by the Bare Head portrait issue. It's a familiar story that, during 1823, in the middle of this style's short existence, a new portrait showing George IV without the laurel wreath and more thin-faced was first prepared as a medallion by Sir Francis Chantrey. The obverse die for the sovereign was engraved by J.B. Merlen, as the senior engraver 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 luxurious 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.
There seems to be no specific reason for this date's rarity. Economic activity in 1823 was not out of the ordinary and in reality, it was a period of economic plenty, and this would account for the issuance of a then-novel £2 gold coin, struck only during 1823 for commerce, the same time as this sovereign was minted. Half-sovereigns of 1823 were accordingly also struck in smaller numbers compared to other dates in this series. It is a logical assumption, then, that the £2 coin was seen, at the time, as fulfilling the requirement for gold 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. We must ultimately conclude that sovereigns of 1823 saw continual use, wore down over the years, and that the majority of remaining pieces were part of the 90 million sovereigns melted into bars by the Bank of England during 1930 and 1931.
(10000-12000 GBP)