Heritage World Coin Auctions
CSNS Signature Sale 3073 25-26 & 29 Apr 2019
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Great Britain
Elizabeth I silver Trade "Portcullis Money" 4 Testerns ND (1600-1601) AU55 NGC, Tower mint, 'O' mm, S-2607B, Prid-2. 13.50gm. An absolutely fascinating piece of economic and colonial history, and an extremely rare survivor from the Anglo-Spanish war. This famous conflict erupted in 1585, primarily through religious disputes between Catholic Spain under King Philip II, and Protestant England under Queen Elizabeth I. However, it would be naive to omit the role played by the massive commercial disputes between the two countries, both of whom were at the time heavily occupied with colony building and the creation of trade routes. The present coin represents this economic facet of the war. Spain was enjoying huge success with its popular trade currency of 1, 2, 4, and 8 Reales, furthering its monopoly on Atlantic trade, and so Elizabeth I decided that England must compete with this bread-and-butter contributor to Spain's prosperity. Accordingly, the 1, 2, 4 and 8 'Testerns' were introduced, given this name in the Royal Warrant authorizing their production (although these coins were essentially Reales, being struck to exactly the same size and weight as their Spanish counterparts). These Testerns, produced at the Tower Mint, bore Elizabeth's regnal cipher but not her portrait; this was due to the intention for the currency to circulate in Muslim countries where a woman's portrait on the coinage would not be thought decent. Accordingly, this coinage replaced the usual monarchical depiction with a portcullis, perhaps to represent the slamming down on Spanish trade and leading to their being dubbed 'Portcullis Money'. Brought aboard the first voyage of the 'Company of Merchants of London Trading into the East Indies' (a mouthful later shortened to the better known 'East India Company'), the coinage was an utter failure, as suspicious traders in the East Indies refused to accept this unfamiliar currency. Accordingly, no more Portcullis Money was produced rendering the coinage a considerable rarity with supposedly fewer than 200 pieces of all four denominations surviving today.
The present example has survived in remarkable preservation, its quality substantiated by its lofty Almost Uncirculated grade, the single highest certified by either PCGS or NGC. Besides a light flan irregularity at 9 o'clock which has corresponded with a weakness in detail, this coin has fully received its bold strike giving razor-sharp detail to the regnal cipher and reverse portcullis, the entirety of the planchet imbued with a subdued aurous tone gathering in golden halos around the bold devices. Clearly put aside very shortly after striking, this piece is a wonder to behold and is well-deserving of a premium bid and a place in a top-tier collection of British hammered silver.
HID02901242017
Estimate: 8000-12000 USD
Elizabeth I silver Trade "Portcullis Money" 4 Testerns ND (1600-1601) AU55 NGC, Tower mint, 'O' mm, S-2607B, Prid-2. 13.50gm. An absolutely fascinating piece of economic and colonial history, and an extremely rare survivor from the Anglo-Spanish war. This famous conflict erupted in 1585, primarily through religious disputes between Catholic Spain under King Philip II, and Protestant England under Queen Elizabeth I. However, it would be naive to omit the role played by the massive commercial disputes between the two countries, both of whom were at the time heavily occupied with colony building and the creation of trade routes. The present coin represents this economic facet of the war. Spain was enjoying huge success with its popular trade currency of 1, 2, 4, and 8 Reales, furthering its monopoly on Atlantic trade, and so Elizabeth I decided that England must compete with this bread-and-butter contributor to Spain's prosperity. Accordingly, the 1, 2, 4 and 8 'Testerns' were introduced, given this name in the Royal Warrant authorizing their production (although these coins were essentially Reales, being struck to exactly the same size and weight as their Spanish counterparts). These Testerns, produced at the Tower Mint, bore Elizabeth's regnal cipher but not her portrait; this was due to the intention for the currency to circulate in Muslim countries where a woman's portrait on the coinage would not be thought decent. Accordingly, this coinage replaced the usual monarchical depiction with a portcullis, perhaps to represent the slamming down on Spanish trade and leading to their being dubbed 'Portcullis Money'. Brought aboard the first voyage of the 'Company of Merchants of London Trading into the East Indies' (a mouthful later shortened to the better known 'East India Company'), the coinage was an utter failure, as suspicious traders in the East Indies refused to accept this unfamiliar currency. Accordingly, no more Portcullis Money was produced rendering the coinage a considerable rarity with supposedly fewer than 200 pieces of all four denominations surviving today.
The present example has survived in remarkable preservation, its quality substantiated by its lofty Almost Uncirculated grade, the single highest certified by either PCGS or NGC. Besides a light flan irregularity at 9 o'clock which has corresponded with a weakness in detail, this coin has fully received its bold strike giving razor-sharp detail to the regnal cipher and reverse portcullis, the entirety of the planchet imbued with a subdued aurous tone gathering in golden halos around the bold devices. Clearly put aside very shortly after striking, this piece is a wonder to behold and is well-deserving of a premium bid and a place in a top-tier collection of British hammered silver.
HID02901242017
Estimate: 8000-12000 USD