Sovereign Rarities Ltd
Auction 2 24 Sep 2019
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Very Rare William III 1701 Elephant and Castle Provenance Marked Silver Halfcrown
William III (1694-1702), silver Halfcrown, 1701, elephant and castle below first laureate and draped bust right, legend surrounding, GVLIELMVS. III. DEI. GRA., toothed border around rim both sides, rev. crowned cruciform shields, plain angles, Lion of Nassau at centre, date surrounding, .MAG BR. FRA ET. HIB REX., edge inscribed in raised letters and dated, +DECVS. ET. TVTAMEN. ANNO. REGNI. DECIMO. TERTIO+, weight 14.64g (Bull 1050 R4; ESC 566; S.3494). Metal flan flaw on neck and other light striations and flecks, toned fine and very rare.
The elephant and castle provenance mark is indicative of being issued by the "Royal African Company of England" as it had been so reconstructed by the Duke of York from 1672. The "R.A.C." was quite a success trading with Africa and the New World through the 1670s and 1680s, but from 1692 onwards things became more problematic. The Nine Years War with France did not help, as well as competition from other traders over the African monopoly the company seemed to hold along with the East India Company for the Far East. In 1697 a compromise agreement was reached allowing others to trade in Africa as long as they paid a 10% tariff to the R.A.C. This meant that less gold was actually being brought back to the UK to coin and the issues were subsequently small. Some silver was also produced like the Halfcrown herewith, likely struck from foreign silver accrued in the R.A.C.'s activities or as a principal impure by-product in the refining of the gold that was coming in. The issue is subsequently very rare indeed.
Provenance:
Ex Noble Investments plc, purchased 2004.
William III (1694-1702), silver Halfcrown, 1701, elephant and castle below first laureate and draped bust right, legend surrounding, GVLIELMVS. III. DEI. GRA., toothed border around rim both sides, rev. crowned cruciform shields, plain angles, Lion of Nassau at centre, date surrounding, .MAG BR. FRA ET. HIB REX., edge inscribed in raised letters and dated, +DECVS. ET. TVTAMEN. ANNO. REGNI. DECIMO. TERTIO+, weight 14.64g (Bull 1050 R4; ESC 566; S.3494). Metal flan flaw on neck and other light striations and flecks, toned fine and very rare.
The elephant and castle provenance mark is indicative of being issued by the "Royal African Company of England" as it had been so reconstructed by the Duke of York from 1672. The "R.A.C." was quite a success trading with Africa and the New World through the 1670s and 1680s, but from 1692 onwards things became more problematic. The Nine Years War with France did not help, as well as competition from other traders over the African monopoly the company seemed to hold along with the East India Company for the Far East. In 1697 a compromise agreement was reached allowing others to trade in Africa as long as they paid a 10% tariff to the R.A.C. This meant that less gold was actually being brought back to the UK to coin and the issues were subsequently small. Some silver was also produced like the Halfcrown herewith, likely struck from foreign silver accrued in the R.A.C.'s activities or as a principal impure by-product in the refining of the gold that was coming in. The issue is subsequently very rare indeed.
Provenance:
Ex Noble Investments plc, purchased 2004.