Watch List notes:

Madagascar - Pattern 5 Francs 1895, Silver, RANAVALONA III 1883–1897 Crowned and veiled bust facing. Rev. crowned rose, R in center which divides date.Lec. 37; Dav. 517; KM. X. M3.Princess Ranavalona III was the last monarch of the Kingdom of Madagascar. She spent most of her reign attempting to stave off colonization by strengthening diplomatic and trade relations with foreign powers. This, however, would ultimately prove to be unsuccessful, with the capture of the royal palace in 1895 signaling the end of the sovereignty and political autonomy of the Kingdom. Initially allowed to remain in Madagascar as a symbolic figure of the country, she was exiled to Réunion, and finally to Algiers where she would remain until her death in in 1917 at age 55. In her time in Algiers she would frequently visit the French capital and due to her excellent reputation and status of living in exile she became a beloved figure to the French public. When World War I broke out, her visits to Paris were halted and instead she focused her efforts to help the Algerian Red Cross.

The high rarity of this piece is supported in the literature of Lecompte, Davenport and Krause indicating the mintage to number only 25. This pattern was commissioned by Dr. Reginald Huth, a collector, hailing from the Huth Family, best known as financiers of the City of London. Known to have also commissioned a series of patterns, again from Pinches and Co. London, commemorating Queen Victoria's visit to Ireland. The combination of its nature as a pattern, its rarity and a deep gray toning failing to hide the gold to green coloration around the devices and legend make it an exceptional piece for collectors of colonial and pattern rarities.Dr. Reginal Huth Series. Struck in London by Pinches & Co. Extremely rare. Virtually as struck. Very attractive with a colorful, dark patina. Hues of green and orange especially on the reverse. NGC PF63+