The New York Sale
Auction LIII 14 Jan 2021
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George III (1760-1820), Gold Guinea, 1798. Fifth laureate head right, GEORGIVS .III. DEI.GRATIA, rev. spade shaped crowned quartered shield of arms, date below, legend reads in abbreviated Latin commencing lower left M.B.F. ET. H. REX. F.D. B.ET. L. D. S. R. I. A. T ET. E., weight 8.39g (MCE 402; S.3729). Toned, has been slabbed and graded by NGC as MS62. Estimated Value $2,000
NGC Certification 5880617-016. The Latin legends translate to on obverse "George III by the Grace of God" continuing on the reverse in abbreviated Latin which if shown in full reads "Magnae Britanniae Franciae et Hiberniae Rex Fidei Defensor Brun et Lunebergen-sis Dux, Sacri Romani Imperii Archi-Thesaurius et Elector" and translates as "King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Luneberg, High Treasurer and Elector of the Holy Roman Empire." The output of gold for 1798 calendar year was nearly three million pounds and it seems many were hoarded. This was because of events leading up to 1798 starting with the French Republic declaring war on Great Britain, Holland and Spain in 1793 with military expenditure initially draining gold coin from the country. By 1796 it had become necessary for the Bank of England to lend the Government a large amount of money and subsequently with fears of an invasion by the French in 1797 there was a run on the banks, and cash resources at the Bank of England ran alarmingly low. On 27th February 1797 the Privy Council issued an Order preventing the Bank of England making payments in cash and the Act of 1777 preventing banknote issue below £5 face value was rescinded. The problem of smaller coin for circulation was only partially solved by the issue of the new seven-shilling gold piece of one third of a guinea from 1797, as well as the countermarking of the large holding of Spanish Dollars in the Bank of England. It was in these times of uncertainty that the gold Guinea was no doubt the coin of choice to be hoarded.
NGC Certification 5880617-016. The Latin legends translate to on obverse "George III by the Grace of God" continuing on the reverse in abbreviated Latin which if shown in full reads "Magnae Britanniae Franciae et Hiberniae Rex Fidei Defensor Brun et Lunebergen-sis Dux, Sacri Romani Imperii Archi-Thesaurius et Elector" and translates as "King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Luneberg, High Treasurer and Elector of the Holy Roman Empire." The output of gold for 1798 calendar year was nearly three million pounds and it seems many were hoarded. This was because of events leading up to 1798 starting with the French Republic declaring war on Great Britain, Holland and Spain in 1793 with military expenditure initially draining gold coin from the country. By 1796 it had become necessary for the Bank of England to lend the Government a large amount of money and subsequently with fears of an invasion by the French in 1797 there was a run on the banks, and cash resources at the Bank of England ran alarmingly low. On 27th February 1797 the Privy Council issued an Order preventing the Bank of England making payments in cash and the Act of 1777 preventing banknote issue below £5 face value was rescinded. The problem of smaller coin for circulation was only partially solved by the issue of the new seven-shilling gold piece of one third of a guinea from 1797, as well as the countermarking of the large holding of Spanish Dollars in the Bank of England. It was in these times of uncertainty that the gold Guinea was no doubt the coin of choice to be hoarded.