Scotland
James V gold 2/3 Ducat or "Bonnet Piece" 1540 XF45 NGC, Edinburgh mint, Lis mm, Third coinage, S-5374, Fr-26, Burns-pg. 252, 1 (Fig. 755), SCBI XXXV-906-7. 3.81gm. IACOBVS • D • G • R • SCOTORVM • 1 • 5 • 4 • 0, mantled bust right, wearing bonnet; small crescent to left / + HONOR • REGIS • IVDICIVM • DILIGIT, crowned coat-of-arms; I - 5 (for James V) across fields. A fractional denomination of the first dated type for the British Isles, this enchanting and exceptionally pleasing '2/3 Bonnet Piece' features a superb strike and good centering, along with a pleasingly toned flan of good metal. Going back over a decade, only three other examples have gone up for auction:
1) the Lockett specimen, exhibiting some nicks in the obverse field and a few scratches in the reverse field
2) the Dundee specimen, displaying some central striking weakness on each side along with some scattered field marks, minor flan waviness, and an 'X' etched in front of the bust
3) the LaRiviere, Bareford, B.G. Johnson, Bruun specimen (the nicest of these three and the one which most closely mirrors the quality of the present piece), offering a similar flan and strike, though with some noted doubling near the lower portion of the obverse legend
For comparison purposes, the third example can allude to potential bidding levels, as it most recently realized a hammer of $13,000 in 2011 and was described simply as 'VF.' Undoubtedly, the present specimen is a remarkable representative destined for the most advanced and discriminating of collectors of Scottish or hammered coins.
Ex. Douglas Collection (Spink Auction 119, March 1997, Lot 281)
https://coins.ha.com/itm/scotland/scotland-james-v-gold-2-3-ducat-or-bonnet-piece-1540-xf45-ngc-/a/3089-31301.s?type=CoinArchives3089
HID02906262019
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Estimate: 10000-15000 USD