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January Signature Sale 3089 21-22 Jan 2021
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Scotland
William II (III) gold Pistole (12 Pounds) 1701 XF40 NGC, Edinburgh mint, KM146, Fr-60, S-5676, Burns-pg. 521, 1 (Fig. 1078), SCBI XXXV-1731-2. 6.77gm. An intriguing and highly historically important issue emblematic of the economic difficulties and conflicts between England and Scotland in the late seventeenth and early eighteenth centuries, pistoles such as the present piece were minted from gold dust reportedly imported by the Darien Company from South Africa. The Darien Company, also referred to as the Company of Scotland, had approached the Scottish Privy Council in the 1690s with the intention of promoting a venture into what is now Panama by establishing a colony in New Caledonia, a colony off the isthmus on the Gulf of Darien, aimed at utilizing the narrow strip of land as a route linking the Atlantic with the Pacific to capitalize on transoceanic trade. Known as the Darien Scheme, the company further presented the crown with a large quantity of gold dust, which it promoted to be coined with its mark, as to prevent it from quickly being exported from the already import-poor kingdom, and for which it would receive a 10% profit. (Which was ultimately reduced by a third due to the low fineness of the dust.) Numerous setbacks and failures caused the plan to become a complete disaster, with the Scots ultimately abandoning the enterprise in early 1700. As the company had been financed by the kingdom and supported with anywhere between 25-50% of the Scottish money then in use, its downfall caused massive economic problems for the populace and served as an important factor in the weakened position of Scotland and their ultimate merging with England through the Acts of Union in 1707.
One of the few surviving numismatic relics of this fascinating period, this enchanting issue exhibits a soft reddish tone welling up to burgundy, together with a pleasing hint of underlying luster. Few marks of serious consequence exist under light, even wear, while the strike, minorly off-center as is typical, is firmly executed, suggesting a fairly conservative assigned grade. Not at all encountered regularly, there have only been about half a dozen examples to come to auction over the past 15 or so years, and the present piece is, in the opinion of the cataloger, likely the nicest of the group--far superior than the Adams, Garrett example, the most recent to sell at a hammer of $18,000 in 2015.
Ex. Douglas Collection (Spink Auction 119, March 1997, Lot 327)
https://coins.ha.com/itm/scotland/scotland-william-ii-iii-gold-pistole-12-pounds-1701-xf40-ngc-/a/3089-31308.s?type=CoinArchives3089
HID02906262019
© 2020 Heritage Auctions | All Rights Reserved
Estimate: 15000-20000 USD
William II (III) gold Pistole (12 Pounds) 1701 XF40 NGC, Edinburgh mint, KM146, Fr-60, S-5676, Burns-pg. 521, 1 (Fig. 1078), SCBI XXXV-1731-2. 6.77gm. An intriguing and highly historically important issue emblematic of the economic difficulties and conflicts between England and Scotland in the late seventeenth and early eighteenth centuries, pistoles such as the present piece were minted from gold dust reportedly imported by the Darien Company from South Africa. The Darien Company, also referred to as the Company of Scotland, had approached the Scottish Privy Council in the 1690s with the intention of promoting a venture into what is now Panama by establishing a colony in New Caledonia, a colony off the isthmus on the Gulf of Darien, aimed at utilizing the narrow strip of land as a route linking the Atlantic with the Pacific to capitalize on transoceanic trade. Known as the Darien Scheme, the company further presented the crown with a large quantity of gold dust, which it promoted to be coined with its mark, as to prevent it from quickly being exported from the already import-poor kingdom, and for which it would receive a 10% profit. (Which was ultimately reduced by a third due to the low fineness of the dust.) Numerous setbacks and failures caused the plan to become a complete disaster, with the Scots ultimately abandoning the enterprise in early 1700. As the company had been financed by the kingdom and supported with anywhere between 25-50% of the Scottish money then in use, its downfall caused massive economic problems for the populace and served as an important factor in the weakened position of Scotland and their ultimate merging with England through the Acts of Union in 1707.
One of the few surviving numismatic relics of this fascinating period, this enchanting issue exhibits a soft reddish tone welling up to burgundy, together with a pleasing hint of underlying luster. Few marks of serious consequence exist under light, even wear, while the strike, minorly off-center as is typical, is firmly executed, suggesting a fairly conservative assigned grade. Not at all encountered regularly, there have only been about half a dozen examples to come to auction over the past 15 or so years, and the present piece is, in the opinion of the cataloger, likely the nicest of the group--far superior than the Adams, Garrett example, the most recent to sell at a hammer of $18,000 in 2015.
Ex. Douglas Collection (Spink Auction 119, March 1997, Lot 327)
https://coins.ha.com/itm/scotland/scotland-william-ii-iii-gold-pistole-12-pounds-1701-xf40-ngc-/a/3089-31308.s?type=CoinArchives3089
HID02906262019
© 2020 Heritage Auctions | All Rights Reserved
Estimate: 15000-20000 USD