Watch List notes:

SCOTLAND. Ducat (Bonnett Piece), 1540. Edinburgh Mint; mm: saltire. James V. NGC VF-35.
S-5373; Fr-25; Burns-4 (fig. 754). Weight: 5.71 gms. Third Coinage. A splendid and exceptionally sharp example of this RARE two-year type. Pleasing pale-yellow tone with warmer honey color in the protected areas. Ancient graffito, in the form of an offset X, is noted behind the portrait as is commonly seen for this issue. The obverse is well centered on the flan while the reverse is drawn slightly to 12 o'clock. The overall definition is exceptional, with strong detail to the hair and profile of the portrait. A notable glossy texture is apparent to the central obverse, though the borders remain untroubled and very lustrous. Attractive and distinctly SUPERIOR for the type.

The ducats, or bonnet pieces, of 1539 and 1540 represent the earliest dated coins of Scotland and the British Isles, and England did not begin dating coins until 1547. As is the case with much early Scottish gold, no official records of this issue survive. Burns remarks that they were struck of "native gold, obtained from Crawford Muir and the lands of Corehead." The ducats of 1540 are readily distinguished from the 1539 issue by an open annulet behind the head, as opposed to the solid pellet on the earlier date. They remain RARE in all grades and the present piece is among the finer specimens.

From the Loch Ness Collection.

Estimate: $12000 - $18000