Classical Numismatic Group, LLC
Triton XXV 11-12 Jan 2022
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HANOVER. George III. 1760-1820. AR Dollar (39mm, 27.05 g, 12h). Emergency issue. Struck 1799. Oval countermark of George III on a Mexican 1796 Mo FM 8 Reales. ESC 129; SCBC 3765A. Toned. Countermark EF. Host Good VF.
From the J. de Wilde Collection, purchased privately from Classical Numismatic Group in April 2013. Ex St. James 23 (4 February 2013), 210.
In the late 18th century, the circulating coinage in Britain was in a pathetic state. Counterfeit coins, both in copper and silver, were the rule, rather than the exception. The Royal Mint, rather than competing with the flood of false issues, simply shut its doors.
In 1788, industrialist Matthew Boulton stepped in to attempt reform the copper coinage where the government would not. A wealthy industrialist and partner of the steam-engine inventor James Watt, Boulton had made his fortune manufacturing other small metallic objects. Using the steam technology at his disposal, he created the first modern mint at Soho in Birmingham. Yet Boulton was initially unable to obtain a patent to strike coinage and instead opened his mint to merchants. The vast majority of provincial tokens struck in England at this time originated from the Soho mint.
Meanwhile, the Bank of England endeavored to stabilize the silver coinage. Taking Spanish eight reales coins, they stamped on them a small image of King George, valuing them at a dollar of five shillings. This simple solution did not fair well with the public, as they were extremely easy to counterfeit. The failed issue spawned a popular nursery rhyme, "The Bank to make their Spanish dollars pass/Stamped the head of a fool on the head of an ass." The Bank soon turned to Boulton and his steam presses. By 1805, fully struck dollars from the Soho mint could be seen in change.
From the J. de Wilde Collection, purchased privately from Classical Numismatic Group in April 2013. Ex St. James 23 (4 February 2013), 210.
In the late 18th century, the circulating coinage in Britain was in a pathetic state. Counterfeit coins, both in copper and silver, were the rule, rather than the exception. The Royal Mint, rather than competing with the flood of false issues, simply shut its doors.
In 1788, industrialist Matthew Boulton stepped in to attempt reform the copper coinage where the government would not. A wealthy industrialist and partner of the steam-engine inventor James Watt, Boulton had made his fortune manufacturing other small metallic objects. Using the steam technology at his disposal, he created the first modern mint at Soho in Birmingham. Yet Boulton was initially unable to obtain a patent to strike coinage and instead opened his mint to merchants. The vast majority of provincial tokens struck in England at this time originated from the Soho mint.
Meanwhile, the Bank of England endeavored to stabilize the silver coinage. Taking Spanish eight reales coins, they stamped on them a small image of King George, valuing them at a dollar of five shillings. This simple solution did not fair well with the public, as they were extremely easy to counterfeit. The failed issue spawned a popular nursery rhyme, "The Bank to make their Spanish dollars pass/Stamped the head of a fool on the head of an ass." The Bank soon turned to Boulton and his steam presses. By 1805, fully struck dollars from the Soho mint could be seen in change.