The Coin Cabinet
Auction 75 10 Jan 2023
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1687 Gold 5 Guineas, Elephant and Castle, ex Slaney, ex Montagu, Single Finest NGC MS 63 #2124443-039 (AGW=1.2291 oz.)
MS 63 | ENGLAND. James II, 1685-88.
Gold 5 guineas, 1687, Elephant and Castle
Second laureate bust left, with flowing hair; elephant and castle below; IACOBVS · II · DEI · GRATIA [James II, by the grace of God]. / Crowned, cruciform shields; sceptres in angles, with French fleur-de-lis struck over Irish harp, and Irish harp struck over French fleur-de-lis; date above, bisected by crown; · MAG · BR · FRA · ET · HIB REX · [King of Great Britain, France, and Ireland].
In secure plastic holder, graded NGC MS 63, certification number 2124443-039.
ex. Slaney Collection, SPINK 3024, lot 70, 15th May 2003.
ex. A.H. Baldwin & Sons, 1951, purchased by Slaney.
ex. Dr E.C. Carter Collection, purchased en bloc by A.H. Baldwin & Sons, 1950.
ex. Lieut. Col. T.G. Carter Collection, purchased by SPINK, 1936.
ex. B.M.S Roth Collection, Sotheby, lot 349, 19th July 1917.
ex. H. Montagu Collection, Sotheby, third portion, lot 842, 13th November 1896.
ex. W. Brice of Clifton Collection, purchased en bloc by H. Montagu, 1887.
Very Rare, Finest Known, Single Finest Graded, ex. Slaney, ex. Dr Carter, ex. Lieut. Col. Carter, ex. Roth, ex. Montagu, ex. Brice
NGC Mint State 63. Extraordinary example, prooflike and lustrous with a standard of definition completely unseen on other examples. Very Rare. Finest graded. Finest known.
- Both the finest graded and finest known example of the issue, as well as the SPINK plate coin for the type.
- Struck to a higher quality than all other examples featuring a unique level of detail and a specimen-like nature.
- Accompanied by a staggering provenance of the most illustrious collections, including Montagu and Slaney, with records dating to 1887
The 1687 Elephant and Castle Five Guinea Piece is among a class of coin that is both highly sought after and seldom offered for sale. Owning any example is a great numismatic feat, more often dreamt than lived. This example is the SPINK catalogue coin and undisputedly the very best example of the issue. Time and time again, collectors who have wished to assemble the finest and most important of collections, such as Montagu in the 19th century, or Slaney in the 20th, have found themselves purchasing this exact coin - and for the first time in two decades this coin is courting suitors.
Despite featuring one of the most artistically rich portraits, coins of James II are somewhat of a rarity for two reasons: firstly, the brevity and unpopularity of his rule led to very few coins being saved for prosperity; and, secondly, the Great Recoinage of 1696 and then a similar recoinage in 1816 saw most of his issues melted down to provide material for the new currencies. The high intrinsic value of gold coins, especially high denominations such as a five guinea piece, leaves them extremely susceptible to being melted down or repurposed throughout their journey to us. The relatively few examples we have left are fought over by collectors and investors alike.
The elephant and castle hallmark gives a historic depth and connection to this coin that is quite exceptional. A hallmark denotes that the metal content of a coin is from a particularly notable source such as war plunder or newly discovered mines. It is a device scarcely utilised in British coinage and evokes thoughts of modern commemorative issues, except in these instances the coins themselves are struck of the very history they wish to commemorate. Similar issues are coins of 1703 wearing a VIGO hallmark denoting they were struck with captured Spanish bullion, and the 'CAL.' quarter eagles of 1848 proudly struck with California gold. The symbol seen below the truncation of this coin however - an elephant supporting a castle upon its back – denotes that its gold content was exploited by the Royal African Company from the newly-discovered gold fields of West Africa. By the time this coin was struck, however, the mining operation was secondary to a far more profitable monopoly that the company held on slave trading along the coast of Western Africa. James II was a majority shareholder in the enterprise and, aware of the cruel, murderous, and dehumanising practises of the company, profited immensely from the booming trade of precious metals and enslaved lives. This coin was struck at the beginnings of centuries of devastation and exploitation to be left in the wake of Western progress. A difference between this coin and most others though is that it does not hide the exploitation it has been birthed from and authentically wears what it is for all to see. To throw a sheet over the prevalent evils of human history would be to repeat these mistakes again and ignore the progress still to be made.
A coin's beauty is in its condition. This coin's striated surfaces exhibit a dazzling lustre, rich tone, and areas of strong mirroring. With only light handling and haymarks, this example is the highest graded by both NGC and PCGS by two full grades, with only two other examples having graded mint state (MS60 and 61, both NGC). But the most striking feature of this coin is how exceptionally well struck it is. The James II bust is a masterclass in fine workmanship and intricate detail executed by veteran engraver John Roettiers (1631-1703). The flowing, regnal locks are each carefully planned and painstakingly engraved. Only with a full and clean strike can the true beauty of Roettiers' efforts be appreciated. The richness of strike is also seen, importantly, in the elephant and castle mark.
Tilting the coin slowly around in one's grasp, centuries of beauty spring to life before the beholder's eyes. A shimmering and full lustre dances over rich, ochre toning as the crisp and fully defined strike appears decades ahead of its time. No photo or video will ever capture the beauty of a lustrous coin in light, let alone a rarity such as this; and only with the coin before us can the presence of its history be felt. This coin was likely struck to grace a court favourite of the King and one can only imagine the noble, valiant, or murderous hands that may have held it.
The coin exhibits just one spot of weakness that is on the lowest tip of the bust. This weakness is ubiquitous and consistently more severe across the issue. Another common problem with the issue is adjustment marks that obscure the '16' of the date. This coin's date, however, is confidently full and quite the pleasing rarity. Taking this into consideration, as well as the fullness of strike and the mirroring of the fields, this coin is most likely one of the very earliest strikes. A fresh strike is further implied by the weakness of the lower truncation being so mild and the clarity in the bust's hair being rendered in a definition completely unseen on other examples.
Any example of this issue, as such an impractically large denomination, may be considered in some ways a presentation piece having been struck to serve a purpose more symbolic than useful. It is quite possible however that this specific example was struck with a greater level of care, and perhaps even with greater intentions. There is a quality about this example that evokes a modern specimen strike. The edge beading is unusually clear and well placed. The locks of hair are unusually well defined. The golden blank on which it is struck is unusually broad. It is in an unusually fine state of preservation showing it has been treated with upmost care since its striking. The exact, unique nature of this piece cannot be described for certain, although it can be said that its beauty is unparalleled within the issue.
It is not uncommon for top dealers and auction houses to have only publicly handled one or two examples of this coin in any grade, or no examples at all. The institutions who have publicly handled an example of this calibre are just those listed in this coin's provenance.
The Samuel King Survey of 2005 found that just 38 examples of this issue had sold over a 45-year period making this the second rarest five guinea piece of James II. SPINK noted in 2003, that this example was not just the finest they had seen of the issue, but the finest of all James II five guinea pieces they had seen. Keep in mind that SPINK, founded 1666, predates this coin.
Milled Coinage of England (1950) describes the issue as 'VR' for 'very rare' and Maurice Bull (2022) awards the issue a rating of 'R' for 'rare'; although with perhaps fewer than fifty examples extant Bull's assessment is overly cautious.
It is a common view that tangible assets, particularly rare and fine coins, perform well in times of economic adversity. However, the highest end of numismatics has consistently seen far superior growth that is vastly out of proportion to the rest of the market. The reason for this is simple: rarity, beauty, and historical importance as traits become exponentially rarer with each step forward in quality. As the most resourceful of collectors and investors jostle for the best of the best, the rest of the market watches on as the upper echelon of coinage drifts further and further ahead of the fleet. This coin has long been aboard those flagship vessels.
NGC Census in this grade: 1, single finest graded.
Total NGC Census: 10
Reference: Bull.312 [R]; Fr.293; GH.43 [this coin]; KM.460.2; MCE.118 [VR]; S.3398 [this coin]
Diameter: 37 mm.
Weight: 41.71 g. (AGW=1.2291 oz.)
Composition: 917.0/1000 Gold.
Edge: • + • DECUS • ET • TUTAMEN • EST • ANNO • REGNI • TERTIO • + • [An ornament and a safeguard, in the third year of his reign].
PLEASE NOTE: 6% Buyer Premium + VAT on this lot. No other fees, including live bidding. Delivery cost will be added to your order.
MS 63 | ENGLAND. James II, 1685-88.
Gold 5 guineas, 1687, Elephant and Castle
Second laureate bust left, with flowing hair; elephant and castle below; IACOBVS · II · DEI · GRATIA [James II, by the grace of God]. / Crowned, cruciform shields; sceptres in angles, with French fleur-de-lis struck over Irish harp, and Irish harp struck over French fleur-de-lis; date above, bisected by crown; · MAG · BR · FRA · ET · HIB REX · [King of Great Britain, France, and Ireland].
In secure plastic holder, graded NGC MS 63, certification number 2124443-039.
ex. Slaney Collection, SPINK 3024, lot 70, 15th May 2003.
ex. A.H. Baldwin & Sons, 1951, purchased by Slaney.
ex. Dr E.C. Carter Collection, purchased en bloc by A.H. Baldwin & Sons, 1950.
ex. Lieut. Col. T.G. Carter Collection, purchased by SPINK, 1936.
ex. B.M.S Roth Collection, Sotheby, lot 349, 19th July 1917.
ex. H. Montagu Collection, Sotheby, third portion, lot 842, 13th November 1896.
ex. W. Brice of Clifton Collection, purchased en bloc by H. Montagu, 1887.
Very Rare, Finest Known, Single Finest Graded, ex. Slaney, ex. Dr Carter, ex. Lieut. Col. Carter, ex. Roth, ex. Montagu, ex. Brice
NGC Mint State 63. Extraordinary example, prooflike and lustrous with a standard of definition completely unseen on other examples. Very Rare. Finest graded. Finest known.
- Both the finest graded and finest known example of the issue, as well as the SPINK plate coin for the type.
- Struck to a higher quality than all other examples featuring a unique level of detail and a specimen-like nature.
- Accompanied by a staggering provenance of the most illustrious collections, including Montagu and Slaney, with records dating to 1887
The 1687 Elephant and Castle Five Guinea Piece is among a class of coin that is both highly sought after and seldom offered for sale. Owning any example is a great numismatic feat, more often dreamt than lived. This example is the SPINK catalogue coin and undisputedly the very best example of the issue. Time and time again, collectors who have wished to assemble the finest and most important of collections, such as Montagu in the 19th century, or Slaney in the 20th, have found themselves purchasing this exact coin - and for the first time in two decades this coin is courting suitors.
Despite featuring one of the most artistically rich portraits, coins of James II are somewhat of a rarity for two reasons: firstly, the brevity and unpopularity of his rule led to very few coins being saved for prosperity; and, secondly, the Great Recoinage of 1696 and then a similar recoinage in 1816 saw most of his issues melted down to provide material for the new currencies. The high intrinsic value of gold coins, especially high denominations such as a five guinea piece, leaves them extremely susceptible to being melted down or repurposed throughout their journey to us. The relatively few examples we have left are fought over by collectors and investors alike.
The elephant and castle hallmark gives a historic depth and connection to this coin that is quite exceptional. A hallmark denotes that the metal content of a coin is from a particularly notable source such as war plunder or newly discovered mines. It is a device scarcely utilised in British coinage and evokes thoughts of modern commemorative issues, except in these instances the coins themselves are struck of the very history they wish to commemorate. Similar issues are coins of 1703 wearing a VIGO hallmark denoting they were struck with captured Spanish bullion, and the 'CAL.' quarter eagles of 1848 proudly struck with California gold. The symbol seen below the truncation of this coin however - an elephant supporting a castle upon its back – denotes that its gold content was exploited by the Royal African Company from the newly-discovered gold fields of West Africa. By the time this coin was struck, however, the mining operation was secondary to a far more profitable monopoly that the company held on slave trading along the coast of Western Africa. James II was a majority shareholder in the enterprise and, aware of the cruel, murderous, and dehumanising practises of the company, profited immensely from the booming trade of precious metals and enslaved lives. This coin was struck at the beginnings of centuries of devastation and exploitation to be left in the wake of Western progress. A difference between this coin and most others though is that it does not hide the exploitation it has been birthed from and authentically wears what it is for all to see. To throw a sheet over the prevalent evils of human history would be to repeat these mistakes again and ignore the progress still to be made.
A coin's beauty is in its condition. This coin's striated surfaces exhibit a dazzling lustre, rich tone, and areas of strong mirroring. With only light handling and haymarks, this example is the highest graded by both NGC and PCGS by two full grades, with only two other examples having graded mint state (MS60 and 61, both NGC). But the most striking feature of this coin is how exceptionally well struck it is. The James II bust is a masterclass in fine workmanship and intricate detail executed by veteran engraver John Roettiers (1631-1703). The flowing, regnal locks are each carefully planned and painstakingly engraved. Only with a full and clean strike can the true beauty of Roettiers' efforts be appreciated. The richness of strike is also seen, importantly, in the elephant and castle mark.
Tilting the coin slowly around in one's grasp, centuries of beauty spring to life before the beholder's eyes. A shimmering and full lustre dances over rich, ochre toning as the crisp and fully defined strike appears decades ahead of its time. No photo or video will ever capture the beauty of a lustrous coin in light, let alone a rarity such as this; and only with the coin before us can the presence of its history be felt. This coin was likely struck to grace a court favourite of the King and one can only imagine the noble, valiant, or murderous hands that may have held it.
The coin exhibits just one spot of weakness that is on the lowest tip of the bust. This weakness is ubiquitous and consistently more severe across the issue. Another common problem with the issue is adjustment marks that obscure the '16' of the date. This coin's date, however, is confidently full and quite the pleasing rarity. Taking this into consideration, as well as the fullness of strike and the mirroring of the fields, this coin is most likely one of the very earliest strikes. A fresh strike is further implied by the weakness of the lower truncation being so mild and the clarity in the bust's hair being rendered in a definition completely unseen on other examples.
Any example of this issue, as such an impractically large denomination, may be considered in some ways a presentation piece having been struck to serve a purpose more symbolic than useful. It is quite possible however that this specific example was struck with a greater level of care, and perhaps even with greater intentions. There is a quality about this example that evokes a modern specimen strike. The edge beading is unusually clear and well placed. The locks of hair are unusually well defined. The golden blank on which it is struck is unusually broad. It is in an unusually fine state of preservation showing it has been treated with upmost care since its striking. The exact, unique nature of this piece cannot be described for certain, although it can be said that its beauty is unparalleled within the issue.
It is not uncommon for top dealers and auction houses to have only publicly handled one or two examples of this coin in any grade, or no examples at all. The institutions who have publicly handled an example of this calibre are just those listed in this coin's provenance.
The Samuel King Survey of 2005 found that just 38 examples of this issue had sold over a 45-year period making this the second rarest five guinea piece of James II. SPINK noted in 2003, that this example was not just the finest they had seen of the issue, but the finest of all James II five guinea pieces they had seen. Keep in mind that SPINK, founded 1666, predates this coin.
Milled Coinage of England (1950) describes the issue as 'VR' for 'very rare' and Maurice Bull (2022) awards the issue a rating of 'R' for 'rare'; although with perhaps fewer than fifty examples extant Bull's assessment is overly cautious.
It is a common view that tangible assets, particularly rare and fine coins, perform well in times of economic adversity. However, the highest end of numismatics has consistently seen far superior growth that is vastly out of proportion to the rest of the market. The reason for this is simple: rarity, beauty, and historical importance as traits become exponentially rarer with each step forward in quality. As the most resourceful of collectors and investors jostle for the best of the best, the rest of the market watches on as the upper echelon of coinage drifts further and further ahead of the fleet. This coin has long been aboard those flagship vessels.
NGC Census in this grade: 1, single finest graded.
Total NGC Census: 10
Reference: Bull.312 [R]; Fr.293; GH.43 [this coin]; KM.460.2; MCE.118 [VR]; S.3398 [this coin]
Diameter: 37 mm.
Weight: 41.71 g. (AGW=1.2291 oz.)
Composition: 917.0/1000 Gold.
Edge: • + • DECUS • ET • TUTAMEN • EST • ANNO • REGNI • TERTIO • + • [An ornament and a safeguard, in the third year of his reign].
PLEASE NOTE: 6% Buyer Premium + VAT on this lot. No other fees, including live bidding. Delivery cost will be added to your order.