Watch List notes:

PENANG: tin cent (pice) (35.28g), ND, KM-9, SS-23a, "GF" in script for Governor Robert Townsend Farquhar within circle, countermarked with Chinese character "qi" meaning advance payment, uniface issue, diameter 46mm, thickness 3mm, VF. An emergency coinage issued by the Prince of Wales Island Colony under British East India Company rule and cast in Penang circa 1805. The Chinese countermark was made by the treasury or a bazaar shroff as a guarantee of quality and weight. Sir Robert Townsend Farquhar, 1st Baronet (1776-1830), was an influential British merchant of the early nineteenth century who served as a colonial governor and Member of Parliament. During his lengthy service for both the East India Company and the British government, Farquhar gained a reputation as an efficient and ambitious administrator and he notably served as Lieutenant-Governor of the Prince of Wales Island Colony (Penang Island) from January 1804 to 1805.

Estimate: 2,000-2,500 USD