Lot 713
Ireland. Six Shillings - Bank Dollar, 1804. Dav-101; KM-Tn1. Plain edge. George III. Bust right. Reverse: Britannica with shield seated. Sharply struck with deep mirror fields and very attractive, medium multi-colored iridescent toning, a nice blend of blue, gold and violet. NGC graded Proof 65.
During the 18th century, Britain's continuing conflicts with France and Spain seriously impinged on the flow of silver, mostly in the form of Mexican and Peruvian dollars (8 reales), into the country. This silver famine was reversed by the end of the century when the foreign dollars once more poured into Britain, but their price was too high for them to be recoined along English monetary standards, so they were allowed to circulate as they were, some being countermarked at a revalued rate. These accumulated in the Bank of England vaults, where they were being held as bullion. By 1797 the Crown saw fit to initiate its own counterstamping program, marking Spanish 8 reales at an official rate of 4 shillings, 9 pence. In 1804 the Bank of England was authorized to overstrike the Spanish dollars, giving them a rate of 5 shillings. In Ireland a similar scenario played out: the dollars were planed down, reducing the weight by nearly one gram, then restruck with a value of 6 shillings. Few ever survived these ravages in any condition remotely close to that of the present, magnificent coin, which as a proof was obviously specially made to be saved.
Estimated Value $2,000 - 2,400.
Illustrated in Money of The World, coin 141.
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| Realized $5,060 |
