69
BRITISH COINS, William III, five guineas, 1701, D. TERTIO, ‘fine work’, second laur. bust r., rev.
Description
BRITISH COINS, William III, five guineas, 1701, D. TERTIO, ‘fine work’, second laur. bust r., rev. crowned cruciform shields, sceptres in angles (S.3456; Schneider 480, plain sceptres), in plastic holder, graded by PCGS as Mint State 62, an evenly bold strike on both sides, just a touch of wear on the king’s hair, only tiny abrasions in the open golden fields, choice mint state, very rare On the death of Queen Mary at the very end of December 1694, King William ruled alone for the first time. Silver coinage and small gold in his name commenced in 1695, but his first large gold pieces were minted in 1699. While much of the energy of the Royal Mint’s workers and administrators was devoted to the Great Recoinage of the silver, and the temporary establishment and furnishing of branch mints around the kingdom during this reign, no little attention was given to the standard gold which was the backbone of the nation’s financial strength. The need was indeed great to recall worn, clipped, and difficult-to-value older silver. Tons of it came into these smelting and minting facilities beginning late in 1696 and concluding in 1698 but the year 1697 saw the heaviest exchange. By 1699, almost all old silver in circulation had been exchanged, and melted, and the country saw a deluge of bright, freshly minted sixpence, shilling and halfcrown coins. At just the same time, Isaac Newton’s work at the Mint changed from that of Warden to Master-worker, or Mint-master. As a man of science, Newton brought both more control and a more scientific approach to the operations of the Mint. Beginning in 1699, Newton watched and weighed the Mint’s suppliers of gold especially and soon learned that a few grains of gold was a standard variance for the Mint that was being used to certain merchants’ advantage when they returned slightly heavy coins to the Mint for a profit. Newton began testing all newly minted gold to assure that it would be of precise weight and fineness, and also required exact measures of all worn and foreign gold brought to the Mint in exchange for new money. By treating foreign money as mere bullion rather than accepting it at a set exchange value, he caused an influx of worn gold to come into the Mint during 1701-02, most of which was coined into guinea denominations. In this way he caused British gold coins to be consistently pure and of precise value. The Royal Mint had been modernized. The first 5 guineas issued for William III varied greatly on the reverse from the coins issued by him with Mary, reverting to the cruciform style seen on the gold of Charles II. The king's portrait was shallowly engraved. But Newton had not finished making changes at the Mint: next he attempted to complete the transition begun during the Renaissance, of departing from the shallow style of portraiture of the monarch to one that suggested lifelike qualities. In 1701 he caused a portrait to be engraved that would not be equalled until the 1760s’ patterns of George III. As Mint-master, Newton’s finest artistic achievement is, without argument, the deeply engraved 5 guineas of 1701, now known as the ‘fine work’ issue, and it has become one of the classics of British numismatics. Its conception has never been documented in detail but its appearance arose from another propitious change at the Royal Mint. For about a third of a century, the job of engraving coin dies had been dominated by the Roettiers family of Brussels. The elder of the family, John, had found favour with Charles II when Thomas Simon, as the former engraver of Cromwell’s coins and seals, saw his tenure decline. John and his brothers, Joseph and Philip, in the words of Challis, exercised the ‘controlling influence over English engraving’ during the last years of the seventeenth century (New History of the Royal Mint, page 363) along with John’s sons James and Norbert, who under his guidance completed much of the die-work during the reigns of James II and of William & Mary and then of William alone. Slowly, the Roettiers faded from the scene: John the master engraver suffered injury, Joseph moved to the Paris Mint, Philip returned to Brussels to work, Norbert left for France in 1695, and James came under suspicion of counterfeiting in 1697 and was dismissed. No one capable was left, save for a young assistant named James Bull. Then suddenly a German jeweller from Dresden named John Croker was brought to the Mint. He soon tired of re-engraving dies made by the Roettiers during 1698-99, and he produced the now-famous ‘flaming hair’ shillings. Newton and others took note and promoted him. His mark on English coinage and medals became indelible, and among his medals may be found exquisite images in high relief, but his greatest achievement was certainly the ‘fine work’ engraving of the king’s portrait used in only one year, 1701, on the gold 2 guineas and 5 guineas. These are the ultimate numismatic images of the reign, magnificent money created three centuries ago and rarely equalled as works of art in all the years that have followed.
Auction Details
Shipping
T&Cs & Important Info
Ask seller a question
BRITISH COINS, William III, five guineas, 1701, D. TERTIO, ‘fine work’, second laur. bust r., rev. crowned cruciform shields, sceptres in angles (S.3456; Schneider 480, plain sceptres), in plastic holder, graded by PCGS as Mint State 62, an evenly bold strike on both sides, just a touch of wear on the king’s hair, only tiny abrasions in the open golden fields, choice mint state, very rare On the death of Queen Mary at the very end of December 1694, King William ruled alone for the first time. Silver coinage and small gold in his name commenced in 1695, but his first large gold pieces were minted in 1699. While much of the energy of the Royal Mint’s workers and administrators was devoted to the Great Recoinage of the silver, and the temporary establishment and furnishing of branch mints around the kingdom during this reign, no little attention was given to the standard gold which was the backbone of the nation’s financial strength. The need was indeed great to recall worn, clipped, and difficult-to-value older silver. Tons of it came into these smelting and minting facilities beginning late in 1696 and concluding in 1698 but the year 1697 saw the heaviest exchange. By 1699, almost all old silver in circulation had been exchanged, and melted, and the country saw a deluge of bright, freshly minted sixpence, shilling and halfcrown coins. At just the same time, Isaac Newton’s work at the Mint changed from that of Warden to Master-worker, or Mint-master. As a man of science, Newton brought both more control and a more scientific approach to the operations of the Mint. Beginning in 1699, Newton watched and weighed the Mint’s suppliers of gold especially and soon learned that a few grains of gold was a standard variance for the Mint that was being used to certain merchants’ advantage when they returned slightly heavy coins to the Mint for a profit. Newton began testing all newly minted gold to assure that it would be of precise weight and fineness, and also required exact measures of all worn and foreign gold brought to the Mint in exchange for new money. By treating foreign money as mere bullion rather than accepting it at a set exchange value, he caused an influx of worn gold to come into the Mint during 1701-02, most of which was coined into guinea denominations. In this way he caused British gold coins to be consistently pure and of precise value. The Royal Mint had been modernized. The first 5 guineas issued for William III varied greatly on the reverse from the coins issued by him with Mary, reverting to the cruciform style seen on the gold of Charles II. The king's portrait was shallowly engraved. But Newton had not finished making changes at the Mint: next he attempted to complete the transition begun during the Renaissance, of departing from the shallow style of portraiture of the monarch to one that suggested lifelike qualities. In 1701 he caused a portrait to be engraved that would not be equalled until the 1760s’ patterns of George III. As Mint-master, Newton’s finest artistic achievement is, without argument, the deeply engraved 5 guineas of 1701, now known as the ‘fine work’ issue, and it has become one of the classics of British numismatics. Its conception has never been documented in detail but its appearance arose from another propitious change at the Royal Mint. For about a third of a century, the job of engraving coin dies had been dominated by the Roettiers family of Brussels. The elder of the family, John, had found favour with Charles II when Thomas Simon, as the former engraver of Cromwell’s coins and seals, saw his tenure decline. John and his brothers, Joseph and Philip, in the words of Challis, exercised the ‘controlling influence over English engraving’ during the last years of the seventeenth century (New History of the Royal Mint, page 363) along with John’s sons James and Norbert, who under his guidance completed much of the die-work during the reigns of James II and of William & Mary and then of William alone. Slowly, the Roettiers faded from the scene: John the master engraver suffered injury, Joseph moved to the Paris Mint, Philip returned to Brussels to work, Norbert left for France in 1695, and James came under suspicion of counterfeiting in 1697 and was dismissed. No one capable was left, save for a young assistant named James Bull. Then suddenly a German jeweller from Dresden named John Croker was brought to the Mint. He soon tired of re-engraving dies made by the Roettiers during 1698-99, and he produced the now-famous ‘flaming hair’ shillings. Newton and others took note and promoted him. His mark on English coinage and medals became indelible, and among his medals may be found exquisite images in high relief, but his greatest achievement was certainly the ‘fine work’ engraving of the king’s portrait used in only one year, 1701, on the gold 2 guineas and 5 guineas. These are the ultimate numismatic images of the reign, magnificent money created three centuries ago and rarely equalled as works of art in all the years that have followed.
St James's Auctions - Auction 35
Sale Date(s)
Venue Address
Cavendish Hotel
81 Jermyn Street
St James's
London
SW1
United Kingdom
General delivery information available from the auctioneer
Shipping costs are indicated on your invoice.
Minimum cost of £15.00 for recorded delivery.
Important Information
Date of Sale Tuesday 9th February 2016
10.00 am Lots 1-408
2.30 pm Lots 409-900
The German banknotes will not start before 4.30 pm
Public View Friday 5th February 2016
10.30 am - 4.30 pm
Sunday 7th February 2016
by appointment only
at 10 Charles II Street, London SW1Y 4AA
viewing at all other times by appointment only
Order of Sale Ancient coins Lots 1-9
British coins Lots 10-387
Anglo-Gallic coins Lots 202-3
Irish coins Lots 204-211
Scottish coins Lots 212-218
Manx coin Lot 219
Enamelled coins Lots 220-222
Electrotypes Lots 223-225
Sovereigns Lots 226-266
Seventeenth Century Tokens Lots 267-387
Commemorative medals Lots 388-408
British medals Lots 388-394
Foreign medals Lots 395-408
Foreign coins Lots 409-632
(Russian enamelled coin Lot 222)
Islamic coins Lots 633-660
Banknotes Lots 661-900
British notes Lots 661-673
Foreign notes Lots 674-900
Buyers’ Premium: 20% (plus VAT)
Terms & Conditions
CONDITIONS OF SALE
(1) St. James's Auctions Limited [the Company] is a division of Knightsbridge Coins. The Company acts as agent for the seller. Sales made by the Company at public auction are sales made on behalf of the seller.
(2) The buyer of any lot will be the highest bidder. In the event of any dispute, the auctioneer shall have absolute discretion to settle the dispute as he thinks best; this may mean re-offering the lot for sale.
(3) The auctioneer shall have absolute discretion to divide any lot, combine two or more lots or withdraw any lot or lots without giving any reason. In the case of a dispute, he may re-offer a lot for sale. The auctioneer also has the right to refuse any bid or bids without giving a reason.
(4) The Company and auctioneer shall have absolute discretion to refuse admission to their premises or attendance at their auction of any person they deem unsuitable, without giving any reason for, or prior notice of, their action.
(5) The minimum increment between bids will normally be 5%. The auctioneer has the right to refuse any bid which is not in line with this increase. He also has absolute discretion to vary this increment as he sees fit.
(6) All lots are subject to a Buyer's Premium of 24.00%, inclusive of VAT, (20% + VAT), payable by the buyer if resident in the EU. The symbol 'G' appearing next to a lot in this catalogue indicates the item is 'Investment Gold' and therefore a VAT-registered trader can submit a claim to HM Revenue and Customs to recover the VAT element of the Buyer’s Premium. In the case of a lot marked with a dagger (†), import VAT at 5% will be added to the hammer price and will be payable by the buyer if resident in the EU. If the lot is being exported outside the EU, this import VAT can be waived or refunded on proof of export.
(7) Each bidder shall be deemed to act as principal unless the Company acknowledges in writing prior to the auction that he acts as agent for a named third-party principal. For bidders unable to attend the auction in person, commissions will be executed free-of-charge. Such bids must be written and must be received at least 24 hours before the sale begins. The Company cannot guarantee to execute bids received less than 24 hours before the sale. 'Buy' bids will not be accepted. The Company shall not be liable for any errors or omissions in executing such commissions.
(8) All buyers must, if requested, notify their name and address to the auctioneer and, if required, provide additional proof of identification, bank references or other credit references. All buyers must pay the full purchase price, at the point of collection of purchases, or a fractional deposit as may be determined at the auctioneer's discretion, unless the Company has previously arranged credit terms. Seven working days must be allowed for clearance of personal cheques before delivery can be made unless a prior agreement has been reached. A 2.5% surcharge will be applied to all credit card payments.
(9) Ownership of lots does not pass to the buyer until the Company has received payment in full.
(10) All lots, however, are held to be at the buyer's risk from the fall of the hammer. All lots shall be removed by the buyer within seven working days after the date of the sale. Any lots not so removed may become liable to removal, insurance and storage charges. Such lots may, at the auctioneer's discretion, be re-offered for sale at auction or by private treaty without further notice to the buyer.
(11) All lots are offered for sale subject to any reserve price that may be imposed by the seller. The seller may not subsequently change the reserve without the agreement of the Company. Where a reserve has been set, only the auctioneer may bid on behalf of the seller. Lots are normally reserved at 80% of lower estimate, with auctioneer's discretion. Unless re-offered for sale, the collection of unsold lots shall be the responsibility of the seller.
(12) (a) Lots are sold as shown with all faults, imperfections and errors of description and lack of authenticity. The Sale of Goods Act 1979 does not apply to the sale of any lot. Neither the Company nor the seller shall give any warranty to any buyer in respect of any lot or be liable for any fault or error of description or lack of genuineness or authenticity of any lot. All statements as to items sold, whether made in catalogues, during the course of the auction or otherwise, are statements of opinion only and are not and shall not be taken to be statements or representations of fact. The Company reserves the right in forming their opinion to consult and rely upon any expert or authority considered by them to be reliable. Coins are graded to accepted UK standards to the best ability of our specialists. You acknowledge that the grading of coins is subjective and may vary from specialist to specialist, as the process is by nature an art and not a science. For this reason, we do not automatically accept and are not bound by the opinions of third party coin grading services for any purposes including before and after the sale of a lot.
(b) Refund policy – notwithstanding the foregoing, if any lot should be proved by the buyer to be not genuine or authentic, or to have been wrongly described in any material respect, the buyer may reject the same provided that he has given notice in writing of his intention so to do and shall have returned the same to the Company within one month from, and in the same condition as at, the date of sale. If the coin was in a plastic holder at the time of sale, we cannot accept its return if it has been removed from that holder. The onus of proving a lot to be not genuine or authentic or to have been wrongly described shall lie with the buyer. Proof of the inability of any recognised expert or authority to express a definite opinion shall not discharge such onus. If the buyer shall discharge such onus, the auctioneers shall rescind the sale and repay to the buyer the price paid by him. Save as provided herein, the Company shall not under any circumstances whatsoever be liable for any costs, expenses or damages (whether direct, indirect, special or consequential) incurred or suffered by the buyer in respect of any lot, whether or not as a result of any fault, imperfection, error or description or lack of genuineness or authenticity, including but not limited to loss of any kind of profit whatsoever. The buyer will not be entitled to claim interest on the amount due to him. The buyer shall not be entitled to a refund for any lot for any reason save as set out in this clause 12(b).
(13) Save as provided in the preceding paragraph of these conditions buyers must satisfy themselves as to the accuracy of their purchases at the time of delivery. The Company cannot be held responsible for any discrepancy which might be discovered after the lots have been removed from either the auction room or the auctioneers' premises.
(14) As stated in paragraph (1), the Company acts solely as agent between buyer and seller and shall not be held responsible for any default by either party or for any action or claim that may arise in connection with any lot.
(15) Any part of the purchase price still outstanding after the auction, in line with the terms of paragraph (8), shall be paid in full within thirty days of the date of the auction. Without prejudice to any other rights, the Company reserves the right to charge interest on any overdue payment at a rate of three per cent per month. In the event that the company shall have paid the seller (normally 35 days after the sale) and part of the purchase price is still outstanding, title to the lot will pass to the Company. The Company shall then have the right to sell any other goods belonging to the buyer and held by the Company for whatever reason at such a price that the company, in its absolute discretion, thinks fit. The buyer shall also reimburse the Company for any additional costs incurred in this process.
(16) Buyers accepting commissions from third parties do so at their own risk. They remain responsible to the Company for full settlement according to these conditions.
(17) Privacy Policy - We may collect and process information you give to us such as your name, address and references. We will use this information to carry out our obligations arising from any contracts entered into between you and us and to provide you with the information, products and services that you request from us or that we offer. We may share your personal information with any member of our group, which means our subsidiaries, our ultimate holding company and its subsidiaries, as defined in section 1159 of the UK Companies Act 2006. We may share your information with selected third parties including: business partners, advertisers and analytics. We may disclose your personal information to third parties in the event we sell or buy any business or assets in which case we may disclose your personal data to the prospective seller or buyer or such business or assets or if we are under a duty to disclosure or share your personal data in order to comply with any legal obligation or in order to enforce or apply our terms of use. You have the right to ask us not to process your personal data for marketing purposes.
(18) By making a bid, the buyer acknowledges his acceptance of these conditions and agrees to be bound by them.
(19) If any buyer fails to comply with any of these Conditions, the lot or lots in respect of which the failure is made may at the discretion of the Company be put up again and resold. The damages recoverable from the defaulting buyer shall include, but not be limited to, the auctioneers' expenses and commission in respect of the resale and the amount (if any) by which the price obtained on the resale is exceeded by that obtained on the first sale.
(20) A variation of these Conditions shall only be binding on the Company and the seller if it is made in writing and signed by a duly authorised representative of the Company.
(21) These Conditions shall take effect and be construed in accordance with the provisions of English law.
