Two Extremely Rare George III Countermark Ecus & Other Collectables

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Welcome to Smalls Auctions Sale 228. The merits or otherwise of ‘Third-Party’ grading and its impact of the Numismatic market is well documented. Since the advent of these services in the late 1980s, the more recognised companies have over time have cemented their credibility and their opinion is now often central to the purchase of investment coins. Of course there will always be traditionalists who prefer to be able to study their coins from all angles or to gaze on their collection in an antique mahogany coin cabinet but most now see the tamperproof coin capsules as the best protection for their rare coins. Even if you take issue about a tough or a loose grade assigned to a coin the obvious benefit to potential purchasers is that ‘expert’ eyes have assessed the coin in question and have provided a ‘guarantee’ that it is at least genuine. The guarantee may only be covered by ‘Miami Law’ in the case NGC or ‘LA Law’ with PCGS but they are also putting their integrity on the line which is the lifeblood of the professional grading services that they provide. In this era of increasingly sophisticated forgeries this is a huge benefit for remote purchasers. In our Sale we have two lots that best demonstrate this. The first coin on offer is a Louis XVI French 1786 Silver Ecu which was counterstruck in 1797 with the Oval Silver Mark of George III to create an Emergency Dollar that circulated as legal tender in Great Britain and its colonies. We have graded the host coin as having Fine details, as it definitely has had a polish at sometime in its existence, and we have graded the countermark as Very Fine. The second coin is a French 1792 Silver Ecu which was also converted to an Emergency Dollar after being counterstruck with the head of George III. However, this coin has gone the route of Third-Party grading with the host coin being graded VF25 and the countermark XF (Extremely Fine) details by PCGS. The first coin has a starting bid of $9000 while the second will cost you $50,000 plus commission to own. Both are exceedingly rare being two of only a few World Crown-size coins that were caught up in the millions of Spanish Silver 8 Reales pillaged by British Privateers (Pirates) from captured Spanish Galleons that were counterstruck to overcome a currency shortage in England. Besides the French Ecus, there are also extremely rare examples of Emergency Dollars struck from US Silver Dollars. But why the difference in price on the two coins ? Well, it all comes down to provenance and of course the guarantee of authenticity. In Australia in the 1960s a favourite collecting theme was World Crown-size coins catalogued according to their Davenport numbers and the first coin was purchased from such an album collection about 15 years ago. The coin sat amongst other prized British Crowns in a lot being auctioned by Noble Numismatics Australia a highly regarded Australian Auction House. Now of course this doesn’t guarantee its authenticity, but it does provide some historical context for the coin if not a provenance. The second coin was purchased from a highly regarded collector of English Crowns who traced the provenance of his coin back to an early Christies Sale. I can remember the collector relating this to me in the 1990s but unfortunately when he passed away his collection was sold off and the coin was later ‘slabbed’ by PCGS who did not record this provenance which is now effectively lost without new research. The current owner tells me he showed the coin to a French coin dealer in Paris who was terribly excited about the error edge on the host coin where the “La Nation’ is inverted. He declared it a great rarity in its own right but was discouraged by the counterstamp of George III on the neck. Apparently French-Anglo rivalry hasn’t yet gotten over the Defeat of Napoleon. Of course, the benefit of holding two extremely rare countermarked French Ecus at the same time is you can compare the two coins side-by-side, and allowing for the additional wear, the countermarks they are a very close match. But that is not the end of the story. At the time of their striking, the Bank of England quickly realised that the Oval Silver Mark of George III was not suitable for coining purposes as it was also the assay mark used on silver plate by silversmiths who had the means at their disposal to produce their own Emergency Dollars. To overcome this problem, the stamp was quickly changed to an octagonal countermark for the exclusive use of the Bank of England. It doesn’t seem logical that ‘illegal’ Emergency Dollars employing the Oval Silver Mark would have been randomly struck by rogue silversmiths on Ecus and Dollars as they would no doubt have been keen for their backyard production to blend in with the counterstruck Spanish 8 Reales which were the ‘official’ host coins being used. Examples of Emergency Dollars struck with the new octagonal mark appear on both US Dollars and French Ecus which would suggest there was indeed just a smattering of other trade coins hidden in the hoards of captured 8 Reales sent to the Bank of England to be converted into British currency. There is a school of thought that all the countermarked Emergency Dollars that are struck on host coins other than 8 Reales are spurious fantasy strikes made for collectors well after the official strikings. A numismatist in the past took some issue with the positioning of the hair tie on George III which he believed differed from the countermarks found on the 8 Reales thus ruling them out as official strikes of the Bank Of England. However, both the coins on offer have strikingly similar countermarks to those employed on the Spanish 8 Reales which would rule them in. So, this returns us to the issue of provenance and authenticity. As discussed earlier ‘LA Law’ dictates that the second coin was genuinely struck by the Bank of England in 1797, whilst the first coin, although it meets the exact same criteria, is not in a PCGS holder and thus does not have the same guarantee. It is up to the purchaser to send it off to either PCGS or NGC for grading but be warned it may very well be returned as ‘unverifiable’ which is the category into which they drop coins when they honestly don’t know. It is purely a business decision on their part as their ‘guarantee’ may prove much more costly to them than their grading fee warrants if they are proved wrong on a potentially expensive coin. Smalls Auctions

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Conditions of Sale

VAT and taxes: The Buyer's Premium is inclusive of the Australian G(oods) & S(ervices T(ax) incurred by our service.

Shipping Terms: AUSTRALIA :

Purchases within Australia will be charged a MINIMUM SHIPPING FEE of $10.00 and will be sent by Registered Post.

Additional insurance is optional at the buyer's expense.

Larger lots may incur an additional charge.

OVERSEAS :

Overseas purchases will be charged a MINIMUM SHIPPING FEE of $35.00 and will be sent by standard International Post.

Additional insurance is optional at the buyer's expense

Larger lots may incur an additional charge.

If we are unsure of the bona fides of a successful bidder we may request identification such as a Passport Photo or Drivers's Licence that matches the Credit Card details registered with Invaluable before we despatch an item.

Both Australian and International packages are traceable in transit and may require a signature on delivery.

Buyers Premium: All purchases are subject to an all inclusive 20.0 % Buyer's Premium on the hammer price.

Tax Details: Taxes, Duties and Customs Charges that apply in the country of delivery are the express responsibility of the buyer.

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