Aethelred II Penny, first hand type, Ipswich, Waltferth AU58

Aethelred II (978-1016),silver Penny, first hand type (c.979-985), Ipswich Mint, Moneyer Waltferth, diademed bust right, Latin legend and linear circles surrounding, +ÆÐELRÆD REX ANGLOX, the NG ligatured,rev.hand of Providence from straight clouds, A and hyphen to left, w and hyphen to right, Latin legend and linear circles surrounding, + PALTFERÐ M-O GIP (BMC type IIb; SCBI 26:1134-5 East Anglia; Sadler p.57-69,cf.fig.104; N.766; S.1144).Darker tone, has been graded and slabbed by PCGS as AU58 with a pleasing portrait.

PCGS certification 140091.58/44760660.

North lists 73 named mints in operation during the reign of Aethelred II with a further 14 unallocated. According to North Ipswich operates with 19 moneyers across all types. John Sadler lists all the coins known to him in his volume 1 on the Ipswich Mint which total 53 coins of this moneyer but does not include this piece. Waltferth based on survival evidence is the key moneyer at this mint for this coinage. John Sadler lists fig.104 as "almost certainly" the Larry Stack example which it transpires is not as this is the coin from Stack and bought from the sale by Salton in 1999. There is also a ticket with this coin which is Duke of Argyll and marked as such and also "Dr Gibson."

Though Aethelred enjoyed such a long reign he was known as "The Unready" literally meaning ill-counselled from a history of bad advice and decision making. Born circa 967 Aethelred was supported by his mother and partisans that were led by Earl Aelfhere of Mercia; ascending the throne at no more than 12 years of age after the murder of his Half-Brother Edward at Corfe. The influential Aelfhere having died in 983 meant Aethelred became more vulnerable, and the Vikings began to start their raids once again. Aethelred chose to pay off the raiders rather than resist, becoming known for giving such ransoms payments willingly. This meant many hundreds of thousands of coins ended up being taken to Scandanavia where they were hoarded and why much of the coinage that survives today often exhibits "peck marks" where the Viking bankers have inserted a knife point to make sure the metal quality was good. The harrying continued until Swein Forkebeard held a great swathe of England by 1013, and Aethelred was under threat in London retreating to the Isle of Wight. England submitted to Swein but he died suddenly on the 2^ndFebruary 1014 at Gainsborough giving Aethelred the advantage and driving the Vikings out. Canute the second son of Swein, returned to attack in 1015 and by early 1016 was marching on Mercia, Aethelred however passed away on 23^rdApril 1016 in London at around the age of 52 just as his second son Edmund was moving south to link up with the army. Edmund was elected King, but the army was his priority, and after winning a few battles suffered a defeat at Ashingdon on 18^thOctober 1016. He retreated possibly wounded to West Mercia and negotiated a treaty giving him rule of Wessex. However, Edmund died in Oxford on the 30^thNovember 1016 giving control to Canute.

Nearly 70 miles north-east of London, Ipswich is a town and sea-port on the River Orwell. The Danes came and ravaged Ipswich in 991 and again in 1010, and they subsequently disembarked there in 1069 but were driven away. Minting activity occurs from the reign of Edgar until King John and there is a die link with the still mysterious mint of DERNT issued only under Edward the Confessor.

The legends translate as "Aethelred King of the English" on obverse and "Waltferth of Ipswich" on the reverse.

Provenance:

Ex Duke of Argyll Collection, sold through Spink from 1949, therefore possibly Spink Numismatic Circular, February 1950, item 21677.

Ex Lawrence R. Stack Collection, Sotheby, 22^nd April 1999, lot 494.

Ex Mark and Lottie Salton Collection, Stacks Bowers, 24th August 2022, lot 31165.