Elizabeth I gold Pound seventh issue mm. 1 for 1601

Elizabeth I (1558-1603),gold Pound of Twenty Shillings, seventh issue (1600-03), crowned bust in ruff and elaborate dress left, Latin legend and outer beaded border on both sides, initial mark 1 (1601) both sides, ELIZABETH. D; G; ANG; FRA; ET. HIB; REGINA.,rev. crowned quartered shield, E to left, R to right, Latin legend and toothed border surrounding, pellet stops, SCVTVM. FIDEI. PROTEGET. EAM., weight 11.21g (Schneider 805; B&C F23; N.2008; S.2539).One light crease with some light evidence of smoothing in fields, otherwise with a decent portrait with some bright elements, well centred, very fine and a rarer mint mark.

The abbreviated Latin legends translate as on the obverse "Elizabeth, by the Grace of God, Queen of England, France and Ireland"; and on the reverse "The shield of faith shall protect her."

An indenture of the 3rd June 1593 with Sir Richard Martin allowed for the reintroduction of crown gold (0.917 fine) denominations of Pounds, Half-Pounds, Crowns and Halfcrowns whilst the fine gold indenture of 1583 was still in effect. A new indenture of 29^th July 1601 reduced the weight slightly so the full weight of the Pound was 11.139g meaning the coin herewith predates that indenture. Silver was reduced by a greater amount in weight on the same indenture meaning there was an influx of silver and outflow of gold to the continent as the ratio changed. This makes the gold coins rarer than the earlier issues. The surviving figures for the accounting period is not split between mint marks with some £55,000 worth of 22 carat crown gold struck from1st October 1599 to 24^th March 1603 covering mint marks 0, 1 and 2. Brown and Comber estimated the total output of mint mark 1 as £14,737 worth of this total which would have been struck between 29^th July 1601 and 14^th May 1602.