George II 1729 Five-Guineas young head MS62

George II (1727-60),gold Five Guineas, 1729, young laureate head left, legend and toothed border surrounding, GEORGIVS. II. DEI. GRATIA,rev.crowned quartered shield of arms, date either side of crown, M.B.FE. ET. H. REX. F.D. B.ET. L. D. S. R. I. A. T ET. E., edge inscribed in raised letters and dated, +DECVS. ET. TVTAMEN ANNO. REGNI. TERTIO (Schneider 555; Schneider dies 1/1; Holloway 80; Bull EGC 552; MCE 278; S.3663).Toned, has been slabbed and graded by PCGS as MS62, becoming rare in the UK marketplace.

PCGS Certification 610041.62/48333124, we note this coin is the joint second finest graded at PCGS for this rarer 1729 variety as of February 2024. Looking to NGC they have not graded any on the 62 step but have graded three finer, so this coin is technically in the top five graded. This being the much rarer type of Five Guinea for the initial year of issue in this reign without initials below bust has a total of only 21 pieces graded across both service of which this is joint fourth finest.

The East India Company provided quantities of gold bullion from their trading activities to the Royal Mint to strike coinage with their provenance mark "E.I.C." at various times in the reign of King George II, probably as they were also responsible for taking great quantities of silver out of the country for export. The edges of these spectacular gold coins also carry an inscriptions as an "ornament and a safeguard" against the old practice of clipping with a further statement that this coin was issued in the third year of the King's reign. However the Mint's official output figures show no gold produced in the calendar year of 1729 and Woodhead notes in the output tables in Schneider that the EIC gold coinage was not included the official figures until 1731 when the gold output was £305,768 which is on the smaller side of gold outputs for the reign. Nevertheless, the "Samuel King" Survey co-authored by this cataloguer published in May 2005 showed that 49 examples of these currency coins were traded in a 45 year period on the British coin market 1960-2005, the most prolific of this reign. Perhaps this is because more of the EIC type Five Guineas were saved from circulation especially if the company originally gave such coins out to backers and favoured persons as gifts to cherish rather than use and spend. There is a record of Queen Caroline for instance receiving East India Company gold. The new East India Company headquarters opened in Leadenhall Street London in this year. 1729 is the only year a Five Guinea is marked E.I.C. which is the first year of EIC gold, and there was also a Guinea and Half-Guinea so marked this year. The E.I.C. marked coinage continues for only a ten-year period of dating and only for five dates in the period, 1729, 1730, 1731, 1732 and finally 1739. For 1730 there seems only to be an issue of Half-Guineas, the other later years are Guinea and Half-Guinea only. All are rare to extremely rare to find today.

For further reading see the new publication by Graham Birch "The Metal in Britain's Coins" available for £40 from Sovereign Rarities, where chapter four is devoted to "The East India Company - The World's Most Powerful Company" (pages 58-69). The book is an intriguing and rewarding read.

For further reading see the new publication by Graham Birch "The Metal in Britain's Coins" available for £40 from Sovereign Rarities, where chapter four is devoted to "The East India Company - The World's Most Powerful Company" (pages 58-69). The book is an intriguing and rewarding read.

Provenance:

Ex Goldberg coin auction 34, 5^th February 2006, lot 2252.

Ex Peh Family Collection, part I, Goldberg, 30^th January 2024, lot 1135.