George II 1732 EIC Guinea AU58, East India Company gold issue, small letters

George II (1727-60), gold Guinea, East India Company issue, 1732, E.I.C. under second young laureate head left, legend with smaller letters, GEORGIVS. II . DEI. GRATIA., toothed border around rim both sides, rev. crowned quartered shield of arms, date either side of crown, legend M.B.F.ET.H. REX. F.D.B. ET.L.D.S.R.I.A.T ET.E. (cf.Schneider 586; Farey 775 VR; EGC 588 R2; MCE 306; S.3673). Toned with some light hairlines both sides, lustrous, graded by NGC as AU58, a very rare variety for the year as usually seen with larger lettering as per the Schneider Collection example.

NGC certification 2124448-050.

The Latin legends translate to on obverse "George the Second by the Grace of God" continuing on the reverse in abbreviated Latin which if in shown in full reads "Magnae Britanniae Franciae Et Hiberniae Rex Fidei Defensor Brun Et Lunebergen-sis Dux, Sacri Romani Imperii Archi-Thesaurius Et Elector" and translates as "King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Luneberg, High Treasurer and Elector of the Holy Roman Empire."

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 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. The gold output for the calendar year of 1732 was £373,473. 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.

Provenance:

Ex Seaby Coin and Medal Bulletin, September 1979, item A1128.