George II 1739 Guinea EIC AU58+, final East India Company gold issue

George II (1727-60), gold Guinea, East India Company issue, 1739, small E.I.C. under intermediate laureate head left, legend surrounding GEORGIVS. II . DEI. GRATIA., toothed border around rim both sides, rev. die axis off-centre, 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., weight 8.34g (Schneider 589; Farey 845 ER; EGC 600 R4; MCE 316; S.3673). Toned with some light hairlines both sides, a touch of wear to high points, graded by NGC as AU58+ extremely rare final EIC issue.

NGC certification 2130716-002.

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 as we have here with the intermediate head as a one year only type. The gold output for the calendar year of 1739 was £283,854 of which the EIC issue would have been a small proportion. As Graham Birch says in his book cited below, the East India Company was powerful enough to have ordered whatever quantities of gold coins it desired, so the small size of the coin programme shows there was undoubtedly a specific business related purpose behind the minting - they were not just intended for circulation.

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 Dolphin Coins Fixed Price List, December 1991, item 178.