George III 1762 Quarter-Guinea AU58

George III (1760-1820), gold Quarter-Guinea, 1762, long haired laureate head right, Latin legend and toothed border surrounding, GEORGIVS. III. DEI. GRATIA. rev. crowned quartered shield of arms, date either side of top crown, M.B.F. ET. H. REX. F.D. B. ET. L. DVX S.R.I.A.T. ET. E., edge diagonally grained (Schneider 627; MCE 463; Bull 866; S.3741). Toned, has been slabbed and graded by NGC as AU58.

NGC certification 6135418-002.

The abbreviated Latin legends translate as on the obverse "George the Third by the Grace of God," and on the reverse 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 calendar year output of gold in the year 1762 totalled £532,665, mostly boosted by the capture of gold and silver bullion from the Spanish treasure ship The Hermione. The new book "The Metal in Britain's Coins" by Dr Graham Birch details the issue of gold Half and Quarter Guineas dated 1762 in Chapter 10 "The Capture of the Hermione and the Minting of the Northumberland Shillings" where the cargo of bullion in the hold of the Hermione was captured from the Spanish on the 17th May 1762 off the coast of Portugal, amounting to some 47 tonnes of treasure.

There was enough captured to boost the gross domestic product of the UK by approximately 0.64% and it all arrived in London on the 12th August 1762 at a time when there was a great need for gold and silver coin in the UK. Much of the treasure was sold to the Bank of England and the East India Company for export but the London Evening Post of 14th September 1762 reported that £70,000 of gold ingots had been received at the Tower for coining into Quarter Guineas, and this was no doubt the start of this issue. Such lower denomination gold which was effectively a replacement for the silver coin was small enough to include in sailor's prize pots who had been involved in the capture of the ship whilst also helping to sate the public who were clamouring for lower value coins. However, due to their small dimension the coins were not popular and the Quarter Guinea was never issued again for currency.