Scotland, James VI billon Hardhead of Twopence, type I issue of August 1588

James VI of Scotland (1567-1625), copper Twopence or Hardhead, type I, undated issue of August 1588, crowned IR, beaded circles and legend surrounding, initial mark quatrefoil, .IACOB. 6. D. G. R. SCOTO., rev. crowned Scottish arms, beaded circles and legend surrounding, VINCIT . VERITAS, 1.83g (S.C.B.I. 35:1321 Ashmoleon; S.C.B.I. 58:1684 - 1688 inclusive Edinburgh; S.C.B.I. 71:1334 - 1338 inclusive Stewartby; Burns 1, fig.965; S.5517). Toned, a little ragged around parts of rim, otherwise a bold very fine for issue.

The abbreviated Latin legends translate as on the obverse "James the Sixth, by the Grace of God, King of Scotland" and on the reverse "Truth has conquered."

An Act of Privy Council dated 30^th August 1588 ordered Hardheads of Twopence and Half-Hardheads of a Penny to help benefit the poor to the tune of Scottish weight 960 stone of coins which would equate to either 4,915,200 Twopences or 9,830,000 pennies. They were issued at 27.55 grains weight for the Twopence and 11.77 grains for the Penny and the coinage was geared to make 100% profit. Significantly, a further Act of Privy Council dated 6^th November 1588 allowed for the Twopence to have two dots added behind the lion in the design, which represents the first time a mark of value was added to such a coin. The unmarked pennies are extremely rare and therefore a smaller proportion of those was likely made. The English to Scottish ratio of exchange was now 1:9.

Provenance:

Ex R Ingram Coins, 10^th November 2010 for £175.

Ex St James Auction 73, 15^th March 2023, lot 113.