In the summer of 1917, Lieutenant F G J Manning of the Royal Naval Reserve was transferred to “special service”. In this case, ‘special service’ meant joining Q-ship Acton (also known as Q-34). Less than a month into his service aboard, the Acton encountered a U-boat off the French coast on 20 August 1917.

For his actions, Manning would receive the Distinguished Service Medal, and the report of the incident adds a colourful insight to the events of that evening.

The Rare Great War Q Ship Distinguished Service Cross Group of 4 awarded to Lieutenant FGJ Manning for his gallantry in HMS Acton’s successful engagement with UC-72 in August 1917. Estimate: £3,000-3,500

“I have the honour of reporting on an action which took place between H.M.S. Acton and a submarine yesterday 20 August 1917.

Acton was steaming at 10 knots when at 6.25pm a submarine was sighted on the port quarter. Acton maintained approximately the same course and reduced speed to 8 knots, orders being at the same time to make more smoke and therefore avoid blowing off steam. The submarine commenced firing at 6.25pm and continued at ranges varying from 8,300 to 6,000 yards until 8.00pm. During this time between 50 and 60 rounds were fired, eight of which were time-fused. The submarine ceased fire as boats were lowered. At 8.00pm the ship was stopped and a ‘panic abandon ship stations’ were carried out: smoke boxes were fired in the well deck and steam leakage turned on.

At about this time the submarine submerged and carried out a close periscope inspection of the ship which lasted until 8.35pm. The submarine was so close that at one point it actually collided with the ship, shaking Acton fore and aft. It then came to the surface about 1,000 yards away and hailed the boats to come along side, but as it was getting dark the submarine was not seen through the spy-holes on the bridge. The next time it was seen, it was circling close round the ship on the surface, and at a range of between 200 and 300 yards, fire was opened on the submarine just before the port beam. Six rounds were fired, at least four of which hit the submarine, the certain hits being two abaft and below the conning tower and two on the conning tower. Loud shouts came up from the submarine when Acton opened fire. The submarine then submerged stern first and most of her conning tower was shot away.

The telegraph was put to full speed ahead, when the open fire bell was pushed and an attempt was made to ram the submarine as she submerged, a depth charge being dropped when over the spot where she submerged at 9.10pm. This exploded 10 to 15 seconds after being let go and sent up a column of black or dark brown water 25 to 30 feet high.

It was now very dark, so the boats were found and hoisted. The foremost fall of the port life boat had been shot away and caused a little delay in hoisting. When the boats were clear of the water, Acton commenced steering in a square, in the hope of finding wreckage on which to drop another depth charge or pick up survivors, but unfortunately, at about 10.20pm, a light, then considered suspicious but since only believed to be a reflection of a star, was seen and followed up.

Nothing further was seen of the submarine, and I consider it was sunk; but the darkness prevented small objects being seen in the water; though after depth charges had exploded the only man who was looking over the side aft said that the water had the appearance it would have if “the ship was throwing ashes overboard”. The depth charge used seems to have gone into the submarine’s swirl. The weather was fine and the sea calm.”

Manning was awarded the D.S.C. and received a £40 share of the Admiralty’s resultant prize fund.

The Group of 4 Medals awarded to Manning for his role in the sinking of UC-72 is now available to buy in our London May Auctions – to view the entire catalogue, click here.

This week saw the birthday of Queen Elizabeth II, Great Britain’s longest reigning Monarch. Her 90^th birthday celebrations standing as a significant testament to the unfathomable amount of work and achievements throughout a lifetime spent in the public eye.

* Married for 68 years (longest of any British Monarch)

* Hers was the first televised Coronation

* Has seen no less than twelve Prime Ministers come and go, along with seven Archbishops of Canterbury and seven Popes.

* Has sat for more than 130 official paintings

* Travelled a staggering one million miles, visiting 117 countries.

With such a long list of influences, it is safe to say that her Majesty’s place in history is secured, and she takes her place at the end of a long, long line of British Monarchs – the majority of whom have similar little asterisks at the end of their names with footnotes that send ripples of consequence throughout British and world events.

It is inconceivable then, that we don’t remember them – who they were, what they did and the events they inspired (or sometimes conspired) to create. There are legacies scattered throughout individual reigns and reigns of houses (Tudor, Lancaster, Windsor) that will forever be etched onto the nation’s consciousness; tales that have been ingrained as quintessentially British as Stonehenge or a cup of tea.

We assume that these legacies will last forever – the names of Charles I, Victoria, Elizabeth II resounding through the histories of the future. But is that assumption safe? Are Monarchies and their Kings and Queens really remembered forever?

2000 years ago, the Aksumite Empire rose up in what is now modern-day Ethiopia, encompassing parts of Eritrea, Yemen, Saudi Arabia, Djibouti and Sudan. It was a major cultural and economic influence on the Ancient World – they were the second civilisation to adopt Christianity as their official faith (behind Armenia), and the only sub-Saharan State to mint their own coinage. They even had their own version of Stonehenge – the Axum Stelae.

Aksum’s influence was so huge that it is purported to be the final resting place of the Ark of the Covenant. They even created their own alphabet (the Ge’ez alphabet), and was a meeting point for a huge variety of cultures – the sprawling Aksumite cities had Sabean, Jewish, Nubian, Christian and Buddhist minorities.

An important location in world history then – certainly on a par with the British Empire of the 1800’s.

And yet we know next to nothing about their Monarchs.

A few names survive – Endybis (who ruled around AD 290); Ousanas (c. AD 320); Ouazebas (late 4^th Century AD) for example – but most have been lost to the mists of time. In fact, many of the names we do know about we know only from their coinage.

Endybis (c. AD 290), Gold, 2.64g. Extremely fine.

Estimate: £500-700

It is a much celebrated fact of numismatics that the history of the coin contains much of its appeal – in the case of the Aksumite coinage coming under the hammer in our May auctions, it is the coin itself that is the history. Without them, these names would be as inaccessible as the Church of Our Lady Mary of Zion (where the Ark of the Covenant is purported to be housed).

What did their Kings do? Just what were their achievements? Did any of them foil a ‘Gunpowder Plot’ to blow up Parliament? Did any of them fight invasions and take an arrow in the eye?

Did any of them celebrate their 90^th birthday with a huge party in front of an adoring crowd?

We may never know. Aksum today is no more than a small country village in Ethiopia, which begs the question: will any of our own Monarchies be known in 2000 years’ time, or will the only way those in the future will know of their legacies will be from the rare fifty-pence pieces that turn up every now and again?

The Aksumite Collection for sale in our London Auctions on May 4 2016 has been formed over  many years, with the aim of putting together a representative selection of good quality examples from the entire series of Aksumite coinage. It is particularly noteworthy for the fact that it contains denominations in gold, silver and copper – a rare and excellent opportunity for collectors of the series (or those who would perhaps like to start).

To view the entire collection, click here.

To view the entire catalogue for this auction, click here.

It has been a fact of British numismatics for many years that one of the most famous coins is the 1933 Penny. Its rarity is of course a primary factor, but the reason it has grasped the attention of the public is probably down to the word ‘penny’.

It’s a common, everyday word, and a common, everyday item – you’ve probably got a penny in your back pocket right now, or at the very least sitting silently in your loose change jar at home.

Because it is a penny, it becomes immediately identifiable – especially to the non-numismatic community for whom words like ‘tetradrachm’, ‘quinarius’ or ‘siliqua’ probably mean nothing more than a pretty good Scrabble score.

‘Penny’, however, is a thing we can all recognise, and the fame of the 1933 penny has meant that for generations people all over the UK have been checking their change in the vain hope that maybe, just maybe….

In 1933, the banks had enormous stocks of pennies – so much so that there was no need to make anymore. The actual figure for currency pennies produced with the 1933 date is, according to the Royal Mint Museum, ‘no more than six or seven’. What is definite, is that three of these are now in private hands.

Coincidentally, that same figure is true of the Lavrillier Pattern Penny, designed as an experiment for the relief of the bronze pennies of which the Royal Mint and the banks had such huge stocks.

Just as with the currency version, the Copper Pattern Penny is extremely rare – in fact, only four are known to exist: one is in the Royal Mint Museum, and the other three are in private hands. Of those in private hands, one is now available to buy at our London Auctions in May.

The existence of these Pattern Pennies has never been fully published until now, and after much research and collaboration (we are indebted to Mr G P Dyer of the Royal Mint Museum for his contribution), we can now authoritatively state the reasons for their presence amongst the numismatic elite.

The George V Copper Pattern Penny, 1933, by Andre Lavrillier.

As struck and extremely rare – one of only four known examples. 

Estimate: £35,000-40,000

The story actually goes back to 1929, when the Royal Mint was commissioned to mint a coinage for Romania, depicting a new effigy of King Carol II. This likeness was created by a French artist of some considerable experience who went by the name of Andre Lavrillier.

Naturally, to produce any likeness upon a coin call for a close collaboration between artist and mint craftsman, so Lavrillier travelled to London in 1930 to aid the process.

The Deputy Master, Sir Robert Johnson, of the Royal Mint at the time greatly impressed with Msr Lavrillier – a fact noted in the 1930 Royal Mint report. The report makes a great deal of Johnson’s high opinion of Lavrillier’s artistic skill and his understanding of the technicalities in die making – an understanding that was often lacking in his English counterparts.

In February 1931, at the 71^st Royal Mint meeting of the ‘Standing Committee on Coins Medals and Decorations’ at St James’ Palace, the fifth item on the agenda was ‘The Effigy of His Majesty (George V) for Imperial Coins and Reverse of Bronze Coinage’. Sir Robert further emphasised how impressed he had been with Lavrillier’s work on the Romanian commission, and gave his opinion that Lavrillier could well be the person to eliminate the ghosting that had blighted the bronze coinage of much of George V’s reign.

In a pique of characteristic Britishness, several members of the committee openly questioned whether it was necessary to employ someone from abroad to do the work. In equally stereotypical fashion, they eventually acquiesced enough to ‘wait and see’ what Lavrillier could produce.

Lavrillier was thorough, and it was not until January 1933, at the 5^th meeting of the Standing Committee at St James’ Palace that the (once again) 5^th item on the agenda was (once again) ‘The Effigy of His Majesty for Imperial Coins and Reverse of Bronze Coinage’. At this meeting, the committee were presented with electrotype of Lavrillier’s model, together with “specimens struck in a metal press…bearing Lavrillier’s revised bust of his Majesty and new reverse”.

The committee’s dogmatism once more came to the fore, with the Chairman declaring that the new designs did not ‘fully eliminate the ghosting as desired’, with one member noting that he actually preferred the older version. There were also criticisms of the design of the effigy, particularly the shape of the neck.

Although not formally recorded, it is surmised from the minutes of this meeting that Lavrillier’s experiment was effectively ended right there. The specimens presented to the committee found their way into the Mint Museum in November 1935. Records show their arrival, and there are later pencil-marks that show them being de-accessioned from the museum’s holdings.

After that, the record falls into silence.

Lavrillier himself would go onto to produce patterns and designs for the coinage of France and her colonies (many of which were still in use as late as 1966). His four proof pennies exist, however, to this day. The records may well have ended, but when a specimen does appear for sale, the rare opportunity it presents and the immense amount of interest it generates means that new records may well be on the horizon….

To view the entire catalogue for this auction, click here.

Want to see your collection or item here? Baldwin’s is now taking consignments for our 2016/17 auctions – for more details call Seth Freeman on +44(0)20 7930 9808 or email seth@baldwin.co.uk.

To see why our auctions consistently achieve the best results for our consignors, click here.

 

Outside of the United Kingdom, the town of Pontefract is unlikely to be uttered in the same breath as some of the more well-known locations, and yet it holds a position amongst the elite when it comes to important historical landmarks on these Sceptred Isles.

From William the Conqueror to Shakespeare to Oliver Cromwell and even Robin Hood – the list of major historical figures that have been associated with this Yorkshire town is significant, cementing Pontefract’s influence on the economic and historical shaping of the United Kingdom.

In 1069, three years after landing at Hastings in an arguably more famous invasion, William the Conqueror travelled to the area in an attempt to quell an uprising that had already sacked the nearby town of York. On his arrival, he discovered a group of Anglo-Scandinavian rebels had destroyed the main bridge (and the main route to and from the (then) village) over the River Aire.

It is widely assumed that this encounter gave birth to the town’s name – Pontefract derives from the Latin ‘Pons’ for bridge and ‘fractus’ for broken.

Fast forward a few hudred years and ‘fractus’ became even more appropriate. When the English Civil War ravaged across the land as Oliver Cromwell’s Parliamentarians and Charles I’s Royalists fought for the future of England, Pontefract’s central location made it a highly strategic town for both camps.

In 1648-49 the town was very much a Royalist stronghold, and therefore a military target for Cromwell, who pronounced it “….one of the strongest inland garrisons in the Kingdom.”

Over the course of more than 12 months, the town was laid to siege, leaving it ‘impoverished and depopulated’. This siege, as terrible as it must have been for those involved, was nevertheless the catalyst for one of the most important numismatic events in UK history – the creation of the besieged or ‘obsidional’ coin.

In the absence of any money coming into (or leaving, for that matter) the town, the inhabitants were forced to create their own currency to pay the soldiers who were, like the residents, trapped behind the city walls. Residents – noblemen, gentry and peasants alike were asked to donate steel plate in order to make these coins. And in a sense of community in adversity, they did it gladly. As the poet Samuel Butler describes in his satirical poem Hudibras:

‘Did Saints, for this, bring in their plate,

And crowd as if they came too late.

For when they thought the cause had need on’t.

Happy was he that could be rid on’t.

Did they coin trenchers, bowls and flagons,

I n’t officers of horse and dragoons.

And into pikes and musquetteers,

Stamp beakers, cups and porringers

A thimble, bodkin and a spoon

Did start up living men as soon

As in the furnace they were thrown

Just like the dragon’s teeth being sown.”

When the siege finally ended, it was clear that the residents of Pontefract had had quite enough. In 1649 the castle was demolished after being dubbed ‘a magnet for trouble’ by the townsfolk.

‘Fractus’, indeed.

Remains of the once mighty castle are still visible today, albeit in a much more diminished capacity. The coins, forged from the plate ‘just like dragon’s teeth being sown’, likewise mostly disappeared as their usage had been nullified. Which is why, when such a specimen does appear on the market, it is a significant numismatic event.

The High Grade Pontefract Shilling, 1648, for sale at our London Auctions on May 4, 2016. Estimate: £20,000-25,000

This Silver Shilling from the siege at Pontefract is one such item – with stunning detail, it is rare to find one so well preserved – a wonderful conversation piece and a vital addition to any British coin collection, representing a period of UK history that is as fascinating as it is bloody.

And Pontefract today? A thriving pretty market town in Yorkshire, affectionately known by the locals as ‘Ponty’, probably because its not ‘fractus’ anymore. And yes, they’ve fixed the bridge.

The Alfred Franklin Collection of Ancient Coins has been assembled carefully over the course of many years, with a constant and unerring eye for quality and historical interest, with a focus and enthusiasm for artistry and portraiture.

It has been an enormous pleasure for Baldwin’s to be able to help develop this collection of Ancient Greek and Roman coins, and we are now delighted to be able to offer this extraordinary collection for public sale at our May auctions in London.

An Attractive Cestius & Norbanus Aureus

L Cestius & C Norbanus (43 BC), Gold Aureus, 7.95g

Well-struck and of good style. About extremely fine, a rare variety.

Estimate: £8,000-10,000

The collection encompasses the Greek and Roman periods with a meticulous appreciation, with particular devotion given to Roman imperial gold Aurei; a very comprehensive run of Roman Republican and Imperial silver coinage; and a select group of beautiful and artistic Greek silver coins.

Many of the items have provenances to major London dealers and international auctions, some with pedigrees reaching back for many decades.

An Attractive Lebedos Tetradrachm

Ionia, Lebedos (2nd Century AD), Silver Tetradrachm, Stephanophoric type, Magistrate Athenaios, 16.75g

Good metal and of arresting style, extremely fine.

Estimate: £2,500-3,000

Alfred Franklin is a retired Consultant Orthopaedic Surgeon, and has been familiar to the London numismatic scene for a number of years as an active and enthusiastic collector who will always aim for the best quality available. His visits to view stock or forthcoming auctions are invariably a delight, always accompanied by lively conversation encompassing a broad range of subjects.

“My interest in numismatics was stimulated when, as a small boy living in a poor neighbourhood in post-war austerity London, I was given a present of a tobacco tin containing a number of aluminium coins from various European countries. As the decades passed I was able to indulge my fascination with the history, artistic representation, design, political delusion, civic pride and national identity embodied in examples of coinage and they formed a happy diversion from my day job.

“I ultimately progressed to collecting ancient coins for their beauty, a better understanding of the period and the locations in which they were produced, and most importantly for what they have to teach about the foundations of Western Civilisation.

“It is my hope that these coins will bring as much interest, inspiration and pleasure to their future collectors as they have to myself.”

Hadrian (AD 117-138), Gold Aureus, struck AD 125-128, 7.33g

Good portrait, extremely fine.

Estimate: £8,000-10,000

Sicily, Segesta (c. 420-410 BC), Silver Didrachm, 8.68g.

Well-centred and of particularly attractive style, irridescent cabinet tone, good very fine and very rare.

Estimate: £2,000-2,500

To view the entire collection, click here:

Part 1

Part 2

To view the entire catalogue for this auction, click here.

Want to see your collection here? For more information on why Baldwin’s continually achieves the best possible prices for our consignors, click here.

The reign of James I of England (James IV of Scotland) was extraordinary for a number of reasons, not least the famous Gun Powder Plot to blow up Parliament by Guy Fawkes – an event that is still marked to this day throughout the UK.

The son of Mary Queen of Scots, James I’s succession to the throne also represents another significant event in the history of numismatics, as his coronation in 1603 saw the first coronation medal made at the Royal Mint. It is a tradition that has, just like ‘Guy Fawkes’ Night’, lasted for over 400 years.

The medals represent a wonderful historical legacy for the United Kingdom – as cultural artifacts they are rich in symbolism; as collectables they are often extremely rare and highly sought-after. For a collection as comprehensive as this to appear on the open market is even rarer.

At our May auctions, Baldwin’s is delighted to present one such exquisite collection: the Dr Robert & Joshua Feldman Collection of Official British Coronation Medals.

Charles I (1625-1649)

Scottish Coronation, 1633, Gold Medal by N Briot (from a mintage of only 75 pieces).

Very fine and rare.

Estimate: £5,000-7,000

“We first became interested in Coronation Medals in 1985 when we came across a coronation medal of Edward VII at a coin show in California. We went on to read Henry Wollaston’s British Official Medals for Coronations and Jubilees (1978) which filled us with enthusiasm for the series. It started a 30-year journey which ultimately led to our completing a collection of all the official medals noted in Wollaston.

“It has been wonderful for my son, Joshua, and I to have had such a marvellous time and challenge during this journey.”

                                                                                                                                                    Dr Robert Feldman

George IV, Coronation, 1821, Gold Medal by B Pistrucci

Beautiful, as struck and rare.

Estimate: £1,500-1,800

For centuries these medals have been distributed at coronation ceremonies at Westminster Abbey. Historically, the gold medals were handed to the Lords, the silver to the peers, and the copper to the public gathered outside the Abbey. Characteristically, Victoria, at her coronation in 1883 deemed this ‘an unseemly process’, and instead handed out the gold and silver medals individually.

Now, just a few minutes walk from Westminster Abbey where the first coronation medals were given to Lords and Servants alike, these exquisite medals are now offered to all.

To view the entire collection, click here.

Baldwin’s London Auctions 98 + 99 take place on 3 and 4 May 2016 at our London Offices on the Strand (click for directions).

To view the entire catalogue for this auction, click here.

It’s the final day of the International Hong Kong Coin Convention, and as always it has been a fantastic event.

As a vital part of the Asian calendar, the Convention offers a unique opportunity for dealers and traders in the East to show off their wares, as well as make some new contacts and catch up with old friends in the trade.

The Convention has been running now for more than 30 years, and has always been enthusiastically attended by dealers from all over the world, from as far afield as the US, Vietnam and India. Throughout its long and illustrious history, the show has gone through various iterations, and for the last twenty years has been run and operated by Ma Tak Wo Numismatic Ltd.

 

The Hong Kong Coin Convention has been running now for more than 30 years, and is one of the best attended in the world.

 

Baldwin’s has a long and proud association with Ma Tak Wo, and our jointly-held Hong Kong Coin Auction remains one of the highlights of the 3-day event. The association is based on friendships that go back to the 1980’s – friendships that have lasted through good times and bad.

Which is why, in January of 2016, we were deeply concerned to hear that Ma Tak Wo had become ill.

It has been a difficult time for the family, especially when it was revealed that Ma’s illness meant he would miss the show for the first time in decades.

He has, however, been kept fully aware of how the show is proceeding on a daily basis, and the good news is that he is well on the road to recovery.

The Baldwin’s team here in Hong Kong have visited Ma at his hospital room a number of times over the past few days, and have been delighted by both the standard of care he is receiving, and with the remarkable progress that Ma has made in his recovery.

 

 

    

 The Baldwin’s team visited Ma in his hospital room and were delighted with the remarkable speed of his recovery.

 

Ma will be released from hospital over the next few days, and will continue his recuperation in his home.

Even better news for all involved is that Ma will soon be back on his feet and is very much looking  forward to attending the next event in August – so to all those who have missed his rather unique haggling techniques and his inimitable voice bellowing across the Crystal Ballroom at the Holiday Inn in Kowloon: rest assured – his absence is only temporary!

China Empire (General Issue)

Bank of China, Specimen 50-Yuan, Year 2 (1913).

In CMC holder graded Gem Uncirculated 65 OPQ, rare.

Lot 10 in Hong Kong Coin Auction 60 – Estimate US$7,500-9,000

Imagine the scene: you are a goldsmith, and its the middle of the 17th Century. Life is, by the standards of the day, pretty good. You have more than enough to eat, trade is brisk (gold is nicely abundant) and you’re making enough money to keep your family fed and watered.

In fact, life as a goldsmith has seen quite a rise in prosperity over the last fifty years or so. Since Henry VIII dissolved the monasteries in the mid 16th Century, you’ve been able to accumulate quite a lot of gold.

So, just where do you keep it?

Hiding it under the mattress seems a bit unsafe, not to mention the fact that mattresses haven’t been invented yet and as its the 17th C your mattress is more than likely made of straw. Putting a big pile of gold under it is going to do nothing for your back.

Step forward the Royal Mint. Which was, in fact, where the majority of wealthy goldsmiths stored their gold at the time. All was safe and good for a while, until along came Charles I, who seized all the gold stored at the Royal Mint in order to pay for his revolutionary reforms.

Suddenly, ‘under the mattress’ (straw or not) no doubt seemed like a good idea after all, even it would have given you a bad back.

What the goldsmiths did instead was to start accepting gold from the gentry and aristocracy, who were also looking for places to store their gold in order to ‘keep it from the plundering hands of that Charles fellow’.

Banking in England was born.

When the goldsmiths stored gold from the gentry in this fashion, they would often give the depositee a written note with signed and written instructions as to how they would pay it back. Something along the lines of ‘I promise to pay the bearer the sum of…’.

Sound familiar? The banknote had been brought into existence.

But was this the banknotes first appearance? Whilst the transition to ‘paper money’ may have seemed like a natural progression, albeit accelerated by political upheaval, it was very far from being an entirely new phenomenon. In fact, the Chinese had already been there – around 500 years previously.

China Empire (General Issue)

National Commercial Bank Ltd, Specimen 10-Yuan, 1 October 1923

About uncirculated with original paper, scarce.

Lot 26 in Hong Kong Auction 60 – Estimate US$3,000-4,000

In the ancient city of Pingyao in Shanxi Province, there sits a small and otherwise unremarkable cave. What is remarkable is the plaque that is fixed to the side of its entrance, declaring that ‘(this) underground cave is a treasury, in the old days silver and money leave here temporarily’. Ambiguous mistranslation aside, this cave actually marks the ancient banking centre of late Imperial China, where the first Chinese banks originated.

The rise of the ‘banknote’ in Ancient China came, as with the British version, out of necessity, and owes its emergence to the Silk Road, the trading route that ran for many centuries, linking China with the Peninsulars of India and Arabia, as well as Persia and the Meditteranean, and extending by sea as far as East Africa and Java.

With the abundance of so many different currencies along its length (divided not only by country but often by extremely small region), the traders along the Silk Road would often use what became known as ‘letters of credit’ as a more convenient mode of exchange. You guessed it – ‘I promise to pay the bearer…’.

The practice flourished and proved extremely effective, but was dealt a severe blow upon the crumbling of the Mongol Empire in the 13th Century, which saw the Silk Road trade fragment considerably.

By around 1450, the usage of paper money had pretty much died out. It did, however, pave the way for the next financial area throughout China.

China (Puppet Banks)

Central Reserve Bank of China, Error, 5-Yuan, 1940.

IN PMG holder graded Choice Uncirculated 63 EPQ.

Lot 94 in Hong Kong Coin Auction 60 – Estimate US$300-400

Flash forward a few hundred years and back in the UK our goldsmiths (and their descendants) are doing rather well for themselves. By 1784, there were more than 100 provincial banks in the UK. The Industrial Revolution had seen a huge increase in banking practices, as well as a vertiable explosion in foreign trade. Trade to places such as India, Persia, and of course, to China.

Around the middle of the 19th Century British and other European banks entered China, primarily to service the rapidly expanding number of Western trade firms who had expanded to the region.

The banknote had become a staple the world over – a fact that endures, of course, to this day. The denominations may well have changed over the centuries, and the faces that adorn them open to more public scrutiny (and often controversy), but whether it be a 17th Century English goldsmith, a Chinese purveyor of spices along the Silk Road, or the notes you just pulled out of the ATM, the principle remains the same: ‘I promise to pay the bearer the sum of….’.

The Baldwin’s Hong Kong Coin Auction takes place at the Holiday Inn, Golden Mile, Kowloon, Hong Kong

On Thursday 7th April 2016

To view the catalogue for this auction, click here.

Don’t forget, you can watch the entire auction live through this site by clicking here.