Coins of Elizabeth I from the Collection of the late Walter Wilkinson (Part III)

Elizabeth I (1558-1603), First issue, Edward VI, Second period, Second issue [6oz. 2 dwt.], Shilling, mdxlix, mm. arrow, bust uncertain [perhaps 5], obv. countermarked with portcullis [to revalue it at Fourpence-Halfpenny], 4.09g/12h (N 1989; S 2546). Coin mediocre, countermark very fine and exceptionally clear, very rare £4,000-£5,000

This lot was sold as part of a special collection, Coins of Elizabeth I from the Collection Formed by Walter Wilkinson.

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Provenance: SNC October 1993 (7174).

The question of recoining the large amount of debased currency in circulation in the first two years of Elizabeth’s reign led a committee of the Privy Council to recommend the city of London provide magistrates to check the coin in circulation in market places, and to stamp Edward VI shillings of 8:2 and 6:2 fineness with a portcullis, enabling them to be current for fourpence-halfpenny, and those of 3:2 fineness with a greyhound, thus current for twopence-farthing. The stamping began on 10 October 1560 (i.e. almost at the end of the lis-marked first coinage, which ceased on 8 November 1560) and was undertaken country-wide, with the die-sinker John Lawrence providing sufficient punches to the corporations of 42 towns. These counterstamped coins were allowed to circulate until the early Spring of 1561

The coin is Second issue, bust type uncertain, perhaps 5