Misplaced Pages

This is an old revision of this page, as edited by Wehwalt (talk | contribs) at 17:17, 27 May 2023 (→Elizabeth II five-pound coin). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

The five pound gold coin is a British coin with a nominal value of five pounds sterling, produced in several periods since the early 19th century, though only struck as a circulation coin in 1887, 1893 and 1902. Since 1990 it is also known as the five-sovereign piece or quintuple sovereign as it is equivalent to five sovereign coins and shares the alloy and design features of the sovereign.

Five-guinea coin

The five guinea gold coin started out (in 1668) as a coin worth 100 shillings (5 pounds), and was sometimes called a five-pound coin. This was before the fluctuating value of the guinea settled at twenty-one shillings (in 1717). Accordingly, Richard Lobel, in his Coincraft's Standard Catalogue of English and UK Coins, there is some case that the five-pound piece issued after the Great Recoinage of 1816 is merely a continuation of the earlier coin, which was last struck in 1753. However, Lobel separates the two series in his catalogue.

After the Napoleonic Wars, Parliament, by the Coinage Act 1816, placed Britain officially on the gold standard, with the pound to be defined as a given quantity of gold. Almost every speaker supported having a coin valued at twenty shillings, rather than continuing to use the guinea. One reason for the introduction of gold coinage based on the sovereign was that its value, equal to one pound sterling, was more convenient than the guinea, equal to twenty-one shillings. Nevertheless, the Coinage Act did not specify which coins the Mint should strike.

A committee of the Privy Council recommended gold coins of ten shillings, twenty shillings, two pounds and five pounds be issued, and this was accepted by George, Prince Regent on 3 August 1816. The twenty-shilling piece was named a sovereign, with the resurrection of the old name possibly promoted by antiquarians with numismatic interests. The sovereign and half-sovereign were both first issued in 1817, but there was initially no striking of the two larger coins.

Early issues

The first striking of the five-pound denomination after the coinage reform was in 1829 as a pattern, depicting George III. The obverse shows the right-facing bust of the king with the legend GEORGIUS III D. G. BRITANNIAR. REX F.D. date, while the reverse shows Benedetto Pistrucci's St George and dragon design with no legend or date. This design had first appeared on the sovereign in 1817, surrounded by a Garter.

Lobel, in describing the 1820 five-pound piece, noted that on a copy of G.F. Crowther's 1887 book, A Guide to English Pattern Coins" presented to an unknown person with the publisher's compliments, there is a pencil notation that work on the 1820 piece was completed a few days before George III's death, and after Pistrucci, walking home on the day the king died, heard church bells announcing the demise, he returned to the Royal Mint and instructed that some five-pound coins be struck the next morning. Lobel described this as a "fascinating episode of numismatic history".

The next appearance of the denomination was in the reign of George IV, when it was produced in 1826, included in the proof set of that year; one piece is known dated 1829. The obverse shows the left-facing bust of the king with the legend GEORGIUS IV DEI GRATIA date, while the reverse shows a crowned shield within a mantle cape with the legend BRITANNIARUM REX FID DEF. The 1826 coin has the edge inscription DECUS ET TUTAMEN ANNO REGNI SEPTIMO, while the 1829 coin has a plain edge. No five-pound coins were issued during the reign of William IV.

Victoria five-pound coins

The next coin of this value did not appear until early in the reign of Queen Victoria, when one of the most famous and attractive of all British coins was produced, known as the Una and the Lion coin. Lobel describes the piece as having "cult status". Una and the Lion are characters in Spenser's The Faerie Queene. The obverse shows the young head of the Queen, facing left with the legend VICTORIA D G BRITANNIARUM REGINA F D, while the reverse shows Queen Victoria as Una leading the lion to the left, with the legend DIRIGE DEUS GRESSUS MEOS – May the Lord direct my steps (some coins say DIRIGIT instead of DIRIGE – The Lord directs my steps) – with the date MDCCCXXXIX (1839 AD) in the exergue under the lion. The edge may either have the inscription DECUS ET TUTAMEN ANNO REGNI TERTIO (an ornament and a safeguard; the third year of the reign) or be plain. These coins were struck on demand and were sold by the Royal Mint until 1886; there are a number of varieties and a total mintage of perhaps 400. A specimen in exceptional condition sold in 2021 for US $1.44 million (£1.04 million).

Pistrucci's George and dragon depiction returned to the five-pound coin in 1887, as part of the Jubilee coinage, with an obverse by Joseph Boehm. The new coin bore a shortened form of the wording VICTORIA DEI GRATIA BRITANNIARUM REGINA FIDEI DEFENSOR (Latin for "Victoria by the grace of God queen of the British territories, Defender of the Faith"). The abbreviated form of Britanniarum is rendered as BRITT rather than with a single T – Gladstone, a classical scholar as well as a politician, had pointed out that the abbreviation of a Latin plural noun should end with a doubled consonant.

The 1887 five-pound coin marked the first time that the denomination was available to the public at its face value; previous issues had been pattern or proof coins. In addition to those available for purchase at face value, proof coins were struck as part of the 1887 proof set. The five-pound and two-pound pieces did not circulate to any great extent, and were kept primarily as souvenirs. A few of the 1887 five-pound coin were struck at the Sydney Mint and bear its mint mark S on the reverse. This is an extreme rarity, with only two being known in private hands—one sold in 2021 for U.S. $660,000 (£480,000).

The Pistrucci reverse was used again in 1893, when the obverse used the "Old Head" or "Veil Head" of the queen, with the legend VICTORIA DEI GRA BRITT REGINA FID DEF IND IMP, and the edge, like that of the Jubilee issue, is milled. Victoria had been lobbying since 1888 for her title as empress of India, granted by the Royal Titles Act 1876, to be included on the coinage, and on 12 February 1892, the Prime Minister, Lord Salisbury, wrote to her, "Your Majesty's Servants are of opinion that the title of Empress of India, indicating, as it does, Your Majesty's relation to far the larger portion of Your subjects, ought to appear on the coin, in the shape of the letters 'Ind Imp' or 'I.I.' or some such abbreviation." IND IMP, short for INDIAE IMPERATRIX or "empress of India", thus appears on the 1893 issue, which was available both at face value and as part of a proof set.

Early 20th-century five-pound coins

Following the death of Queen Victoria in January 1901, preparations began for the coinage of her son and successor, Edward VII, and a five-pound coin, with an obverse by George William de Saulles, was made current by proclamation dated 1 January 1902. The Royal Mint had decided to make as few changes as possible to King Edward's coinage, and the Pistrucci reverse continued for the gold coins. Five-pound coins were issued both at face value and in the proof sets issued to commemorate the coronation of Edward VII. The legend on the obverse reads, "EDWARDVS VII : D:G: BRITT: OMN. REX : F: D: IND: IMP." (Edward VII, by the grace of God king of all the Britains, defender of the faith, emperor of India). The words OMN (short for "omnium", meaning "all"), is added after Britt in recognition of the empire's assistance during the Boer War, and remained on British coinage through 1953. During Edward's reign, five-pound coins were only struck in 1902. A small number of coins, mint marked "S", were struck in 1902 at Sydney, and are extremely rare.

Five-pound coins dated 1911 were struck as part of the coronation proof sets that year for George V, but for uncertain reasons, no ordinary, non-proof specimens were coined. This was the only issuance of five-pound coins during that reign. These coins featured a bust of King George by Bertram Mackennal, Pistrucci's reverse, and a legend that was unaltered except to substitute the name of the king, rendered as GEORGIVS V.

Following the death of King George in 1936, preparations began for the coinage of his son and successor, Edward VIII. The new king wanted his profile to face left on the new coinage, the same way as his father, which would break a tradition to reverse the direction on the commencement of a new reign which dated back to 1660. Following extensive correspondence between the king and the chancellor of the exchequer, Neville Chamberlain, Edward got his way, and pattern coins bearing a left-facing bust of the king by Thomas Humphrey Paget were struck. The Pistrucci reverse was used, but the king's abdication in December 1936 put paid to the preparations. Edward later requested a set of the pattern coins prepared for him, but was refused by his brother and successor, George VI. Edward's five-pound coin is extremely rare, with only two known to be in private hands, of which one sold in 2021 for US $2,280,000 (£1,654,000), a record for a British coin. The legend on Edward's five-pound piece was identical but for the name as the previous reign; no change in them other than the name was made for George VI, whose five-pound coin features a left-facing bust by Paget and the Pistrucci reverse. This was only struck in 1937, with a plain edge, as part of the coronation proof sets.

Elizabeth II five-pound coin

The reign of Queen Elizabeth II saw a departure from the normal practice in issuing gold coinage. A small number of gold £5 pieces were struck in 1953 in order to provide continuity of the series, and again in 1957, with an obverse depicting Elizabeth by Mary Gillick and the Pistrucci reverse, but neither of these strikings were released to the public.

No further £5 gold pieces were struck until 1980, nine years after decimalisation. Beginning that year, five-pound gold coins were sold every year though 1998, except 1983, sometimes in a four-piece proof set with the half sovereign, sovereign and double sovereign, and sometimes sold individually. The individual pieces were in uncirculated, rather than proof, condition, and display an encircled U to the left of the date. Pieces through 1984 used an obverse portrait of Elizabeth by Arnold Machin, and later ones through 1997 by Raphael David Maklouf, excepting the 1989 issue, which featured special designs by Bernard Sindall in honour of the 500th anniversary of the sovereign coin.

From 1998, a new obverse portrait of Elizabeth by Ian Rank-Broadley was used on the five-pound piece. This was used until 2015, with the Pistrucci design continuing, except in 2002, 2005 and 2012, when commemorative designs were used instead.

References

1. Royal Mint The Five-Sovereign Piece 2019 BU
2. Lobel, pp. 421, 426–427. sfn error: no target: CITEREFLobel (help)
3. Clancy, pp. 52–55. sfn error: no target: CITEREFClancy (help)
4. Seaby, p. 147. sfn error: no target: CITEREFSeaby (help)
5. Seaby, pp. 116–117. sfn error: no target: CITEREFSeaby (help)
6. Marsh 2017, p. 7. sfn error: no target: CITEREFMarsh_2017 (help)
7. Clancy, p. 57. sfn error: no target: CITEREFClancy (help)
8. Spink, pp. 389–390. sfn error: no target: CITEREFSpink (help)
9. Lobel, p. 453. sfn error: no target: CITEREFLobel (help)
10. Lobel, p. 717. sfn error: no target: CITEREFLobel (help)
11. ^ Lobel, p. 427. sfn error: no target: CITEREFLobel (help)
12. Bair, pp. 46–47. sfn error: no target: CITEREFBair (help)
13. Bair, p. 50. sfn error: no target: CITEREFBair (help)
14. Lant, p. 134. sfn error: no target: CITEREFLant (help)
15. Lobel, pp. 416–417. sfn error: no target: CITEREFLobel (help)
16. Skillern, p. 31. sfn error: no target: CITEREFSkillern (help)
17. Celtel & Gullbekk, p. 109. sfn error: no target: CITEREFCeltel_&_Gullbekk (help)
18. Seaby, p. 157. sfn error: no target: CITEREFSeaby (help)
19. "Australia: Victoria gold Proof 5 Pounds 1887-S PR64 Cameo NGC". Heritage Auctions). March 25, 2021. Retrieved 27 May 2023.
20. Lobel, pp. 427–428. sfn error: no target: CITEREFLobel (help)
21. Lant, pp. 139–140. sfn error: no target: CITEREFLant (help)
22. ^ Stocker, p. 76. sfn error: no target: CITEREFStocker (help)
23. Lobel, p. 428. sfn error: no target: CITEREFLobel (help)
24. Skillarn, pp. 31–33. sfn error: no target: CITEREFSkillarn (help)
25. Spink, p. 441. sfn error: no target: CITEREFSpink (help)
26. Spink, pp. 446–447. sfn error: no target: CITEREFSpink (help)
27. Lobel, p. 429. sfn error: no target: CITEREFLobel (help)
28. "Great Britain: Edward VIII gold Proof Pattern 5 Pounds 1937 PR67 Ultra Cameo NGC". Heritage Auctions). March 26, 2021. Retrieved 27 May 2023.
29. Roach, Steve (April 21, 2021). "World gold coins soar at Paramount Collection auction". Coin World. Retrieved May 27, 2023.
30. Spink, pp. 447, 458–460. sfn error: no target: CITEREFSpink (help)
31. Lobel, pp. 429–430. sfn error: no target: CITEREFLobel (help)
32. Lobel, p. 430. sfn error: no target: CITEREFLobel (help)
33. Lobel, pp. 430–431. sfn error: no target: CITEREFLobel (help)
34. Spink, pp. 475, 482. sfn error: no target: CITEREFSpink (help)
35. Spink, pp. 475, 498. sfn error: no target: CITEREFSpink (help)
36. Coin Yearbook, p. 235. sfn error: no target: CITEREFCoin_Yearbook (help)