Silver coin among first ever struck in Scotland 900 years ago set to go under hammer at thousands of times its original value
ONE of the first coins struck in Scotland is expected to sell for thousands of times its original value when it goes on sale.
The 900-year-old silver coin dates back to the reign of King David I and was minted at a time when the early medieval kingdom was undergoing a revolution in society.
Experts have valued the “very rare” coin, part of a collection amassed in the last 50 years, at £1,200 and say it could fetch as much as £1,500.
From a power base in the south of Scotland, David I – who had been “Normanised” during a childhood stay at the English court – consolidated his kingdom by defeating rival claimants and rebel lords.
His rule saw the establishment of a system of government which would transform Scottish society, with the introduction of burghs, monasteries and feudalism along European lines.
The coin is part of a collection being sold in two parts. The first half, which has already been broken up, fetched an overall price of £86,270 when offered at auction in January of this year.
Included in the treasure trove of antique money is a coin from the reign of Robert II, between 1371 and 1390.
The silver “groat”, worth around four pence, was struck in Dundee at a mint known to have only been in operation for a few years. It is expected to fetch between £1,200-1,500.
A second very rare groat from the reign of James I, between 1406 and1437, is also going under the hammer.
From the Linlithgow mint, the coin was probably struck in the mid-1430s when the king was completing building works on his new royal palace nearby.
It is estimated to be worth £700-900 A “Half-merk” from the reign of James VI, dating from 1591 and decorated with a crowned shield between thistle-heads on the obverse and an unusual sword and scales motif on the reverse, is also for sale. It is expected to fetch £500-700.
Jim Brown, Coin Specialist at auctioneers Noonans said the imagery on the coin included a hidden message. He said: “This issue from the early 1590s is in remarkable contrast to the coinage of neighbouring England.
“When a coinage was not of international commercial importance, there could be less emphasis on continuity and more on experimentation. “Unlike Elizabeth I, the king of Scots had scope to introduce an element of propaganda to his coinage, as illustrated in this unusual religious and political statement, ‘His differt rege tyrannus’ – ‘In these things a king differs from a tyrant’, emphasising the justness of his rule – the scales replacing the sword to administer law and not inspire fear.”
Mr Brown added: “Baptised a Catholic but raised and educated mainly by Protestant tutors, James was well aware of the religious divisions in 16th century society and walked a fine line between the two factions within his kingdom.
“He is also making a political point contrasting the relative enlightenment and security of Scotland with the despotism of Catholic Spain and the contemporary turmoil in France and the Low Countries.”
The coins will be offered for sale at Noonans Mayfair, London, on May 9.