AUCTION HOUSE HIGHLIGHTS

COINS AND BANK NOTES

Rick Parrish introduces some notable lots that came up for sale this April at Ripon-based auctioneers Elstob & Elstob

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oin collecting has been popular for over 2,000 years. The ancient Roman emperors collected and gifted coins issued by earlier Greek kings, and the practice of coin collecting was revived by 14th-century European monarchs, earning it the nickname ‘the hobby of kings’, explains expert numismatist Rick Parrish.

Today coin collecting is no longer reserved for the elite, with collectable categories to suit every whim and budget. The Royal Mint now issues large numbers of celebratory and commemorative coins that can be found in circulation, and these coins are hugely popular because of the nostalgia they offer. Recently coin collecting has seen something of a boom, and sale records are regularly being broken. With bank interest rates so low, collectors have looked to diversify their savings and investments. And thanks to the advent of third-party grading and authentication, even novice collectors can now buy a rare coin and have no doubts about its authenticity.

Coins offer something tangible that other investments such as alcohol in bond or stocks and shares do not. It is this link to the past, combined with good financial performance and an ever-growing demand, that has taken the hobby from strength to strength.

1 Operation Bernhard was a Nazi Second World War operation to forge British bank notes. The initial plan was to drop the notes over Britain to bring about a collapse of the British economy. The unit successfully duplicated the rag paper used by the British and produced nearidentical engraving blocks. The Bernhard unit closed in early 1942 but was revived later in the year with a new aim of forging money to finance German intelligence operations. Prisoners from concentration camps produced British notes until mid-1945. This Operation Bernhard fifty pound note was sold by Elstob & Elstob for £120.

2 Gold guineas are especially keenly sought after as they represent Great Britain’s first machine-made gold coinage. They were first minted in 1663 under Charles II and were discontinued in 1814. Gold guineas were withdrawn from circulation to be melted and recoined as sovereigns, and hence are scarce today. This 1794 George III guinea – known as a ‘spade guinea’ because of the design on the obverse – was sold by Elstob & Elstob for £550.

3 Silver double denarii of the joint emperors Balbinus and Pupienus who were elected in the year 238. Having returned to Rome after defeating their rival Maximinus in battle, they soon began arguing amongst themselves about who was the most important. They proved unpopular with the people of Rome and were executed by the Praetorian Guard after reigning for a mere three months. These two coins, both in ‘Near Extremely Fine’ condition, were sold by Elstob & Elstob for £300 and £480 respectively. 4 Following the trial and execution of Charles I, Cambridgeshire Parliamentarian Oliver Cromwell eventually assumed the title of Lord Protector of the Commonwealth of England, Scotland and Ireland, a position he occupied from 1653 until his death in 1658. His head appeared on coins of the period, styled as a Roman emperor. This 1658 Cromwell shilling was sold by Elstob & Elstob for £1,000. 5 This particular version of the one pound note, bearing the signature of the Bank of England’s Chief Cashier Cyril Patrick Mahon, is quite rare. The type was first issued in 1928 to replace the preceding ‘Treasury notes’. However in 1929 Mahon was succeeded by Basil Gage Catterns, making this combination of note and signature a one-year type. This scarce note is made yet more desirable by its immaculate uncirculated condition. Sold by Elstob & Elstob for £100. For more information about auctions at Elstob & Elstob visit elstobandelstob.co.uk or call 01765 699200. Rick Parrish is the founder of Numiserve, a coin cataloguing and authentication service.

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