The Lyall Collection of Cut and Countermarked Coins

ESSEQUIBO & DEMERARA, Authority of December 1808, Three Bitts, a contemporary counterfeit, a central segment from a Spanish-American 8 Réales, one side countermarked e.&d/ 3.bts raised within a beaded circle, 4.43g/68.4gr (cf. Prid. 75 [this punch identified as a modern copy]). Fine £200-300

This lot was sold as part of a special collection, The Lyall Collection of Cut and Countermarked Coins.

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Provenance: Bt Seaby 1984.

Although Pridmore illustrated this countermark (Prid. 75: indeed this may be the same coin) under Modern Copies, a convincing case can be made to classify this coin as a contemporary counterfeit. The coin exhibits circulation wear and this is not an easy feature for a modern copyist to replicate. However, the real clue might be in the Essequibo & Demerara Minutes of the Court of Policy for their meeting on 9 December 1808 (Prid. Appendix 7). The Governor puts forward a proposal for piercing and stamping dollars (whole dollars valued at 3 guilders or 12 bitts) and the plugs from these dollars. The population who hold dollars are directed to the authorities who will pierce and stamp them and return the dollars (still valued at 3 guilders or 12 bitts) plus an additional payment of one bitt. The Government would keep the plug from the dollar (valued at 3 bitts) and issue these again. Thus the Government made a profit of 2 bitts for each dollar that is presented for piercing. This is a very high price to pay for the piercing and stamping and it could well be believed that the population could approach someone with the skills to pierce and stamp their dollars and plugs for a much lower cost