First gold penny to sell for £730,000
A RARE example of England’s first gold coin is tipped to fetch £730,000 at auction.
The Henry III penny was struck around 1257 by William of Gloucester using North African gold. It shows the bearded king clutching a sceptre, with his name on the edge. It is said by experts to be the first true portrait of an English monarch.
A cross, roses and pellets decorate the reverse of the one-inch coins which were issued with a value of 20 pence – around £60 in today’s money.
Most were melted down after falling out of circulation following Henry III’s death, as the gold content was by then worth more than the face value of the coin. There are just seven surviving examples – the others are in the British Museum in London, the Fitzwilliam Museum in Cambridge and in private hands.
The coin is being sold by Heritage Auctions, of Dallas, Texas for a US collector who has owned it for 25 years.
The firm’s Cristiano Bierrenbach said: “The gold pennies of Henry III represent a fascinating period when gold was beginning to trickle back into European commerce after a dearth of nearly 500 years.
“Henry III ordered the creation of a gold coin for his kingdom to be struck at twice the weight of a silver penny and valued at 20 pence.
“It has a wonderful portrait of him and is in incredible condition – you would never think it was 800 years old. We have been able to locate only seven pieces remaining of this issue, with this likely being the finest known. We believe it is on course to sell for $1million (£730,000).” Henry III ruled England from 1216 until his death in 1272. In the 1240s and 50s he demanded that all payments were made in gold to help fund his overseas projects.
The timed auction is due to end on Thursday.