2016-11-15 Tue

The St. James’s Auction on 30th November in London is going to offer a rare 16th-century English gold 15-shilling ryal of Elizabeth I issued to fund a military expedition of the Earl of Leicester to the Netherlands in 1585.

English gold coins were used as standard currency in the Netherlands, which were also used for funding the British expedition. The coin features a portrait of the monarch above the ship.

Gold 30-shilling double nobles and 15-shilling ryals were asked to be struck after an indenture was signed with Sir Richard Martin, warden and master worker, and Andrew Palmer, comptroller at the Tower Mint in London on 20th April 1584.

The ancient gold standard of 23 cts. 3½ grs were used to make these coins. £27,936 worth coins were struck in these two denominations from 3rd May 1584 to 31st January 1587. 15,000 double nobles and less than 3,000 ryals were issued. Most of the ryals feature the London Mint mark depicting an escallop, on the reverse.

These coins are very rare and the one offered at the auction is of full weight and rated as Good Very Fine with an estimated value of £40,000 to £50,000.