2017-08-16 Wed

A 400-year-old English coin was honoured with the release of a modern commemorative coin from the modern firm named East India Company. Testern is Britain’s rarest coins and is also called “portcullis money” since it features a heavy vertically-closing gate, found mostly in medieval fortifications. The reverse of an antique Proof .999 fine silver 25-penny coin issued for St. Helena features the same gate while the obverse depicts an effigy of Queen Elizabeth II.

The coin is Britain’s first colonial coinage, issued for British East India Company’s first voyage in 1601. It was used for overseas trade during Elizabeth I’s reign.

Specially minted coins were issued for each voyage, based on the existing international trade coin of the time — the Spanish real. The testern was minted to the exact same specifications as the Spanish 8-real coin.

Almost £6,000 worth of Portcullis money was loaded onto four East India Company ships which left Woolwich, England, in February 1601. £20 worth of coins were presented to dignitaries. Some of these special coins are available to collectors today, the rest were melted for use in local currency.

The new coin has the classic weight of 26.7 grams, and measures 38.6 millimetres in diameter. The coins come in a presentation box along with a certificate of authenticity. The mintage limit is 10,000 pieces and each coin costs $138.60 U.S..