“Two Kings’ Heads Not Worth a Crown”
HANOVER. George III. 1760-1820. AR Dollar. Struck 1797. Oval countermark on a Mexican portait-type 8 Reales dated 1795 Mo FM. Bull 1852; ESC 129; SCBC 3765A. Iridescent toning, a few minor marks. Host: Near EF, c/m: Near EF.
Ex Tom Zimmer Collection (Triton XXIII, 5 January 2010), lot 2088.
Due to a lack of regal silver in England during the Napoleonic Wars Spanish 8 Reales or 'pieces of eight' readily passed for currency. In 1797 the government legalised their position 'by having them countermarked with the head of George III in a small oval. The puncheon used was that employed by the Assay Master of Goldsmith's Hall for stamping the duty mark on silver plate assayed after 1785. The dollars were then made current at 4/9d and gave rise to the saying 'two Kings' heads not worth a crown'. These oval-countermarked dollars circulated at 4/9d from 9 March to 21 October 1797.' Alan Rayner, English Silver Coinage, p. XXV.
