A Group of Revaluation of 1578 Issues

Triton XVII, Lot: 1498. Estimate $750. Sold for $1300. This amount does not include the buyer’s fee.

SCOTLAND. James VI. 1567-1625. AR Testoon (27mm, 5.90 g, 8h). Revaluation of 1578 on a First period, Group IIIa issue of Mary. Edinburgh mint. Dated 1556. Crowned royal coat-of-arms; M R across field; annulets below / Jerusalem cross; c/m: crowned thistle. For host coin: cf. Burns 11 and fig. 788 (for type); SCBI 35 (Ashmolean & Hunterian) 1007 (without countermark); SCBC 5404; for c/m: SCBC p. 70. Good VF, toned.

Ex Richard Cyril Lockett Collection (Part V, Glendining, 18 June 1957), lot 319(A).

The value of silver continually rose during the early years of James' reign, and soon the metal content of the Scottish coinage was considerably higher than face value. Consequently silver coinage began to disappear from circulation, being melted down or sold abroad. In July of 1578 the Privy Council passed an act authorizing the revaluation of the coinage. Silver coins would be bought in by the Mint and released to circulate at a higher value by the addition of a crowned thistle countermark. Under this new valuation, a ryal, for example, worth 30 shillings face, would be bought in at 32s/6d, revalidated and returned to the supplier with a higher value of 36s/9d. However, the Mint collected a 4s/3d "handling fee" per ryal. In other words, the supplier would get back a value of metal exactly equal to what he put in, while the state collected a 12% surcharge. This measure was obviously very unpopular, and in 1581 a new revalued coinage had to be introduced.