Triton XVIII, Lot: 1750. Estimate $750. Sold for $1400. This amount does not include the buyer’s fee.

SCOTLAND. James VI. 1567-1625. AR Testoon. (30mm, 1h). Revaluation of 1578 on a Second period, Group II issue of Mary & Francis. Edinburgh mint. Dated 1560. FRAN · ET · MA · D · G · R · R · FRANCO · SCOTOR Q, crowned coat-of-arms; cross to left, X to right / · VICIT · LEO · DE · TRIBV · IVDA · 1560 ·, crowned FM monogram; [crowned lis to left], crowned thistle to right. C/m: crowned thistle. For host coin: Burns 14; SCBI 35 (Ashmolean & Hunterian), 1093; SCBC 5418. FOR C/M: SCBC P. 70. In NGC encapsulation graded AU 50. Toned.

From the Jonathan K. Kern Collection. Ex LaRiviere Collection (Spink 179, 29 March 2006) lot 116, purchased from Spink, 20 March 1989.

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.