Sale: Triton IX, Lot: 2320. Estimate $1000.  Closing Date: Monday, 9 January 2006.  Sold For $1300. This amount does not include the buyer’s fee.

SCOTLAND. James VI. 1567-1625. AR Ryal (30.43 g, 11h). Revaluation of 1578- countermarked 1570 Ryal. \ IACOBVS • 6 • DEI • GRATIA • REX • SCOTORVM \, crowned coat-of-arms flanked by crowned I R / \ PRO • ME • MEREOR • IN • ME \, upright sword with crown on tip, flanked hand and XXX; 15 70 across field, c/m: crowned thistle. Burns 5 (fig. 921); Richardson p. 244, 5; SCBC 5472 for host coin, pg. 71 for countermark. Countermark and host coin VF with attractive toning. ($1000)

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, countermarked, and released to circulate at a higher value. A ryal, for example, worth 30 shillings face, would be bought in at 32s/6p, revalidated and returned to the supplier with a higher value of 36s/9p. However, the Mint collected a 4s/3p "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. Under the circumstances, the motto on the reverse of the Sword Dollar- "For Me; But Against Me Should I Deserve It" is ironically accurate.