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British Sterling Currency - Numismatics,
Bank Tokens
For Reference ONLY
Everything For The Detectorist
Bank Tokens
One Shilling & Sixpence (18 pence)
Three Shillings
George III 1760-1820 AD
Royal Monarchy
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George III
Estimated Values £1000-£2,000
(2018) for V.fine condition
(2018) for V.fine condition
Image top - George III (1760-1820), silver Proof Bank Token of Three Shillings, 1811, first laureate and cuirassed bust right, front leaf at top between D and E of legend, Latin legend GEORGIUS III DEI GRATIA REX, toothed border and outer raised rim both sides rev. denomination and date in four lines surrounded by oak and laurel wreath, The Latin obverse legend translates as "George III, King by the Grace of God" coupled with an English language reverse.
There had been a persistent shortage of silver coins throughout most of George's reign, and these were to replace counterstamped emergency money, which was prone to illicit copying. The complete overstamping was intended to deter and counter this.
Technically speaking, these emergency issues were not coins, but tokens. By this method, Matthew Boulton and the Bank of England got round the legal technicalities of breaking the Royal Mint's monopoly on the issuing of legal tender precious metal coins.
Definition - In their purest form, currency tokens issued by a company crossed the boundary of merely being "trade" tokens when they were sanctioned by the local government authority. This was sometimes a measure resulting from a severe shortage of money or the government's inability to issue its own coinage. In effect, the organization behind the tokens became the regional bank.
Similarly, in times of high inflation, tokens have sometimes taken on a currency role. An example of this is Italian or Israeli telephone tokens, which were always good for the same service (i.e., one phone call) even as prices increased. City Subway tokens were also accepted sometimes in trade, or even in parking meters, since they had a set value.
There had been a persistent shortage of silver coins throughout most of George's reign, and these were to replace counterstamped emergency money, which was prone to illicit copying. The complete overstamping was intended to deter and counter this.
Technically speaking, these emergency issues were not coins, but tokens. By this method, Matthew Boulton and the Bank of England got round the legal technicalities of breaking the Royal Mint's monopoly on the issuing of legal tender precious metal coins.
Definition - In their purest form, currency tokens issued by a company crossed the boundary of merely being "trade" tokens when they were sanctioned by the local government authority. This was sometimes a measure resulting from a severe shortage of money or the government's inability to issue its own coinage. In effect, the organization behind the tokens became the regional bank.
Similarly, in times of high inflation, tokens have sometimes taken on a currency role. An example of this is Italian or Israeli telephone tokens, which were always good for the same service (i.e., one phone call) even as prices increased. City Subway tokens were also accepted sometimes in trade, or even in parking meters, since they had a set value.
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