Lot 390
Great Britain. 5 Guineas, 1729-E.I.C. George II (1727-1760). S-3664; Fr-333. Young Laureate Head, left, with E.I.C (East India Company) below bust. Reverse: Crowned, garnished shield. Lustrous, an exceptional example of this historic hallmarked issue. Rare. NGC graded AU-55. Estimated Value $17,500 - UP
The East India Company was a major tool in Britain's path to mercantilism. It provided a means for the eventual incorporation of the whole of India into the British Empire. It was established in 1600 to challenge the Dutch-Portuguese monopoly of the spice trade in Asia. Initially, the British had hoped to sell linen broadcloth to the vastly populated subcontinent -- something that had proved immensely popular and profitable for decades in their European markets. They were severely disappointed but discovered that native items could be sold at home for handsome returns. Winning concessions over time from local rulers, the Company established trading posts aimed at obtaining silk, cotton, indigo and tea in Madras, Bombay, Calcutta, and elsewhere along both coasts. Parliament later rescinded the Company's monopoly, but by the time of this coin's minting some 15% of Britain's imports came from India, and the Company's presence required an ever larger British military obligation to safeguard operations and pesonnel. By 1773 a Regulating Act instrumented by Lord North granted to the Crown control over the affairs of the Company, and placed the whole of India under the rule of a Governor-General. The East India Company was dissolved in 1858, when the administration of India was turned over to the Crown. This wonderful coin valued at 5 Guineas, marked with the Company's initials, was struck from gold obtained in India through trading conducted by the Company at the height of its power.
Ex Millennia, Lot 372
Goldberg's Auction 59, lot 3109
The Peh Family Collection.
|
| |
| Realized $43,200 |
