The annual display competition attracted five entries of a very commendable standard. The competition entries, introduced with a few words from the exhibitors, were, as follows:

'The Development of Coinage.' Gavin

Gavin Scott prepared a display on "The Development of Coinage" illustrated by 40 world postage stamps. This showed how coinage developed in Ancient Greece through Carthaginian, Celtic and Roman periods to Jewish shekels and medieval and modern world coins. He pointed out this was rather cheaper than collecting the real thing!"

'Co-Operative Society Tokens' Neil

Neil’s display was Reading Co-operative Society bracteate tinned iron and brass dividend checks issued from 1860 onwards.

He also showed printed card dividend checks issued by the society in the 1920s for distribution at their mobile shops; these colourful checks continued in use until the 1960s. A photograph from the 1949 “Cooperation in the Thames Valley” shows one of these vehicles.

All of the display collection came from Roy Rains, author of “The Catalogue of Cooperative Tokens and Checks”

A collection of Charles I Hammered Halfcrowns by Maurice

This display shows some of the different horsemen (there are many more), in better than average grades. Milled coins are relatively easily graded and their rarity well known but it takes an experienced eye to appreciate hammered coins. Understanding how and where they were made is essential. Dies were individually made (unlike today). The obverse die, with a pointed spike, was positioned in a block of wood, then a roundish blank piece of metal, called a flan, which had been hammered into shape and thickness and then cut with large shears to the desired weight, was then placed on top. The reverse die was held in the hand and positioned on top of the flan then struck with a hammer, often many times if necessary; the moneyer may not have placed the die correctly or the flan may have been uneven. Tower Mint employees were paid piece-work, so they were not interested in the aesthetic look of the coins only the quantity they could produce.

Each moneyer selected the best two coins per shift and placed them in a box to be tested for fineness and weight at an annual ‘Trial of the Pyx'. Provincial Mints were never subjected to a Pyx Trial. In the past, the public were able to take bullion (Silver plate, foreign coin etc) to the mint and have it coined.

The mint paid 60 shillings per troy pound for silver from which it produced 62 shillings. If the mint had stocks it would pay out there and then, otherwise the people had to come back later. So long as a batch of coins weighed the correct amount, they were allowed to be put into circulation, some would be over and others under-weight. In other words as long as Joe public received his 62 shillings in exchange for one troy pound of silver, the intrinsic value of each individual coin was unimportant.

It was common practice to cull over-weight specimens and either to sell them to collectors at a premium, or to melt them down for a profit. As a result, today, most coins found are usually under the standard weight (2/6 = 232.25 grains, 15.05 grammes) even allowing for wear.

Most hammered coins circulated a great deal, and high grade specimens are rare. Tower issues are relatively common today, as they were struck in large quantities. As I have mentioned in my book, the reason so many provincial coins have survived, in spite of very low mintages, is down to contemporary collectors who found them fascinating.

Considering hammered coins were demonetised 1 st February 1697 and in the great re-coinage of 1816, all milled coins were called in and melted down and re-struck in lower weights and sizes, it is amazing how many hammered coins have survived!

Had it not been for rich people in the past who could afford to keep these de-monetised coins, this hobby would not be so exciting.

Grading and valuing hammered coins depends on a number of things;

• Firstly, ‘Eye appeal’,
• Secondly, the amount of important detail visible (mint marks etc)
• Thirdly the particular obverse and reverse types
• Fourthly, the specific mint; some provincial mint coins, for example, may be so rare that grades become almost immaterial

Those of you who specialise in a series soon learn to know the rarities and grades to expect, and accept one has to pay a premium for them. One example in this display is my Chester coin. To the uninitiated it may look awful and not worth the money I had to pay for it (I will not say, other than it was a four figure sum) but it is not only a rare type from a very rare mint, but one I never expected to own.

'O'Clock' Graham