Quarter guinea
Encyclopedia
The quarter guinea was a British coin
minted only in the years 1718 and 1762. As the name implies, it was valued at one-fourth of a guinea
, which at that time was worth twenty-one shillings. The quarter guinea therefore was valued at five shillings and threepence.
At the beginning of the reign of King George I (1714–1727) the price of silver had risen considerably, resulting in much British silver coinage being melted down and few silver coins' being struck. Sir Isaac Newton, the Master of the Mint
, wrote a minute dated 21 September 1717 in which he blamed the rising price of silver on the overvaluation of the guinea at twenty-one shillings and sixpence. Newton's memo resulted in a Proclamation of December 20 reducing the value of the guinea to twenty-one shillings. In 1718 it was thought appropriate to strike a new gold coin equal to a quarter guinea to provide a useful coin worth approximately the same as the five-shilling silver crown.
The new coin had to be proportionate in size to the other gold denominations, and this resulted in a coin which weighed 2.1 grams and was 16 millimetres in diameter. It had not been realised at the time that a coin of this size was impracticably small to use, and would prove unpopular. 37,380 coins were minted, but many of them were put aside as keepsakes and many of the rest were lost. The coin was discontinued after 1718, and for the next few years there was an increased output of guinea
s and half guinea
s.
Despite its minuscule size, the coin took the form of a scaled-down version of the guinea and half guinea, including all the intricate cruciform shields on the reverse and all the king's Hanoverian titles. The coin is a fine example of the mint's work, although a magnifying glass is needed to properly appreciate it. The obverse shows a right-facing portrait of the king with the legend GEORGIVS D G M BR FR ET HIB REX F D, while the reverse shows four crowned cruciform shields separated by sceptres, with a central Star of the Order of the Garter
, and the legend BRVN ET L DVX S R I A TH ET PR EL 1718 – Duke of Brunswick and Lüneburg
, Arch-Treasurer and Prince Elector
of the Holy Roman Empire
.
When George III
came to the throne in 1760, the price of silver had again risen dramatically. Despite the unpopularity of the 1718 quarter guinea it was considered necessary to produce this coin again, to the same size and weight as before, to fill the gap between the low-denomination silver coins and the larger gold coins. Unfortunately it met the same fate as its predecessor and was only produced in 1762. The obverse shows a right-facing portrait of the king with the legend GEORGIVS III DEI GRATIA, while the reverse shows a large crowned shield bearing the arms of England and Scotland, France, Ireland, and Hanover, and the legend M B F ET H REX F D B ET L D S R I A T ET E 1762 – King of Great Britain, France, and Ireland, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of the Holy Roman Empire.
British coinage
The standard circulating coinage of the United Kingdom is denominated in pounds sterling , and, since the introduction of the two-pound coin in 1998, ranges in value from one penny to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 pence...
minted only in the years 1718 and 1762. As the name implies, it was valued at one-fourth of a guinea
Guinea (British coin)
The guinea is a coin that was minted in the Kingdom of England and later in the Kingdom of Great Britain and the United Kingdom between 1663 and 1813...
, which at that time was worth twenty-one shillings. The quarter guinea therefore was valued at five shillings and threepence.
At the beginning of the reign of King George I (1714–1727) the price of silver had risen considerably, resulting in much British silver coinage being melted down and few silver coins' being struck. Sir Isaac Newton, the Master of the Mint
Master of the Mint
Master of the Mint was an important office in the governments of Scotland and England, and later Great Britain, between the 16th and 19th centuries. The Master was the highest officer in the Royal Mint. Until 1699, appointment was usually for life. Its holder occasionally sat in the cabinet...
, wrote a minute dated 21 September 1717 in which he blamed the rising price of silver on the overvaluation of the guinea at twenty-one shillings and sixpence. Newton's memo resulted in a Proclamation of December 20 reducing the value of the guinea to twenty-one shillings. In 1718 it was thought appropriate to strike a new gold coin equal to a quarter guinea to provide a useful coin worth approximately the same as the five-shilling silver crown.
The new coin had to be proportionate in size to the other gold denominations, and this resulted in a coin which weighed 2.1 grams and was 16 millimetres in diameter. It had not been realised at the time that a coin of this size was impracticably small to use, and would prove unpopular. 37,380 coins were minted, but many of them were put aside as keepsakes and many of the rest were lost. The coin was discontinued after 1718, and for the next few years there was an increased output of guinea
Guinea (British coin)
The guinea is a coin that was minted in the Kingdom of England and later in the Kingdom of Great Britain and the United Kingdom between 1663 and 1813...
s and half guinea
Half guinea
The Half Guinea gold coin of the Kingdom of England and later of Great Britain was first produced in 1669, some years after the Guinea entered circulation...
s.
Despite its minuscule size, the coin took the form of a scaled-down version of the guinea and half guinea, including all the intricate cruciform shields on the reverse and all the king's Hanoverian titles. The coin is a fine example of the mint's work, although a magnifying glass is needed to properly appreciate it. The obverse shows a right-facing portrait of the king with the legend GEORGIVS D G M BR FR ET HIB REX F D, while the reverse shows four crowned cruciform shields separated by sceptres, with a central Star of the Order of the Garter
Order of the Garter
The Most Noble Order of the Garter, founded in 1348, is the highest order of chivalry, or knighthood, existing in England. The order is dedicated to the image and arms of St...
, and the legend BRVN ET L DVX S R I A TH ET PR EL 1718 – Duke of Brunswick and Lüneburg
Brunswick-Lüneburg
The Duchy of Brunswick-Lüneburg , or more properly Duchy of Brunswick and Lüneburg, was an historical ducal state from the late Middle Ages until the late Early Modern era within the North-Western domains of the Holy Roman Empire of the German Nation, in what is now northern Germany...
, Arch-Treasurer and Prince Elector
Prince-elector
The Prince-electors of the Holy Roman Empire were the members of the electoral college of the Holy Roman Empire, having the function of electing the Roman king or, from the middle of the 16th century onwards, directly the Holy Roman Emperor.The heir-apparent to a prince-elector was known as an...
of the Holy Roman Empire
Holy Roman Empire
The Holy Roman Empire was a realm that existed from 962 to 1806 in Central Europe.It was ruled by the Holy Roman Emperor. Its character changed during the Middle Ages and the Early Modern period, when the power of the emperor gradually weakened in favour of the princes...
.
When George III
George III of the United Kingdom
George III was King of Great Britain and King of Ireland from 25 October 1760 until the union of these two countries on 1 January 1801, after which he was King of the United Kingdom of Great Britain and Ireland until his death...
came to the throne in 1760, the price of silver had again risen dramatically. Despite the unpopularity of the 1718 quarter guinea it was considered necessary to produce this coin again, to the same size and weight as before, to fill the gap between the low-denomination silver coins and the larger gold coins. Unfortunately it met the same fate as its predecessor and was only produced in 1762. The obverse shows a right-facing portrait of the king with the legend GEORGIVS III DEI GRATIA, while the reverse shows a large crowned shield bearing the arms of England and Scotland, France, Ireland, and Hanover, and the legend M B F ET H REX F D B ET L D S R I A T ET E 1762 – King of Great Britain, France, and Ireland, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of the Holy Roman Empire.
External links
- British Coins - Free information about British coins. Includes an online forum.