Description
Elizabeth I, Queen of England 1558-1603 AD, Silver One Testern (3.22g), trade coinage ‘Portcullis Money’ , initial mark ‘O’ , struck at the Tower Mint, London 1600-1601 AD. Obverse: Crowned Flat-topped Shield of Arms of the House of Tudor flanked by crowned ‘E’ and ‘R’ either side, toothed border and legend around, “O: ELIZABETH· D:G: AN: FR: ET· HI: REGIN:” . Reverse: Crowned Portcullis with flanking chains, toothed border and legend around, “O:POSVI · DEVM · ADIVTOREM · MEVM ·”. Spink-2607D. Evenly worn, problem free, details are Fine.
The modest grade of this coin is insignificant when understanding its rarity and history – the One Testern offered here is an extremely affordable example for the Elizabeth I ‘portcullis money’ series, an essential purchase for any English Numismatic collector. Conceptualized in the image of the Spanish Real, the four denominations of Eight, Four, Two and One Testerns were struck with the weight and composition of their Real counterparts; they adopted the name ‘Portcullis Money’ due to their striking and memorable reverse, and were England’s first trade coinage intended for the maiden voyage of the incorporated ‘Governor and Company of Merchants of London Trading into the East Indies’. Prompted by the growing colonial power of her neighbours, particularly the Spanish and Portuguese, England intended for this ‘Portcullis Money’ to promote outside trade, principally in the far east. Unfortunately, however, the competition with the Spanish Eight Reales and its fractions proved too difficult and ultimately the coinage did not succeed, rendering the surviving coins great rarities. Salvesen reports that there are only 37 One Testerns known, and only 22 of which are privately owned.
The Obverse Legend in latin reads: Elizabeth, Dei Gratia, Angliae, Franciae, et Hiberniae, Regina, translating to “Elizabeth, by the Grace of God, Queen of England France and Ireland”. The Reverse Legend in latin reads: Posui Deum Adjutorem Meum, translating to “I have made God my helper”.
Provenance:
Ex. Seaby Bulletin 1961
Ex. Colonial Coins & Medals Collection 2019
“Being England’s first trade coinage, the Portcullis Series therefore has a deep connection to the expansion of the English Empire and the establishment of colonialism – consequently, the Portcullis Piece has become the icon of Colonial Coins and Medals.” Peter Brooks