Coin History – The Coins & History Foundation

The Tragic Tale of Eloy Mestrelle

Before the sixteenth century, coins were produced in pretty much the same way as they had been in Ancient Greece. Metal would be heated until it was molten and poured into moulds before being allowed to cool. The blank piece (planchet) was then extracted from its mould and placed between two engraved metal dies. The upper die was then struck sharply with a hammer to produce an image on both sides. The process was repeated until the images produced on the coins fell below the required quality threshold, and it became necessary to replace the dies.

Artisans working in a historical workshop, crafting coins with hammers and metal tools, surrounded by wooden workbenches and stacks of shiny coins.

One of the problems associated with hammered coins is that it was difficult to produce coins of a regular diameter. Their irregular, non-uniform shapes made them particularly vulnerable to clipping, where criminals would cut slivers of precious metal off the edge of the coin before passing it on. The crime of clipping coins warranted the same punishment as counterfeiting – a death sentence.

When Elizabeth I became Queen on the death of her elder sister Mary in November 1558, she inherited a coinage crisis caused by the large number of badly worn, clipped and counterfeit coins in circulation. Coins struck during the first eighteen months of her reign failed to make much of an impact as the new coins were quickly seized by private collectors and thus failed to circulate, which proved Gresham’s law that “bad money drives out good”.

In 1560, the Queen ordered a recoinage to take place. Circulating money was recalled to the Tower of London to be melted down and transformed into new coins. The mint based there was restructured to better enable it to complete the task, and a Frenchman named Eloy Mestrelle was invited to travel to London with his family to set up the first mechanised coining press in England. The coins he produced that year would become the first non-hammered coins to enter circulation in Britain.

Mestrelle had learned his craft on the screw press at the French Mint at Versailles, and it appears that he may have arrived at the Tower under a cloud of suspicion. After appointing him to build and operate Britain’s first coining machine, the Queen also granted him a pardon “for all treasons, felonies and offences … in respect of clipping or counterfeiting coin” that may have occurred previously.

To create his coinage, Mestrelle poured molten silver into moulds, flattened the rough shapes with rollers and then punched out coin blanks of the correct size and weight. These were then placed between two specially created dies beneath a large 23-kilogram ram attached to a large cross-shaped handle. Rapidly rotating the handle slammed the dies together, which produced a perfectly struck coin with a milled edge to protect it from clippers.

A historical scene depicting men operating a large wooden press in a dimly lit room. Two men struggle with a heavy weight while another man sits beside a basket of coins. A fourth man works at a lower level near an opening in the floor.

The first English coins produced on the screw press in 1561 were the shilling, groat and half groat, and Mestrelle switched to sixpences and threepences when the new denominations were introduced later that year. The Queen was impressed enough with the new coins to award Mestrelle an annual pension of £25 in December 1561.

Though hammered coinage remained the bulk of the mint’s output, it is a testament to the superior quality of the milled sixpences struck in 1561 and 1562 that many thousands were still to be found in circulation well over a century later.

_{Milled shilling dated 1560-61}

The vast majority of milled coins produced at this time were silver, but there were also some gold half pounds, crowns and half-crowns produced. The Bishop of London, Edmund Grindal, referred to them in a letter written in June 1562 in which he described them as being made “in a manner resembling print”.

When Londoners were struck down by the plague during the summer of 1563, the mint was forced to shut down for nearly a year as people fled the city. When it reopened, silver was in short supply, and production was slow, with the bulk of the work going to the hammerers. It wasn’t until the end of 1566 that the production of milled coins resumed and the screw press began turning out milled threepences and sixpences again.

Mestrelle’s small team had worked independently of the manual coin hammerers, who may have feared that the new technology would shortly put them out of a job. He also failed to endear himself to mint officials, who favoured the traditional hammered production method as it was considerably cheaper. Milled coins were increasingly seen as an expensive curiosity and attracted sightseers to the Tower who wished to see the new technology in operation, which presented its own problems for security.

In September 1568, a member of Eloy’s family, Philip Mestrelle, was arrested and charged with making four counterfeit Burgundian crowns. Eloy was implicated in the scandal, and four months later, Philip was convicted and hanged at the Tyburn gallows. Eloy escaped prosecution and secured a second pardon from the Queen. However, the knives were out for the Frenchman, and it appears that a successful campaign to sabotage his output at the mint had begun.

Coins struck by Mestrelle from 1570 onwards are notably inferior in design detail, which may have been because some of his equipment had been confiscated by mint officials. Mestrelle may have attempted to express his frustrations to the Queen in the form of a small medal made to commemorate the defence of the kingdom. On the obverse with the Queen’s portrait is the inscription, QVID NOS SINE TE (What are we without thee). On the reverse, there is an image of a castle, possibly the Tower of London, with the message, QVID HOC SINE ARMIS (What is this without tools). As if to underline his poignant plea, the quality of the medal is poorer than his earlier coin work. However, if Mestrelle intended to alert the Queen to his mistreatment at the mint, there is no evidence that he was successful.

_{The ‘Defence of the Kingdom’ medal produced by Mestrelle}

In December 1571, a change of management at the mint neatly brought about the end of milled coinage at the Tower of London. Under the guise of an efficiency drive, the Warden of the Mint, Richard Martin, held a time trial to determine which technology could make the most coin blanks in one hour. While two men using Mestrelle’s equipment produced 22 blank sixpences, the hammerers produced 280. History does not record how many hammerers were involved in the trial, or why the trial didn’t involve the production of finished coins. It gave Martin the excuse he needed to seize the Frenchman’s machinery and forbid him from accessing the mint. Mestrelle was, however, permitted to retain his lodgings within the Tower, where he lived quietly with his family for the next five years.

The unemployed moneyer, faced with mounting debts, appears to have drifted into a life of crime. In October 1577, he was arrested in London and charged with counterfeiting. His possessions were seized, his house cleared, and his widowed mother and family turned out onto the street. Realising the severity of his predicament, he offered to divulge the names of former colleagues who were counterfeiting coins, but it was to no avail. In the spring of 1578, he found himself making the dreadful one-way journey to the gallows for an appointment with the hangman.

Mestrelle’s screw press equipment in the Tower of London was used occasionally, and remained a
curiosity for several years before it was allowed to fall into disrepair. It would be over a century before the hand hammerers would be threatened again by the new technology. As time went by, other uses were found for the superior milled coins. In the opening scene of his play, ‘The Merry Wives of Windsor’, first performed around 1600, Shakespeare refers to ‘mill-sixpences’ being used as gaming tokens. There is also evidence that they were used as love tokens, where two coins were bent together into an ‘S’ shape for each lover to carry with them.

The tragic tale of Eloy Mestrelle is a powerful reminder that progress often comes at great personal cost, and that those who introduce change are not always honoured in their lifetime. Though Mestrelle died in disgrace, the ideas he brought to Great Britain would ultimately outlast his enemies. In that sense, his fate was the unfortunate consequence of being ahead of his time. But his legacy is a lasting one, struck into the very future of British coinage.

March 26, 2026March 26, 2026 justinrobinson British Coins, Coin History, Monarchs

The Great Victorian Sixpence Scandal

Sherlock Holmes arrived too late to solve one of Britain’s most curious criminal enterprises – a scandal that centered around Queen Victoria herself.

But to be fair, it wasn’t his fault.

You see, the Great Detective made his debut in A Study in Scarlet in December 1887. Just six months earlier, the British Empire was shaken by a coinage blunder that led to one of the most widespread counterfeiting crime waves in British history.

To celebrate Queen Victoria’s Golden Jubilee in 1887, the mint marked the occasion with a new portrait of the 68-year-old monarch for the nation’s silver and gold coinage. They also took the opportunity to introduce elegant new heraldic reverse designs for some of the silver coins.

Queen Victoria’s ‘Young Head’ portrait (left) was replaced with the ‘Jubilee Head’ portrait (right) in 1887

For the sixpence, this was to cause a national scandal and lead to a costly and embarrassing recall.

For much of Queen Victoria’s reign, the reverse designs of her three smallest silver coins bore the denomination to assist with their identification. Each design followed a similar pattern, comprising a crown at the top, laurel branches at the sides, and the denomination clearly displayed at the centre.

The threepence had the numeral ‘3’, the sixpence the words ‘SIX PENCE’ and the shilling ‘ONE SHILLING’. Whilst not particularly imaginative, the designs helped the public tell the coins apart.

To accompany the Queen’s new Jubilee coin portrait, the mint decided to change the reverse designs on the silver coins (with the exception of the threepence which retained its numeral). Instead of expressing the denomination in words, the sixpence received an elegant heraldic design depicting the crowned Royal Arms on a shield.

The 1887 Silver Sixpence with Shield reverse

Unfortunately, no one at the mint noticed that the new sixpence design now closely resembled the crowned Royal Arms that appeared on the gold half-sovereign.

The 1887 Half Sovereign

The fact that both coins were almost exactly the same size and roughly the same weight did not go unnoticed by enterprising criminals across the country. They wasted no time in purchasing tins of gold-coloured paint in which to dip the new sixpences before passing them off as gold half sovereigns worth twenty-times more!

This meant that large numbers of fake half sovereigns quickly entered circulation, as well as an almost endless supply of sixpences which could be cheaply disguised and passed off as the more expensive gold coin.

What had begun as a thoughtful and delightful way to celebrate the Golden Jubilee of the monarch quickly spiralled into a national crisis which threatened to erode confidence in British coinage.

As the golden deception grew, the government was forced to withdraw all 1887 dated shield sixpences from circulation. These were melted down and restruck with their original reverse design which once again bore the words ‘SIX PENCE’, thereby ensuring that they couldn’t be so easily disguised as gold half sovereigns in the future.

The 1887 Sixpence with the restored ‘SIX PENCE’ reverse

This makes the 1887 shield sixpence one of Britain’s shortest-lived and most infamous coins, and any surviving examples are rare.

March 26, 2026March 26, 2026 justinrobinson Ancient Greece & Rome, Coin History, Medieval Coins

The Two Faces of Christ on the Gold Coins of Justinian II

Christianity became the official religion of the Roman Empire in 313 AD. The western part of the empire fell in 476, but the eastern (or Byzantine) empire, with its capital at Constantinople, would continue for another thousand years after that.

For centuries after his public execution, there was no consensus among artists on how to depict the face of Jesus of Nazareth. The Bible makes no mention of his physical appearance, preferring instead to focus on his words and actions. Contemporary Roman, Greek and Jewish accounts of his life provide us with no evidence either. The earliest known depictions of Christ reflect this uncertainty. In some illustrations, he has long hair and a beard. In others, he is clean-shaven with short, curly hair.

The two very different faces of Jesus that appear on coins struck during the reign of the Byzantine Emperor Justinian II show us that even at the beginning of the eighth century, there was still disagreement about how Jesus should be depicted. The older of the two coins struck in 692 AD depicts a long-haired and bearded Jesus, with a face so intricately detailed and full of character that it appears almost to have been sculpted from life.

A golden coin depicting a figure with a beard and cross behind the head on one side, and a female figure holding a staff on the reverse side. — Gold solidus of Justinian II (692-695 AD)

It has been suggested that the coin engraver based his work on the colossal statue of the bearded Zeus at Olympia as his inspiration. The statue appeared on Greek coins and was destroyed during the fifth century. However, it seems highly unlikely that a pious emperor would select the face of a Greek god to depict his Lord and Saviour. This presents us with a mystery. Who or what was the inspiration for the intricate design?

Over a century earlier, in 525 AD, a chance discovery by workers repairing a wall in the Mesopotamian city of Edessa changed the way that Christ would be depicted forever. High up on the wall, they stumbled upon a hidden niche, and within the small space, they found a container with a strip of linen carefully folded inside.

The city officials would have gazed in wonder at the sight that greeted them. Imprinted onto the linen was the unmistakable image of a long-haired, bearded man with large owl-like eyes, a long nose, and a moustache. How the image had been transferred appeared supernatural, and it was described as having been ‘not made by human hands’.

The people of Edessa knew immediately what the cloth was. According to the history of their city, disciples of Jesus of Nazareth had visited Edessa centuries earlier and entrusted the linen to King Abgar, one of the first rulers to embrace Christianity. However, after his death, the city reverted to paganism, and the cloth was quickly hidden away for its own protection. Now its chance rediscovery prompted rejoicing throughout the Kingdom, and pilgrims soon flocked to Edessa to see the true likeness of their Saviour mysteriously imprinted onto the cloth.

Depictions of the bearded face on the Edessa Cloth (or Mandylion) soon began to appear throughout the Christian world and became known as the ‘Pantocrator’ (all-powerful) image. Within a few years of the rediscovery, the Basilica in Ravenna, Italy, had a beautiful mosaic of Christ based on the distinctive face. At around the same time, St. Catherine’s Monastery at Mount Sinai, nearly three thousand miles away, received a new wall painting with features that also closely matched the face on the mysterious cloth.

A comparison of two religious images of Christ: on the left, a mosaic depiction with vibrant colors and a gold background, and on the right, a painted icon featuring a more naturalistic representation. — Basilica in Ravenna, Italy (left). Saint Catherine’s Monastery, Mount Sinai (right)

In 685 AD, Justinian II became the ruler of the Byzantine Empire at the age of sixteen. In the first years of his reign, he secured a very favourable peace treaty with the neighbouring Arab states in which they agreed on joint possession of Armenia, Iberia and Cyprus. The new détente, after decades of hostility, would have provided the emperor with access to the Mandylion at Edessa, which Muslims had occupied since 638 AD.

At first, Justinian’s coinage was conventional, but in 692 AD, he decided to place a front-facing portrait of Christ on the gold solidus, semissis and tresmissis, and the silver hexagram. The emperor would have called upon his most skilful engraver at the Constantinople Mint to undertake the task. This may have involved making a trip to Edessa to see the mysterious image up close. The Latin inscription accompanying the portrait, IHS CRISTOS REX REGNANTIUM, can be translated as ‘Jesus Christ, King of those who Reign’. On the reverse, the emperor is depicted standing and holding a cross, surrounded by the inscription DOMINUS JUSTINIANUS SERVUS CHRISTI, translated ‘Lord Justinian, Servant of Christ’.

The emperor’s unprecedented decision to depict Christ on his coins may have provoked neighbouring Muslims, who revere Christ as a prophet but reject His divine status. Despite waging war against the Byzantine Empire several decades earlier, wealthy Muslims used Byzantine gold coins in their transactions because they had a trusted weight. However, after Justinian II put the image of Christ on his coinage, Caliph Abd al-Malik ibn Marwan was compelled to issue the first Islamic gold dinar in 696 AD. Weighing 4.25 grams, the new Islamic dinar had a broadly similar weight to the solidus’ 4.5 grams, but was a significant departure from earlier Islamic coinage, which had previously imitated Byzantine designs.

The new dinar replaced all pictorial images with Arabic inscriptions declaring “No god but God, unique, He has no associate”, and “God is one, God is eternal, He does not beget nor is he begotten”. Furthermore, Abd al-Malik commanded that anyone who possessed Byzantine or Arab-Byzantine gold coins must hand them in to the mint for restriking or be punished by execution.

A gold coin featuring intricate Arabic inscriptions on both sides, likely related to Islamic history or culture. — Islamic gold dinar minted at Damascus, Syria in 697 AD

In 695 AD, Justinian II was overthrown in a military coup when his former General, Leontios, seized the throne. In Byzantine culture, the emperor reflected divine authority, and since God was perfect, an emperor had to possess no physical defects. Consequently, the ousted emperor suffered the indignity of having his nose cut off to render him ineligible from ever sitting on the throne again before being exiled to the Crimea. Leontios had Justinian’s coinage melted down and remade with his portrait, but three years later, he too fell victim to a coup, which put Admiral Apsimar on the throne, who reigned as Tiberius III. Meanwhile, Justinian arranged for a prosthetic nose to be fitted and formed an alliance with the pagan Bulgars to plot his political comeback, which he achieved spectacularly in 705 AD.

After being restored as emperor, Justinian II promptly had Leontios and Tiberius III executed for their treachery and arranged for new coins to be struck, once again depicting Christ on the obverse. However, the majestic image of the long-haired, bearded Pantocrater was replaced by a much more youthful-looking face, with thick curly short hair and a smaller beard. The image is often referred to as the ‘Syrian’ image after similar depictions have been found in the eastern Mediterranean. The Latin inscription, DOMINUS IESUS CHRISTUS REX REGNANTIUM, can be translated as ‘The Lord Jesus Christ is the King of Kings’.

Gold coins depicting two historical figures, one holding a book and the other holding a scepter, both with distinct features and attire. — The second image of Jesus to appear on the gold coins of Justinian II from 705AD. Note the globe that the emperor holds inscribed with the word PAX (peace)

Why Justinian II chose such a completely different image of Christ for the coins of his second reign has long been debated. The answer may lie in the fact that during his exile, the Arabs had taken advantage of the political instability in Constantinople to attack Byzantine territories in North Africa and Asia Minor. Leontios and Tiberius III proved incapable of preventing them. So, with the resumption of hostilities, Justinian II may well have found his access to the Mandylion in the Muslim-controlled city of Edessa barred.

Surviving examples of Justinian II’s earlier coins in Constantinople would have been difficult to source following the reign of two emperors keen to remove all traces of their predecessor. This would have made it difficult for Mint engravers to copy the previous design struck ten years earlier. It is also possible that Justinian II may have feared for the safety of the Mandylion in the hands of his enemies if he chose to venerate it on his new coinage. Perhaps this explains why the emperor chose to depict himself on the reverse of the new coin (with a normal nose incidentally), holding a globe inscribed with PAX (‘peace’). Later, Justinian added his young son Tiberius to the reverse, and the two of them hold up a cross together.

Gold coin depicting two figures holding a cross, wearing crowns and robes, with intricate details and symbols. — A new reverse design depicting Justinian II and his young son Tiberius ruling together appeared later in the reign.

It was the last time that this depiction of Christ with short curly hair and a thin beard would appear on Byzantine coins. The reign of Justinian II ended abruptly in 711 AD when another military coup, this time led by General Philippikos, assumed control of the empire. Knowing that mutilation and exile had not stopped Justinian II before, the new emperor began his reign by making sure that his predecessor, together with his six-year-old son, were put to death immediately.

The image of Christ would not appear on coins again for another 132 years. At that time, a major debate raged through the empire over the veneration of religious images (icons), specifically as the Old Testament forbids the creation of objects to worship (Exodus 20:4-5). Emperor Leo III banned all depictions of Christ in 726 AD and ordered their destruction, prosecuting anyone caught venerating them. The situation was not resolved until the Second Council of Nicaea met in 787 AD and defended the veneration of images by arguing that Christ had provided one of his own by miraculously imprinting his image onto the Edessa cloth.

In 843 AD Empress Theodora restored the image of the long-haired, bearded Jesus to Byzantine coinage, which by now had become the commonly accepted image of Christ throughout the Christian world.

A century after the debate regarding images was settled, an armed delegation from Constantinople arrived at Edessa and negotiated with city officials to take ownership of the sacred cloth in exchange for the release of two hundred high-ranking Muslim prisoners of war. On August 15th, 944, it arrived in Constantinople amidst great public rejoicing and was given a place of honour in the Pharos chapel of Constantinople’s Imperial Palace. Emperor Constantine VII personally inspected the cloth, and described the image as being “extremely faint, more like a moist secretion without pigment or the painter’s art”.

A large crowd gathers in a decorated plaza, celebrating with festive banners. In the foreground, a group of individuals raises a beautifully ornate box, possibly symbolizing a religious artifact, while others cheer and express joy. Lavishly designed buildings and domes are visible in the background, indicating a significant cultural or religious event. — The Edessa cloth bearing the mysterious image of Jesus not made by human hands is welcomed in Constantinople on 15 August 944 AD

The cloth was initially considered too holy to be put on public display. One dignitary who received a private viewing was Gregory Referendarius, the Archdeacon of the Hagia Sophia in Constantinople, who preached a sermon declaring that Christ had “imprinted the reflection of his form on the linen”. Later, in 1130 a monk named Orderic Vitalis declared that the mysterious cloth of Jesus bore “the majestic form of his whole body … supernaturally transferred”.

Over seventy years later, a French visitor to the city, Robert de Clari, witnessed a weekly ceremony in which “the Shroud in which our Lord had been wrapped … every Friday was raised upright so one could see the figure of our Lord on it”.

In 1204, Constantinople was attacked and plundered by the French-led Fourth Crusade. Many priceless treasures from antiquity were destroyed as the Crusaders rampaged through the city seizing anything of value. It was reported shortly afterwards that “they have taken many relics, including the linen in which our Lord was wrapped’, and the whereabouts of the mysterious cloth with its enigmatic, supernaturally transferred image of Christ, would remain a mystery for the next 145 years.

March 26, 2026March 26, 2026 justinrobinson Coin History, European Coins, Shipwrecks, U.S. Coins

The Lost Coins that Changed the World – The Story of El Cazador

History is not only shaped by rulers, wars, and treaties, but by fragile moments of chance. Few objects illustrate this truth more powerfully than the silver coins carried aboard the Spanish ship El Cazador. They were intended to stabilise a troubled colony and strengthen the grip of an empire thousands of miles away. Instead, their loss played a pivotal role in empowering another empire and shaping the map of the United States of America.

A detailed painting of a classic sailing ship with billowing white sails navigating through choppy ocean waters under a cloudy sky, featuring flags on the mast. — El Cazador

A Colony On The Brink

The story begins in the closing years of the eighteenth century, when the vast North American territory called Spanish Louisiana faced mounting economic instability. The region, which stretched across what is now Alabama, Mississippi, and Louisiana, formed part of the Spanish Empire. It relied on paper currency that was not backed by silver or gold, making it extremely unreliable and vulnerable to inflation. Confidence in the colonial administration was fragile, and the financial situation threatened Spain’s hold on the region.

Recognising the need to stabilise the local economy, King Carlos III of Spain (r.1759-1788) authorised a substantial shipment of hundreds of thousands of newly minted silver coins. These comprised reales, pesos and smaller denominations, including large quantities of eight-reales, famously known as ‘Pieces of Eight’, respected around the world for their reliability. Their purpose was clear: to inject hard currency into the colony, stabilise trade, and reaffirm Spain’s authority in North America.

To deliver this fortune, the king selected a trusted sea captain, Gabriel de Campos y Pineda, to command the brigantine El Cazador. The ship sailed to Veracruz in Mexico to receive her precious cargo. On 11 January 1784, the now heavy-laden ship began the final leg of her journey to New Orleans but never arrived, most likely falling victim to a powerful storm. The El Cazador, her crew, and her cargo were declared lost later that year. What was meant to be a financial lifeline had instead become a silent casualty of the sea.

Portrait of a smiling man in ornate armor and a red sash, standing with one arm extended, against a backdrop of draped fabric. — King Carlos III of Spain

Global Consequences

The loss of El Cazador could not have come at a worse time for Spain. Without the silver needed to restore economic confidence, Spanish Louisiana remained financially unstable and costly to administer. By 1800, Spain had decided that the territory had become a burden rather than an asset, and it quietly handed the land over to France under a secret treaty.

Just three years later, in 1803, the French Emperor Napoleon Bonaparte sold the land to President Thomas Jefferson for $15 million in what became known as the Louisiana Purchase. This single transaction doubled the size of the United States and permanently altered the geopolitical balance of North America. The absence of El Cazador’s silver had helped set this chain of events in motion.

Had the coins aboard El Cazador safely reached New Orleans, the story may have unfolded very differently. A stronger Louisiana economy would likely have strengthened Spanish control by restoring confidence in the currency and government. This could have delayed or even prevented the Louisiana Purchase. In that alternate history, the expansion of the United States, and perhaps the geopolitical balance of North America itself, could have taken a very different course.

Furthermore, the shifting ownership of Louisiana was tied to the growing alliance between Spain and France. Had Spain been in a stronger financial position and not given the territory to France, Napoleon would not have been able to sell it to the United States, and his imperial ambitions could have been severely impacted. In this sense, the coins of El Cazador represent one of history’s great “what ifs.”

Salvaged Treasure

For more than two centuries, the wreck of El Cazador and her valuable cargo lay undisturbed at the bottom of the sea. Then, on 2 August 1993, chance intervened once again. A commercial fishing trawler aptly named Mistake snagged its net in waters approximately fifty miles south of New Orleans. When the damaged net was hauled aboard, it was tangled with silver coins.

Subsequent investigation revealed the remarkable truth: the crew had accidentally discovered the wreck of El Cazador, resting at a depth of around 90–100 metres. The coins were identified as Eight‑Reales that had been struck at the Spanish mint in Mexico in 1783, conclusively linking them to the long‑lost shipment. Most of the remaining cargo was later successfully recovered, returning these historic coins to the surface after more than 200 years underwater.

A wooden box filled with various types of clams, with a person's hand reaching in to scoop some out. There is a yellow bucket beside the box. — Silver coins salvaged from El Cazador

The Eight‑Reales: A Coin That Shaped Commerce

The Eight-Reales coin, struck at the Spanish mint in Mexico and retrieved from the wreck of El Cazador, is a beautiful example of Spanish colonial silver. The denomination was widely accepted across Europe, the Americas, and Asia, and became one of the world’s most important coins. It also played a foundational role in early American commerce, circulating alongside and sometimes in place of local coinage.

The coin’s design also left a lasting cultural imprint. The reverse depicts the Pillars of Hercules wrapped with a ribbon, a motif believed by some scholars to have inspired the modern dollar symbol ($). Whether or not this link is definitive, it underscores the profound influence the coin has had on global monetary history.

The Eight-Reales

A Tangible Connection to History

Coins recovered from El Cazador enable us to hold history in our hands. Few artefacts can claim such an influence on the shaping of world events. Each coin recovered from the wreck bears subtle traces of its long immersion beneath the sea, adding to its authenticity and fascination. These marks serve as quiet reminders of their doomed voyage and the extraordinary forces which have tied them to history.

The treasure of El Cazador provides us with a tangible connection to a dramatic chapter of maritime history, which saw a group of sailors embark upon a perilous and ultimately doomed journey with a cargo that carried the economic ambitions of an empire. The silver coins promised economic stability, greater political leverage, and a stronger Spanish presence in North America. Their loss weakened one empire, strengthened another, and helped shape the modern United States.

The story of the El Cazador serves as a powerful reminder that history does not always turn on grand battles, noble deeds or famous speeches. Sometimes, it turns on a ship that never arrives, a cargo lost to the sea, and silver coins that fail to reach their destination. Today, the coins recovered from El Cazador stand as a silent witness to a turning point in history that changed the world forever.

August 7, 2025August 7, 2025 CHF Editor Ancient Greece & Rome, Coin History, European Coins, Medieval Coins, Monarchs

When Currency Was Canvas: The numismatic art of lost nations

Coins have long served as more than mere tools of commerce; they are miniature canvases that encapsulate history, culture, and artistry. Across centuries, nations and empires have minted coins that are not only functional but also artistically significant; capturing the essence of their time and place in ways that modern currency rarely achieves.

While some of these nations have long since disappeared and been nearly forgotten, their coins still survive and deserve recognition as treasures of human creativity and ingenuity.

The Rise of Numismatic Art

Throughout history, coins have been a medium through which rulers proclaimed power, celebrated achievements, and expressed cultural identity. From the grand empires of antiquity to the fleeting states of recent history, the artistry imbued in coins tells stories of political ambition, religious devotion, and societal values.

The Hellenistic Kingdoms: Coins of Divine Elegance

Silver tetradrachm of Lysimachus

The coins of Alexander the Great’s successors, the Hellenistic kingdoms, stand as some of the most artistically significant examples in numismatic history. These coins often depicted finely detailed portraits of rulers in a godlike manner, merging human and divine iconography. For instance, coins minted under Lysimachus, one of Alexander’s generals, feature the image of Alexander adorned with the horns of Zeus-Ammon, symbolizing his godly status. The intricate craftsmanship and symbolism of these coins evoke both reverence and admiration for the artistic prowess of their creators.

The Byzantine Empire: A Golden Legacy

The Byzantine Empire, which spanned more than a thousand years, left behind a numismatic legacy characterized by striking imagery and religious themes. Byzantine solidus coins, minted in gold, often featured detailed depictions of emperors alongside Christian iconography, such as Christ Pantocrator or the Virgin Mary.

Golden Byzantine solidus coin featuring a detailed portrait of Christ Pantocrator with a beard and a religious iconography background.

Byzantine Christ Pantocrator Gold Coin

These coins were not merely currency but also objects of devotion and propaganda, reflecting the empire’s intertwining of faith and governance. Their luminous beauty and meticulous designs continue to fascinate collectors and historians today.

Forgotten Nations: The Artistic Echoes of Modern History

While the coins of ancient empires often garner the most attention, currencies from more recent, defunct nations also offer profound artistic insights. These forgotten coins tell tales of fleeting sovereignty and shifting borders, encapsulating moments of cultural pride and resilience.

The Austro-Hungarian Empire: A Symphony of Cultures

The Austro-Hungarian Empire, a melting pot of diverse cultures, produced coins that reflect its rich heritage. Silver crown coins minted during the reign of Emperor Franz Joseph I showcase intricate designs that blend classical motifs with the empire’s distinctive symbols. The harmonious artistry of its coinage and currency is a testament to the empire’s complex yet unified character.

Gold coin from the Austro-Hungarian Empire featuring a bust of Emperor Franz Joseph I on one side and an allegorical representation of Liberty on the other, with intricate detailing and inscriptions.

Austro-Hungarian 100-coronas (1908)

Coins from the Austro-Hungarian Empire often bore inscriptions in both German and Hungarian. This was reflective of the dual monarchy established by the Austro-Hungarian Compromise of 1867, which recognized Hungary’s autonomy within the empire. For example, coins minted in Hungary during Franz Joseph I’s reign often included Hungarian inscriptions alongside German ones.

The Ottoman Empire: A Tapestry of Intricate Geometry

Ottoman gold coin featuring intricate Arabic inscriptions on both sides.

Ottoman Gold Coin of Sultani Sulayman

The Ottoman Empire, known for its architectural grandeur and calligraphic artistry, translated its aesthetic sensibilities into its coinage. Ottoman coins often featured elegant Arabic script and geometric patterns, embodying the empire’s Islamic heritage. These coins stood as not only a representation of monetary value but also as an extension of the empire’s artistic traditions, bridging the worlds of functional design and spiritual expression.

The Weimar Republic: Modern Art in Crisis

The Weimar Republic, marked by economic turmoil and political instability, nonetheless produced coins that reflect the artistic movements of the early 20th century. The designs of these coins often drew inspiration from Bauhaus and other modernist movements, showcasing sleek lines and geometric forms. While the republic itself was short-lived, its coins serve as reminders of the resilience and innovation that can arise even in times of hardship.

Three coins featuring distinct designs from the Weimar Republic, including a silver coin with an eagle emblem, a gold coin depicting sheaves of wheat, and another silver coin showcasing a bird, symbolizing the artistic movements of early 20th-century Germany.

Coins of the Weimar Republic (1920’s – 30’s)

Conclusion

Today, these artistically significant coins from defunct nations and empires hold value far beyond their original worth. They are sought after by collectors, admired by art enthusiasts, and studied by historians. Their designs, often painstakingly crafted, provide a glimpse into the soul of their creators and the societies they represented.

June 26, 2025June 26, 2025 CHF Editor Ancient Greece & Rome, British Coins, Coin History, European Coins, Medieval Coins, Monarchs, U.S. Coins

Minted Messages: How Rulers Used Coins to Shape History

Coins have long been more than mere instruments of trade; they have served as enduring symbols of power, authority, and ideology. From the ancient empires of Mesopotamia to the modern nation-states, rulers have harnessed the medium of coinage to disseminate political propaganda and immortalize their reigns. These small, tangible artifacts have transcended their economic function to become vehicles of communication, carrying messages of legitimacy, conquest, and cultural dominance across centuries.

The Origins of Coinage as Propaganda

The use of coins as a means of political messaging can be traced back to antiquity. One of the earliest examples comes from the ancient civilizations of Lydia and Persia, where rulers began issuing coins bearing their likeness or symbols of divine favour. The face of a king on a coin was not merely decorative—it was a statement. It affirmed the ruler’s divine right to govern and reminded subjects of their allegiance to a central authority.

Ancient silver coin featuring an owl design, symbolizing wisdom and authority, with intricate detailing.

Athenian Silver Owl (440 – 400 BC)

In the Greek city-states, coinage reflected not only the wealth but also the identity of the polis. The Athenian tetradrachm famously featured the owl of Athena, symbolizing wisdom and the city’s patron deity, alongside inscriptions that asserted Athens’ dominance in trade and culture. By circulating these coins throughout the Mediterranean, Athens projected its power and influence far beyond its borders.

Roman Coins: A Masterclass in Political Messaging

Perhaps no civilization perfected the art of propagandistic coinage quite like the Romans. From the Republic to the Empire, Roman rulers used coins as tools to consolidate power, celebrate military victories, and reinforce loyalty. Julius Caesar, for instance, was the first living Roman to have his portrait minted on coins—a bold move that signified his ambition and foreshadowed the transition from Republic to Empire.

Ancient Roman silver coin featuring a portrait of Julius Caesar on one side and a galloping horseman on the reverse.

Julius Caesar Silver Coin

The emperors who followed Caesar continued to exploit coinage as a medium of propaganda. Augustus, the first Roman Emperor, adorned his coins with images of Pax Romana, symbolizing the peace and prosperity brought under his rule. His successors, such as Trajan and Constantine, commemorated their military triumphs and religious policies through intricate designs and inscriptions. Constantine’s coins famously featured the Chi-Rho symbol, a Christian emblem, as a declaration of his support for the burgeoning faith and his vision for a unified empire under Christianity.

A Roman coin featuring two hands shaking, symbolizing agreement or friendship, with the inscription 'Salus' surrounding the image.

Pax Romana Coin of Caesar Augustus

Medieval Monarchs: Coins in the Service of Divine Right

During the medieval period, European monarchs used coins to assert their divine right to rule. Kings like Charlemagne and Alfred the Great issued coinage that featured Christian iconography—crosses, saints, and biblical inscriptions—to emphasize their role as God’s chosen rulers. These coins served dual purposes: economic and theological. They were tools of commerce and instruments of faith, reminding subjects of the divine order that legitimized monarchical power.

Medieval silver coin featuring intricate Arabic inscriptions, representing the divine right of rulers.

Umayyad Caliphate Silver Dirham

Islamic rulers, too, utilized coinage to assert their authority and religious identity. The Umayyad Caliphate, for instance, introduced coins bearing Arabic inscriptions, distinguishing them from the Byzantine and Sassanian coinage that had previously dominated the region. These coins were not merely currency; they were declarations of Islamic sovereignty, and the ideological shift brought about by the Caliphate’s expansion.

The Renaissance and the Age of Discovery

With the Renaissance came a renewed emphasis on art and humanism, which found its way into coinage. Monarchs like Henry VIII and Elizabeth I of England used coins to depict their portraits in increasingly lifelike detail, showcasing their wealth and power. These coins were often accompanied by Latin mottos that underscored their political philosophies and divine favour.

Close-up of an 18th-century silver coin featuring intricate designs, including a crown and two pillars, with the year 1784 inscribed.

1754 Spanish Silver Pillar Dollar showing ‘Plus Ultra’ motto on two ribbons. The ribbon encircling the pillar is believed to be the origin of the modern dollar sign ($)

The colonial powers of the Age of Discovery also leveraged coinage to assert control over newly conquered territories. Spanish coins bearing the Pillars of Hercules and the phrase “Plus Ultra” symbolized the empire’s global ambitions and its expansion into the Americas. By distributing these coins in distant lands, Spain reinforced its dominance and the idea of a universal monarchy.

Modern Coinage: National Identity and Propaganda

In the modern era, coinage continues to play a role in shaping political narratives, albeit in subtler ways. The United States minted coins celebrating its founding fathers and national symbols, such as the bald eagle and the Statue of Liberty, to foster unity and patriotism. Similarly, Soviet coins featured imagery of workers and industrial progress, aligning with the ideals of communism and the glorification of the proletariat.

Even today, many countries issue commemorative coins to mark significant events, leaders, and milestones. These coins serve as reminders of national pride and historical achievements, ensuring that the messages of the state reach even the remotest corners of society.

A collection of various euro coins featuring different designs, including portraits and symbols representative of European nations.

A variety of national reverse designs for the modern Euro coin.

When the European Union introduced the Euro as a single form of currency for all 12 of its official members in 2002, the reverses of each Euro coin were uniform across the entire EU. But each Member Nation was allowed to create their own coin obverses, featuring national motifs and symbols.

Because euro coins circulated freely throughout the EU, the national obverses of Germany, Italy, Spain, and France could soon be found in markets in Ireland, Finland, Austria, and the Netherlands. But this only helped reinforce the message of European unity and strength through national cooperation.

The Power of Coinage in Historical Memory

Coins, though small and sometimes overlooked, have wielded immense power in shaping historical memory. They are artifacts of propaganda that encapsulate the ideologies, ambitions, and identities of those who issued them. As they passed from hand to hand, coins carried not just monetary value but also the weight of political authority and cultural influence.

By examining the history of coinage, we gain a deeper understanding of how rulers have sought to control narratives and consolidate power through one of the most enduring and universal mediums.

These minted messages, preserved in museums, archaeological sites, and private collections continue to tell the story of humanity’s political and cultural evolution.

June 19, 2025June 19, 2025 CHF Editor Coin History, European Coins, Paper Currency

When Money Became Art

The stunning emergency currency that captured Germany’s soul

A collection of vintage German emergency currency notes featuring intricate designs and various denominations.

How German Towns Turned Financial Crisis into Miniature Masterpieces

Imagine holding a piece of history in your hands—currency not just meant to buy bread or pay rent, but to tell stories, showcase art, and embody the spirit of a community. That’s the magic of Notgeld¾emergency money (also called ‘necessity money’) issued in Germany during the turbulent years between the World Wars. These notes were far more than stopgaps in a time of financial crisis; each one is a miniature masterpiece bursting with creativity, history, and local pride (and, unfortunately, more than a little prejudice.)

What Were Notgeld Notes?

Notgeld notes were born out of necessity. During economic turmoil, particularly the hyperinflation of the early 1920s, regular Reichsbank money grew scarce or practically worthless. In response, towns, businesses, and even local institutions stepped up, issuing their own temporary currencies to keep trade alive.

But these weren’t just hastily printed pieces of paper issued by local bureaucrats. Notgeld notes were designed with care, creativity, whimsy, and a touch of daring. They became more than just money—each one was a canvas; telling a unique story of the time and place it came from.

Tiny Works of Art

The beauty of Notgeld lies in its design. These notes transformed mundane currency into vibrant expressions of artistic flair and cultural heritage. Boldly coloured and intricately detailed, they featured everything from whimsical illustrations to striking depictions of historical events.

Designers poured their imaginations into these temporary currencies, crafting them into objects that people cherished long after their monetary use expired.

Picture a note adorned with the silhouette of a medieval castle standing proudly against a fiery sunset, or a scene of villagers celebrating a local festival, complete with laughing children and bustling market stalls. Some notes carried vivid portrayals of mythical creatures or allegorical figures, while others delivered biting satire or poetic wisdom. With such diversity of themes, Notgeld was as much a cultural artifact as it was a medium of exchange.

A Notgeld note featuring a festive winter scene, depicting a figure in red and a child in blue approaching a bag of gifts, surrounded by snowy mountains and trees.

Echoes of Crisis and Resilience

Considering the turbulent times from which they arose, the themes of Notgeld weren’t always boosting patriotic ideals. Instead, they sometimes reflected the despair and cynicism of the times with a bleak humour.

While the artwork can vary from accomplished to crude, it’s amazing that local governments allowed such scathingly satiric commentary and dark humour to appear in “official” currency. It certainly gives you an idea of the national mood at the time, and how such universal desperation could lead to the spread of Nazism.

During the hyperinflation of the Weimar Republic, many notes bore imagery that captured the chaos and despair of the economy. Cartoons lampooned the absurdity of carrying wheelbarrows full of cash to buy a loaf of bread, while solemn depictions of hardworking farmers and labourers spoke to the strength of ordinary Germans amid adversity. These little notes were like snapshots of a nation’s collective psyche, balancing humour, tragedy, and hope.

Regional pride also played a starring role. Each town or institution issuing Notgeld seized the opportunity to spotlight its identity. Whether through depictions of local landmarks, legends, or cultural traditions, these notes became emblems of communal pride. Holding a Notgeld note was like holding a piece of a town’s heart, a tangible reminder of its history and character.

Colorful Notgeld note from Mainz, Germany, featuring detailed illustrations of local landmarks and a decorative border.

As we have seen, a deeper study of Notgeld reveals some darker sides to the German culture as well. There are nasty anti-Jewish jokes, disturbing hints of popular prejudice, and much, much more. These notes are a compendium of German memories, hopes and fears in the early 1920s’ and, as such, cover the gamut of human experience during a time of great uncertainty, social stress, and economic panic.

A German Notgeld note featuring silhouettes of a devilish figure and a seated man, surrounded by decorative grapevines and the text in German referring to drinking together throughout the night.

Drinking with the devil. 75 Pfennig Notgeld from Grunberg (1921)

The Legacy of Notgeld: From Necessity to Treasure

Today, the legacy of Notgeld lives on—not as currency, but as fascinating collectibles and historical artifacts. Numismatics enthusiasts and historians alike are captivated by the sheer variety and artistry of these notes. Some are rare gems, issued in small quantities for special occasions or festivals, while others stand out for their exceptional craftsmanship and storytelling.

The survival of these ephemeral currencies is itself remarkable. Printed on inexpensive paper intended to be used and then discarded, many have endured the passage of time, preserved in museums, private collections, and exhibitions. They serve as vivid reminders of a unique chapter in financial and artistic history—a time when even the humblest forms of currency carried immense cultural and emotional weight.

A 25 Pfennig Notgeld note featuring whimsical illustrations of women riding mythical creatures and figures, showcasing vibrant blue and yellow colors, issued in 1922 from Appelins, Braunschweig.

Conclusion

Notgeld is a testament to humanity’s ability to find beauty, storytelling, and meaning even in the most challenging circumstances. These notes are more than relics; they are windows into the soul of interwar Germany, reflecting the trials, creativity, and unyielding spirit of the German people. Their designs capture the essence of local pride, the humour and resilience of people facing hardship, and the boundless imagination of artists who turned emergency currency into treasures.

For anyone fascinated by art, history, or the stories hidden in everyday objects, Notgeld is an invitation to explore a world where money was more than money—it was a celebration of life, culture, and the indomitable human spirit.

Whether with a sneer, a smile, or a bemused shrug, the artists creating Notgeld left us all an incredible visual legacy of the human experience during times of great upheaval and uncertainty.

May 20, 2025May 20, 2025 CHF Editor Ancient Greece & Rome, British Coins, Coin History, European Coins, Medieval Coins

Pocket-Sized Time Machines

The Archaeological Secrets of Ancient Coins

A close-up of an ancient silver coin held between two fingers, featuring a detailed portrait of a Roman emperor. — Roman silver coin found on a dig site

When archaeologists unearth ancient coins, they’re not just finding currency—they’re uncovering miniature time capsules that can reveal surprising details about the civilizations that created them. Unlike many artifacts that deteriorate over time, coins often survive remarkably intact, preserving their messages across millennia and helping us reach back in time to directly touch their lives.

Perfect Messengers from the Past

Coins possess unique qualities that make them invaluable to archaeologists and historians. They’re officially dated, carry detailed imagery and powerful symbols, and they were usually mass-produced by central authorities and distributed across the lands ruled by that authority.

When a Roman emperor issued a coin proclaiming a military victory, for example, we have direct evidence of how the empire wanted that event remembered. Subsequent historians and even contemporary commentators may have interjected their own bias into their accounts. But the coins of the realm provide indisputable evidence of the ‘official’ tale – at least as the ruling powers wanted it represented.

Furthermore, the distribution patterns of coins tell stories that written records often miss. When Spanish pieces of eight appear in excavations across Asia, they help to map trade networks more accurately than any medieval document or shipping records. A single Byzantine solidus found in a Viking settlement speaks volumes about far-reaching economic connections.

Silent Emperors Speak

During the tumultuous Crisis of the Third Century (235-284 CE), the Roman Empire experienced rapid succession of rulers and civil wars. During this chaotic period, many emperors ruled so briefly (sometimes mere weeks or months) that traditional historical records either never documented them or their names were actively removed from all records over time. Coins bearing their portraits and names, however, have survived as tangible proof of their brief claims to power.

Some notable examples include:

Silbannacus – A complete mystery until the 1930s when a single coin bearing his name and image was discovered. Another coin was found in 2004. Beyond these two coins, we have absolutely no historical records of this emperor.

Domitian II – For centuries, historians considered him fictional until a single coin appeared in France in 1900. A second coin was discovered in 2003, confirming his brief rule around 271 CE as a rebel emperor.

Uranius Antoninus – A Syrian priest who declared himself emperor around 253 CE. Though mentioned very briefly in one historical source, our primary knowledge of his reign comes from his distinctive coins.

These “shadow emperors” demonstrate the remarkable historical value of numismatic evidence. When texts are silent, coins speak—preserving names, faces, and titles that would otherwise have vanished completely from historical record. Their survival also illustrates how thoroughly the Romans established their minting systems, where even short-lived usurpers quickly produced coins to legitimize their claims to power.

History Written in Metal

The true archaeological value of coins often lies in their unintended revelations. Consider the silver content analysis of Roman denarii, which shows gradual debasement—revealing economic stress long before written records acknowledged problems. Similarly, the wear patterns on coins show how long they circulated and how they were handled, providing insights into everyday economic life.

Spanish silver coins that were traded in Asia often feature ‘chop marks’ overstruck into their surface. This practice was particularly common amongst merchants who needed to verify the legitimacy of foreign coins in a market rife with counterfeits.

Obverse and reverse sides of an 18th-century silver coin featuring the inscription 'CAROLUS III DEI GRA.' with a portrait of King Charles III on one side and a crowned coat of arms on the other.

Coin hoards—especially emergency stashes buried during crises—create especially valuable archaeological snapshots. The Hoxne Hoard in Britain, containing 15,000 coins and buried around 410 CE, coincides precisely with Rome’s withdrawal from Britain. The newest coins in such hoards create terminus post quem dating (the earliest possible date) for whatever catastrophe prompted the burial.

Roman legions often buried their payrolls before a major battle (to avoid it falling into enemy hands if they were defeated.) To this very day, clay jars of Roman coins are still occasionally discovered during road or building construction projects.

Beyond Economics

Perhaps most fascinatingly, coins preserve cultural elements that would otherwise vanish. Religious symbols, architectural details of now-destroyed buildings, and portraits of rulers appear in miniature relief. The temple on Herod Agrippa’s prutah coin gives archaeologists architectural details of structures long reduced to rubble and bare foundations.

Coins also capture evolutionary changes in language, as inscriptions shift from Greek to Latin across the Mediterranean, or from Sanskrit to Arabic across Central Asia, documenting cultural transitions with remarkable precision.

Modern Archaeological Approaches

Today’s archaeologists apply advanced techniques to these ancient treasures. X-ray fluorescence reveals exact metallic compositions without damaging specimens. Digital mapping of find locations creates distribution patterns impossible to see before computerization. Each advance extracts more information from these tiny messengers.

For the dedicated numismatist and archaeologist alike, each coin represents far more than its face value—it’s a direct connection to the people who once held it, a microcosm of their economy, their art, their beliefs, and their identity. These miniature time capsules continue to speak volumes, one small disk at a time.

A gathering of ancient Romans in a classical setting, observing a unique mechanical device resembling an astrolabe, surrounded by ruined columns and statues.

Coins can be a time machine to the past…

October 16, 2024October 16, 2024 CHF Editor Coin History, Video

How much GOLD exists??

June 21, 2024June 21, 2024 CHF Editor Coin History

D-Day 80th Anniversary: A Normandy Gallery

On June 6th 2024, Samlerhuset coin experts had the incredible honour of touring legal tender D-Day coins across the beaches of Normandy – site of one of the most carefully planned out and pivotal days of the Second World War. Days during which so many brave men and women gave their lives fighting for their country.

Commemorating the invasion of Pegasus Bridge on June 6^th 1944, this extraordinary set of two gold coins depicts a British soldier in the forefront of the design, with Pegasus Bridge in the background and other soldiers holding the bridge. One coin has been issued by Monnaie de Paris, the French state mint, and the other issued by British territory Gibraltar. Together, these coins beautifully symbolize the Allied forces valor and determination that fateful day.

Deputy Sales Director Rodolphe Krempp of Monnaie de Paris with The London Mint Office Managing Director Christopher Wood at Batterie de Merville, which was neutralized by the 9th British Parachute Battalion.

Certificates of Authenticity for this set were signed in Normandy by Monnaie de Paris President and CEO Marc Schwartz and The London Mint Office Managing Director Christopher Wood.

Monnaie de Paris CEO Marc Schwartz and Head of Design Joaquin Jimenez presenting coins to French President Macron.

Remembrance ceremonies were held on the beaches of Normandy to commemorate this pivotal day in history and to remember those who sadly never returned home.

The coins toured the five landing areas, starting at Gold Beach where troops of the British 50^thInfantry landed on June 6^th 1944.