News Archive

The Coinex Sale - 6 October 2004

The four days of auctions over the Coinex period, during which one and a half million pounds worth of banknotes, coins and commemorative medals were sold, were dominated by one small gold coin, the Coenwulf gold penny. This remarkable coin, well publicised in the national press before the sale, was admired by all who viewed it and, rather to the surprise of the auctioneer, created a great deal of spirited bidding from many bidders, up to £150,000. After that figure the number fell to five, which, at such a level is still a considerable number. The final price of £230,000 exceeds by nearly £60,000 the previous record price for a British coin at auction. This is the second lot to fetch £230,000 at Spink this year, the first being the Victoria Cross to Flight Sergeant Norman Jackson in April. It is perhaps no coincidence that these strong prices have come now, when both the British coin and medal markets are currently very buoyant.

The superb Henry I type XI penny of Shaftesbury, moneyer Aldred, realised £5,290, the second highest price among the Pimprez coins. Not only is the coin extremely rare, being the second known type XI penny of Shaftesbury, but the portrait is exceptional, well centred and very clear.

The unique type XI penny from Watchet was the most expensive of the Pimprez coins at £5,520. Only one other coin, a type XIV now in the British Museum, is known from this mint.

The gold penny, important though it is, should not be allowed to completely overshadow the other highlights of the two Coinex sales. The Banknote sale was the best of its kind ever held at Spink. The second highlight of the coin auction was without doubt the Pimprez Hoard of 12th century pennies, recently unearthed in Picardy in northern France. That this hoard should come to London for sale is something of a coup for Spink, as this was the first time a hoard had been given an export licence by the French authorities. Clearly bringing the coins to London was the right decision, and the 100 coins selected for this first offering sold for nearly £100,000. For the specialist collector of Henry I and Stephen the coins are a delight. Not only are numerous mints and moneyers represented, some of them for the first time, but the quality of the coins is well above the average. The detailed catalogue combined with the list of prices realised makes a valuable reference.

This cut half of an oval silver ingot sold for £368. These fascinating ingots show most
dramatically how bullion silver was used for every-day transactions in the 12th century.
The rough ingot has been cleanly cut, probably by an axe blow.

The six silver ingots from the same hoard were the first group of mediaeval silver ingots ever to be offered at auction. Prices were not high in comparison to the coins, but there was interest from many bidders at two and three times the modest estimates.