Scotland, James V 1540 gold Two Thirds Bonnet Piece of Two Merks

Scotland James V (1513-42), gold Two Thirds Ducat or Bonnet piece of Two Merks, 1540, third coinage (1539-42), bonnet type, bearded profile portrait right wearing bonnet, beaded circles and legend surrounding both sides, annulet on inner circle at 9 o'clock, initial mark lis, IACOBVS. D. G. R. SCOTORVM. 1.5.40, rev. crowned Scottish arms, I to left and 5 to right all within inner beaded circle, legend surrounding + HONOR. REGIS. IVDICIVM. DILIGIT, weight 3.84g (Burns 1, fig.755; SCBI 35:906-7; SCBI 58:36-7; SCBI 71:345; S.5374). With a detailed Renaissance style portrait, lightly toned though of brighter appearance on obverse, a few small surface marks, overall a pleasing very fine, the second date ever used on a coin in the Scottish series and the only date for this one year denomination, extremely rare.

The Latin legends translate as "James the Fifth by the grace of God, King of Scotland" on the obverse and on the reverse as "The King's power loveth judgement" a psalm from the Bible.

These coins are the earliest dated Scottish coins and 1540 is the second date issued. Such dating predates the English coins by a decade when Roman numeral dates were adopted on gold and silver of Edward VI, but the first gold coin to have familiar "Arabic" dating in the English series are actually the Oxford gold issues of Charles I from 1642 the great Grandson of James V.

The artful Renaissance style portraits on these Scottish pieces was also rendered in locally mined gold from Crawford Moor and the lands of Corehead. The Hopetoun manuscripts the only surviving contemporary documentation of these issues puts the Bonnet Piece Ducat and its fractions and value of Three Merks, Two Merks and One Merk which had always been values for accounting only up until this point in time. They remain a highly important and revered portrait gold issue of the Scottish lineage.

Provenance:

Ex John G. Murdoch, part II, Sotheby, 11^th May 1903, lot 149, sold for £30/10/- as the best known example.

Ex Lt. Col. H. Leslie-Ellis, collection purchased by Spink in 1919.

Ex Virgil M. Brand, Chicago brewing magnate, collection dispersed post-mortem from 1932 - inventory number 93228.

Ex Horace Hird, Spink/Glendining, 6^th March 1974, lot 76 as one of the finest known, sold for £4,600.

Ex "D'Amelia" Collection, Spink Coin Auction 91, 1^st May 1992, lot 2.

Ex Malcolm Glass Collection, offered anonymously Spink Numismatic Circular, April 2007, item SCO564.