Written by Antonio Alejandro Piccolo

The Salmoiraghi Collection of our ongoing Auction 9, offers a selection of fascinating gold coins, which we will be highlighting in several blog posts.

In the meantime, we invite you to explore them directly in the auction catalog.

The gold coins of William III of Orange-Nassau and Mary II Stuart

Our attention was immediately drawn to two remarkable English gold coins, which we are excited to analyze with you.

These are a 5-guinea piece (Lot 291) and a 1-guinea coin (Lot 292), both minted in 1694, during the reign of William III of Orange-Nassau and Mary II Stuart (1689-1694).

Auction 9 – Salmoiraghi Collection, Lot 291, UNITED KINGDOM William III of Orange-Nassau and Mary II Stuart (1689-1694) 5 Guineas 1694 Londra – SPINK 3423 AU (g 41,59) RRR

Both coins feature finely detailed conjoined portraits of the reigning couple on the obverse. On the reverse, we find intricately designed shields, which differ between the two denominations.

A particularly distinctive element of these issues is the small elephant carrying a castle, positioned just below the busts—a fascinating symbol with a unique historical significance.

The symbol Elephant and Castle

Elephant and Castle is a well-known area in London’s Southwark district, named after a pub that had been there since at least 1745. However, this symbol is far older, as evidenced by the 1694 date on our two coins, and its origins are far more exotic than London!

The symbol was first adopted by the Worshipful Company of Cutlers, a London guild whose members crafted cutlery, often with ivory handles. But what about our coins?

Auction 9 – Salmoiraghi Collection, Lot 292, UNITED KINGDOM William III of Orange-Nassau and Mary II Stuart (1689-1694) Guinea 1694 – SPINK 3427 AU (g 8,33) RR

Alongside ivory and many other precious materials, Africa has been one of the world’s primary sources of gold for millennia—dating back at least to Pharaonic Egypt. The gold used to mint our coins came from Africa, which is why they bear the distinctive Elephant and Castle symbol.

More specifically, in the late 17th century, the exploitation of West Africa’s gold deposits was controlled by the Royal African Company, a British enterprise. However, gold trading was only a secondary source of income for the company—their primary and, tragically, most profitable trade was in enslaved people.

The birth of the new coin

The high intrinsic value of the 5-guinea piece led to many examples of this already limited issue being withdrawn and melted down over time to mint new coins. This has further increased its rarity, which, along with the beauty of its design and the captivating Elephant and Castle symbol, makes it highly sought after by collectors.

Now, let’s focus on the two monarchs depicted on the obverse of these coins: cousins William and Mary. They ruled jointly over their three kingdoms—England, Ireland, and Scotland—from 1689 until 1694, the year of the queen’s death.

Auction 9 – Salmoiraghi Collection, Lot 293, UNITED KINGDOM William III of Orange-Nassau (1694-1702) 5 Guineas 1701 Londra – SPINK 3456 AU (g 41,66) R

In lots 293 and 294 we find, respectively, still a 5 guinea piece followed by a guinea, but this time both coins bear only the portrait of William, who has become a widower.

Auction 9 – Salmoiraghi Collection, Lot 294, UNITED KINGDOM William III of Orange-Nassau (1694-1702) Guinea 1698 – SPINK 3460 AU (g 8,26) R

These four coins demonstrate the care with which the Salmoiraghi Collection has been assembled, ensuring that there is at least one representative specimen for each denomination.

Bearing in mind that the four coins are being auctioned individually, could this be the rare opportunity for two collectors to form their own pair of portraits for the two denominations:

Auction 9 – Salmoiraghi Collection, Lots 291 e 293, 5 Guineas 1694 e 5 Guineas 1701

Auction 9 – Salmoiraghi Collection, Lots 292 e 294, Guinea 1694 e Guinea 1698

Alternatively… to a single collector, the fortune of being able to acquire all four specimens!

See also:

• The catalogue of Auction 9 – Salmoiraghi Collection
• The article dedicated to Rolex Milgauss