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1 Dollar - George III Type I countermark, oval
| Issuer | Bank of England |
|---|---|
| Year | 1769-1772 |
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| Value | 1 Dollar = 4 Shillings 9 Pence (19⁄80) |
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| Composition | Log in to see details |
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|---|---|
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| Reverse description | Reverse of the host Mexican Pillar dollar, displaying the crowned quartered shield of the Spanish royal arms at centre, bearing alternating castles of Castile and lions of León in the four quarters with a smaller escutcheon at the fess point. The denomination numeral 8 appears to the right of the shield and the assayer initials JM to the left. The encircling Latin legend CAROLVS·III·D·G·HISPAN·ET IND·REX runs around the periphery, interrupted by small floral ornaments at the base. The shield is surmounted by an ornate royal crown with elaborate scrollwork, and the whole is bordered by a continuous milled rim consistent with the pillar dollar coinage of the period. |
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| Mint | Host coin: Mexico City Mint; Countermark: Royal Mint, London |
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| Additional information |
Between 1797 and 1804, the Bank of England addressed a chronic shortage of silver coin by countermarking captured Spanish colonial eight reales — the very dollars that had circulated globally as a de facto world currency. The small oval punch bearing the king's head was applied at the Bank itself, authorizing foreign silver for domestic use without the cost of a full remint. Parliament set the official value at 4s 9d, then raised it to 5s in 1804 as silver prices shifted.
The host coins for this Type I oval punch date to the late Spanish colonial period, struck at mints across the Americas. Forgeries appeared almost immediately — the simplicity of the countermark made it an obvious target.