5 Guineas - William III 1st bust

William III's five guinea pieces from 1699–1700 were struck at a moment when the English coinage was still recovering from the catastrophic Great Recoinage of 1696, which had briefly left the country almost without functional silver currency. The gold denominations absorbed an outsized share of daily commerce during those years, circulating far more heavily than their face value would normally demand.

The first bust variety was replaced before William's death in 1702, making the production window narrow. Dies for five guinea pieces were hand-cut individually, and collar-cracking under the enormous striking pressure required for a coin of this weight was a documented production hazard at the Tower Mint.