Two gold coins minted nearly 700 years ago are considered a “failure” due to their high denomination and lack of acceptance in ancient times.
Metal detectorists discovered two rare coins in Norfolk, England, dating back to the period when the country was ravaged by the Black Death, Live Science reported on June 23. These coins were minted during the reign of King Edward III, who attempted to introduce a new gold coinage system in England in 1344.
Gold noble coin photographed from various angles. (Photo: British Museum/CC BY 2.0).
One of the two coins is known as the leopard, issued from January to July 1344. The leopard is regarded as a failure due to its high minting cost and a denomination that exceeded the actual value of gold. King Edward III sought to resolve this by issuing a new coinage from July 1344 until 1351. The second coin found in Norfolk, known as the gold noble, weighs nearly 0.3 ounces (7.7 grams), more than double the weight of the leopard at 0.12 ounces (3.5 grams).
Metal detectorists discovered the leopard and gold noble in October 2019, but it was only recently that archaeologists from the Portable Antiquities Scheme (PAS) completed their assessment. They proposed two possibilities for why the coins lay together underground: the owner either lost a money pouch or was secretly hoarding. The two gold coins were folded but remain relatively intact, showing only minor scratches likely from agricultural activities.
Rare leopard coin issued during the reign of King Edward III. (Photo: CC BY 2.0).
The leopard coin contains 96% pure gold. Its discovery is significant, as the number of leopards minted was limited, and very few exist today, according to Helen Geake, an expert at PAS. Currently, only three leopard coins are on display in public museums.
The owner of the two coins in Norfolk was likely from the upper class, Geake noted. Their value at the time would be equivalent to around $16,700 today.
After the Norman invasion in the 11th century, the only coins used in England were silver. “Edward III decided to reintroduce gold coins for the first time in England since the Anglo-Saxon era – and no one knows exactly why,” Geake stated. However, Edward III’s new coins were not well received, possibly due to their high denominations.
This new discovery suggests that the leopard circulated longer than previously thought. The reason could be the impact of the Black Death in England in the late 1340s, which killed at least one-third of the population and kept the authorities occupied, Geake explained.
