1723 King George I silver South Sea Company Shilling (Bull 1...

Hammer

£110

1723 King George I silver South Sea Company Shilling (Bull 1586, ESC 1176, S 3647). Obverse: first laureate draped bust of George I by John Croker. Legend reads 'GEORGIVS · DG · M · BR · FR · ET · HIB · REX · F · D ·'. Reverse: crowned cruciform shields of royal arms with central garter star, 'SS' in two angles, 'C' in the others. '17 23 · BRVN ET · L ·  DVX S · R · I · A · TH ET · EL ·'. Composition: 925 silver. Weight: 5.90g. Diameter: 26mm.The South Sea Company was founded in 1711 as a joint-stock company with a British government-granted monopoly on the supply of African slaves to the islands in the 'South Seas' (Oceania) and South America. Since the area was controlled by the Spanish and Portuguese there was no realistic prospect of profiting from the monopoly. However, this did not stop mass speculation in the Company, causing their stock to rise, peaking and crashing in 1720 when the so-called 'South Sea Bubble' collapsed, ruining many investors.Too big to fail, the British government continued to support the Company including buying a cargo of 25 tonnes of silver from them in 1723. About 40% of this silver was delivered to the Royal Mint which was quickly converted into King George I Halfcrowns, Shillings and Sixpences, struck in May 1723 with a privy mark to the reverse with the letters 'SSC' between the cruciform shields.The government's bail-out of the South Sea Company was controversial and it may be the case that SSC coins were intended as a form of propaganda, reminding the British public that the Company did bring in some profits. This is similar to earlier 'VIGO' coins, struck during the reign of Queen Anne, celebrating a notable victory in the War of the Spanish Succession.