Counterstamps

John M. Kleeberg

Why study counterstamps?

• Modern counterstamps help us understand counterstamps of antiquity and the middle ages

• Counterstamps are synthetic hoards

• Counterstamps and countermarks are interchangeable terms

• Gegenstempel, Contremarque, Resello, Klop

• Contremarque (Cque) can also mean a numbered banking account

Reasons for Counterstamping

• To revalue a coin upwards

• To devalue a coin downwards (rare)

• Political propaganda

• Commercial advertising

• Testing a punch

• Modern fakes

• Modern fantasies

Counterstamps of Spanish Silver Dollars during the Napoleonic Wars• Counterstamping of

Spanish silver dollars begins in Britain as early as 1787

• Issued as silver tokens by industrialists (cotton spinners, iron founders)

Counterstamps of the Napoleonic Wars

• In 1797, Bank of England suspends gold backing of its banknotes

• Bank of England issues tokens at a rate of 4 shillings 9 pence

• Result: de facto silver standard of 4/9

Counterstamps of the Napoleonic Wars

• Other users of Spanish dollars (East India Company, Scottish industrialists) bid up the price of dollars

• Catrine Cotton Works issued tokens at the prices of 4/9, 5/6, 5/-, 6/6, 5/-

Counterstamps of the Napoleonic Wars

• 1804, Bank of England issues a new counterstamp (octagonal) with a rate of 5 shillings

Counterstamps of the Napoleonic Wars

• In 1804, Bank of England decides not to continue counterstamping (too many forgeries) and instead has Matthew Boulton overstrike coins with new dies

Counterstamps of the Napoleonic Wars

• Price of silver jumps again in 1811 (outbreak of Mexican War of Independence disturbs silver supplies)

• Bank of England chooses to strike tokens – (3 shillings and 1 shilling 6 pence)

Spanish dollars during the Napoleonic Wars

Mex. Lima Potosi Amer. Spain

Bank of Engl. Ctmk, 1797

59% 12% 18% 3% 12%

Private countermarks, 1787-1820

80% 10% 6% 1% 4%

Holey Dollar, New South Wales, 1813

77% 11% 10% <1% 2%

Wellington Bridge Hoard, 1807

70% 16% 14%

Andalucia Hoard, 1809 53% 21% 12% 2% 12%

Shipwreck the Rapid, 1810

74% 11% 12% 1% 1%

Counterstamps of Napoleonic Wars

• Pattern of issues:

• I. Simple counterstamp (oval, 1797)

• II. More complex counterstamp (octagonal, 1804)

• III. Overstrikes (Bank of England dollar, 1804)

• IV. New coinage (3 and 1/6 shilling tokens, 1811-12)

Counterstamps of the Spanish Vellon Inflation, 1603-60

• Vellon (literally “billon”) = copper coinage• Crisis in 1640s: Revolts of Portugal (1640) and

Catalonia (1640), French invasion, defeat at Rocroi (May 10, 1643), cause general collapse

• Copper coinage is revalued on five occasions by counterstamping operations

• Situation complicated by the simultaneous circulation of hammer struck and screw press coins

Counterstamps of the Spanish Vellon Inflation, 1603-60

I. Counterstamps of 1603-7

II. Counterstamps of 1636

III. Counterstamps of 1641-42

IV. Counterstamps of 1651-52

V. Counterstamps of 1654-55

VI. Overstriking operation of 1658-59

VII. Recoinage of 1660-61

Counterstamps of the Spanish Vellon Inflation, 1603-60

• Simple counterstamp of 1603-7

• Uniface• More complex

counterstamp of 1636• Struck on both sides,

dated

Counterstamps of the Spanish Vellon Inflation, 1603-70

• Overstriking of 1658-59 – obliterates most of the undertype

• Too crude to be effective

• Recoinage of 1660-61• Metal is now billon• All mints (not just

Segovia) now use screw presses

Counterstamps of the Spanish Vellon Inflation, 1603-60

• Same pattern as Napoleonic counterstamps:

I. Simple counterstamp (1603-7)

II. More complex counterstamps (1636, 1641-42, 1651-52, 1654-55)

III. Overstriking (1658-59)

IV. Recoinage (1660-61)

Political Propaganda

• 1690 – Date of the Battle of the Boyne

• UVF – Ulster Volunteer Force

• VAN = Ulster Vanguard Movement (Bill Craig)

Advertising

Advertising

• Massive advertising in 1850s the US – posters blanket hoardings, even on sidewalks

• Advertising spreads to coins

• Provides evidence that these coins were still in circulation in the US in the 1850s

Testing a punch

• William Wilson of Greenfield, Massachusetts, was awarded a patent in 1844 for a flat iron

• Here he is testing a punch on a cheap coin before trying it out on a finished product (the flat iron)

• This was done by silversmiths, gunsmiths, eyeglass makers, and watch repairers

Modern FantasiesAnguilla Liberty Dollar

• Anguilla votes for independence from St. Kitts, July 11, 1967

• Fearing a Mafia takeover, the British government occupies the island, March 19, 1969

• Counterstamped coins are sold to collectors in the United States at $15-$25 apiece (11,000 struck)

• Promotion led by Scott Newhall of the San Francisco Chronicle

Modern FantasiesAnguilla Liberty Dollar

• Advertisement in the New York Times, August 14, 1967, offers one Liberty Dollar in exchange for each contribution to Anguilla of at least $25