The featured item on our online store this week is a 1797 Great Britain “Cartwheel” Twopence. Ref: KM 619; Spink 3776. It is a VF-20 example with some edge knocks, which are typical for these issues.
The “cartwheel” coinage of Britain - large copper penny and twopence pieces, were issued during the reign of King George III. These coins were nicknamed "cartwheels" due to their large size and thick raised rim, which made them resemble the wheels of a cart. The coins were revolutionary for their time, as they were the first British coins to be struck using a steam-powered press, a technology developed by James Watt and Matthew Boulton. This innovation allowed for more consistent and accurate coin production, which helped to combat counterfeiting, a significant problem at the time.
The two coins bear similar designs. On one side appears the head of George III, facing right and wearing a wreath, together with the words GEORGIUS III.D:G.REX. On the lowest fold of the drapery at the base of the effigy is the initial K, indicating that the design is the work of the German engraver Kuchler. On the other side (also engraved by Kuchler) is shown the seated figure of Britannia, together with the word BRITANNIA and the date 1797. The letters that make up the legends are incuse (or sunk) and have been placed on a broad raised rim in an attempt to prevent undue wear and lessen the risk of the afore mentioned counterfeiting.
The coins were not struck by the Royal Mint but by Matthew Boulton at his private Soho Mint in Birmingham, and the name of the mint can, in fact, be seen on the coins just below Britannia’s shield. They were made legal tender for amounts of up to one shilling by a proclamation of 26 July 1797, which also specified that the penny should weigh one ounce and the twopence two ounces. The object of making them so heavy was that their intrinsic value should correspond as nearly as possible to their face value: in other words, their cost of production (copper plus workmanship) was to be a penny in one case and twopence in the other.
About 44,000,000 pennies were struck, while only 740,000 of the twopence coins where produced. All are dated 1797. Although the Cartwheel coins were only minted for a few years, they remain a fascinating and collectible piece of British numismatic history, symbolizing a period of technological advancement and economic change.
