The British Third Guinea coin is unique among the British gold coinage in having been produced exclusively in the reign of one monarch, in this case King George III.
When it was introduced in 1797 the financial situation at the Bank of England was very precarious -- gold was in short supply thanks to the effects of the French Revolutionary wars, and banknotes were given legal tender status in any amount. In order to pay the Bank's dividends it was decided to produce what at the time were known as seven_shilling pieces, with odd amounts of the dividend being paid in silver coins. A total of £315,000 worth of coins was authorised in October 1797. The denomination was struck each year until 1813, with the exception of 1805, 1807, and 1812. Between 1800 and 1812 third and half guineas were the only gold coins issued.
The coin weighed 2.8 grams and was 17 millimetres in diameter, with a milled edge. The design of the reverse changed in 1801 following the union of the parliaments of Great Britain and Ireland, when simultaneously the king relinquished his claim on the French throne (some four hundred years after it had ceased to mean anything). There were two obverses used, with different portraits of the king (the new one being introduced in 1804), with the legend GEORGIVS III DEI GRATIA. The design of the reverse was a crown, with the legend MAG BRI FR ET HIB REX date (to 1800) or FIDEI DEFENSOR BRITANNIARUM REX date (from 1801).
An earlier version of the Florin existed in the 14th century; it was a gold coin introduced by Edward III in 1344 in an attempt to produce coinage suitable for use in Europe as well as in England.
The coin is considered to be part of British coinage because it has no indication of what country it was minted for, being made in the same style as the contemporary Third Farthing.
The coin was not minted in the new classification and was withdrawn from circulation in 1980.
The diameter of the coin was 25 millimetres throughout Charles II's reign, and the average gold content (from an assay done in 1773) was 0.9100.
The guineas of this reign weighed 8.5 grams, were 25–26 mm in diameter, and were the work of James and Norbert Roettier and were produced in all years between 1689 and 1694 both with and without the elephant and castle; in 1692 and 1693 the mark of the elephant alone was also used.
George I's guineacoins were struck in all years between 1714 and 1727, with the elephant and castle sometimes appearing in 1721, 1722, and 1726.
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