George III (1760-1820), gilt Pattern Halfpenny, 1788, by Droz, render to cesar etc. edge (late Soho). Good extremely fine and a very pleasing example of this beautiful pattern (£80-120)

Although these are described by Peck as late Soho strikings the pale gilt finish is not characteristic of any of Boulton’s later gilt proofs struck on gilded flans, all of which have a natural gold brilliance. At present it is not known quite when Boulton perfected this technique but numismatic evidence suggests it was not much later than around 1797. Thus, although clearly struck from worn and slightly rusted dies, a case can be argued that these pieces were made no later than the mid 1790’s.