18th Century Tokens, CHESHIRE, Macclesfield, Roe & Co, mule Penny, 1788, bust of Charles Roe right, rev. pm co cypher, edge we promise to pay the bearer one penny, 19.10g/11h (DH 75, this piece). Very fine and of the highest rarity; believed to be the only known specimen £400-500

Provenance: W.J. Davis Collection, Sotheby Auction, 11-15 March 1901, lot 18; S.H. Hamer Collection, Glendining Auction, 26-8 November 1930, lot 45; J. Spingarn Collection; R.S. Brown Jr Collection, Part I, DNW Auction T7, 7 October 2009, lot 80 [from J.S. May 1998]; D.B. Griffiths Collection, Part I, DNW Auction T10, 5 October 2011, lot 51.

This piece, described by Waters as a workman’s freak, was first recorded by Davis in SNC December 1900, col. 4331