Can’t Afford the Key Date? The Best Budget Alternatives to the 1697 6d, 1811 3 Shilling Bank Token, and 1746 LIMA 2/6

Not everyone has thousands to drop on a single piece of metal. Here are the most beautiful and historically significant budget alternatives.

Every collector knows the feeling. You’re browsing an auction catalog or scrolling through a dealer’s inventory, and there it is — a stunning William III sixpence, a vibrantly toned Bank of England token, or a Lima-marked two-and-sixpence with a fascinating die variety. The price tag, however, makes your stomach drop. Key dates in top grades can command premiums that put them firmly out of reach for the average collector. But here’s the secret that seasoned numismatists have known for decades: some of the most rewarding pieces in any collection aren’t the rarest or the most expensive. They’re the semi-key dates, the better-condition common dates, and the affordable varieties that tell a story just as compelling as their six-figure counterparts.

In this article, I want to walk you through three specific coins that came up in a recent forum discussion — the 1697 William III 6d, the 1811 3 Shillings Bank Token, and the 1746 LIMA 2/6 with the V over U variety — and use them as springboards to explore the broader world of budget collecting. Whether you’re building a British type set, assembling a historical collection, or simply trying to get the most beauty and history for your dollar, these strategies will serve you well.

Why Budget Collecting Is Smarter Than You Think

Let me be direct: the most expensive coin in your collection is not necessarily the most interesting one. I’ve been grading, buying, and studying coins for years, and some of the pieces I’m proudest of are the ones that cost me less than a nice dinner out. Budget collecting isn’t about settling for scraps. It’s about being strategic — understanding what makes a coin desirable beyond its rarity number and knowing where the market undervalues quality.

The forum thread that inspired this article is a perfect example. A collector posted three coins — none of which are rare in the traditional sense — and each one generated genuine excitement. Why? Because they had eye appeal, historical context, and in one case, a die variety that elevated an otherwise common date into something special. That’s the budget collector’s trifecta.

The 1697 William III Sixpence: The Most Available Date Done Right

Let’s start with the 1697 6d of William III. As one forum member pointed out, the 1697 is the most available date in the William III sixpence series, followed by 1696 and 1700. If you’re chasing rarity, this isn’t your coin. But if you’re chasing beauty and historical significance, the 1697 sixpence is a phenomenal budget choice.

The Historical Context: The Great Recoinage of 1696

The William III sixpences were minted in the aftermath of the Great Recoinage of 1696, one of the most dramatic monetary reforms in British history. The recoinage was necessitated by the widespread clipping, counterfeiting, and general degradation of England’s silver currency under previous monarchs. Isaac Newton — yes, that Newton, who served as Warden and later Master of the Mint — oversaw the recoinage effort, which involved melting down old hammered coinage and producing new, milled coins with edge inscriptions to prevent clipping.

The 1697 sixpence, then, isn’t just a coin. It’s a piece of a monetary revolution. Every time you hold one, you’re holding a direct product of one of the most important financial reforms in Western history. That’s a story you can tell at any coin show, and it costs a fraction of what a key date from the same era would demand.

What to Look For: Color and Eye Appeal

The collector who posted the 1697 6d in the forum thread specifically noted that while the coin is “not rare,” it had color that I thought was pleasing enough to submit. This is a critical insight for budget collectors. When you can’t compete on rarity, you compete on eye appeal.

Here’s what I recommend looking for in a William III sixpence on a budget:

• Original toning: Look for coins with natural, attractive toning — rainbow hues, golden patina, or subtle blue and violet overtones. Avoid anything that looks artificially enhanced or suspiciously uniform.
• Strong detail in the portrait: William III’s laureate bust should show clear hair detail and a well-defined face. Weak strikes are common in this series, so a sharp example stands out.
• Minimal surface marks: For the grade, the fewer bag marks, scratches, or rim dings, the better. A clean VF or EF example with great color will always outperform a technically higher-grade coin with ugly surfaces.
• Edge letterization intact: The edge inscription is a hallmark of post-recoinage coinage. A coin with a legible edge is more desirable and historically complete.

One forum member even speculated that their 1697 sixpences might be from the same hoard — referencing a known hoard of William III crowns mostly dated 1695 and 1700 that was discovered in a London safe deposit box several years ago. That hoard reportedly contained minors as well, including a 1698 2/6 and other coins associated with the Great Recoinage. Provenance from a known hoard can add a layer of interest and even modest premium to an otherwise common date.

The Semi-Key Strategy

While the 1697 is the most common date, other dates in the William III sixpence series are significantly more challenging. As one collector noted, “a few of the issues are quite challenging to find,” and even major grading services have yet to grade MS examples of certain dates. This is where the semi-key date strategy comes in: instead of paying a fortune for the rarest date, target the dates that are noticeably scarcer than the most common ones but still available at reasonable prices. In the William III sixpence series, dates like 1698 or other less common years offer a meaningful step up in scarcity without the key-date premium.

The 1811 3 Shillings Bank Token: Vibrant Color and the AT vs. NT Debate

The second coin from the forum thread is the 1811 3 Shillings Bank Token, and it’s a fascinating case study in why budget collectors should pay attention to toning — and why the grading services’ distinction between Artificially Toned (AT) and Naturally Toned (NT) matters so much.

What Are Bank of England Tokens?

Between 1797 and 1816, Britain experienced a severe shortage of small denomination silver coinage. The price of silver had risen so dramatically that the intrinsic metal value of coins exceeded their face value, leading to widespread melting and hoarding. The Bank of England responded by issuing token coinage — denominations of 3 shillings, 1 shilling 6 pence, and 9 pence — that were slightly underweight in silver but accepted as legal tender for transactions under a certain threshold.

The 1811 3 Shillings is one of the more common dates in this series, which makes it an excellent budget entry point. But common doesn’t mean uninteresting. These tokens are artifacts of a fascinating economic crisis — the Napoleonic Wars era, when Britain’s financial system was under enormous strain. They represent a creative, if imperfect, solution to a real monetary problem.

The AT vs. NT Question

The collector who posted the 1811 3 Shillings noted that it had “vibrant color that others might find a tad suspicious” — and that’s exactly the kind of honest self-assessment that budget collectors need to develop. Vibrant, rainbow toning on silver coins is one of the most commonly faked attributes in the hobby. Unscrupulous sellers have been artificially toning coins for decades to command higher prices.

Here’s the good news: the collector submitted the coin to a major grading service, and it came back with a straight grade — meaning the graders determined the toning was NT (Naturally Toned). Multiple forum members agreed with this assessment, with one noting, “I say NT on the bank token and very attractive as well.”

This is a crucial lesson for budget collectors: buy the slab, not the coin — or at least, buy coins that have been authenticated and graded by a reputable service. When you’re dealing with toned coins on a budget, the risk of buying an artificially toned piece is real. A straight-graded NT example gives you confidence that the eye appeal is genuine, and it protects your investment.

What Makes a Great Bank Token on a Budget

If you’re building a collection of Bank of England tokens without breaking the bank, here’s my checklist:

1. Prioritize NT examples: A naturally toned coin will always hold its value better than one with questionable color. Look for toning that appears to have developed organically — often starting at the edges and working inward, with color transitions that look gradual rather than abrupt.
2. Focus on the common dates: The 1811 is one of the more available dates. Use that to your advantage — you can afford to be picky about condition and eye appeal.
3. Check for strong strikes: The 3 Shillings token features a distinctive design with Britannia seated. A well-struck example with clear detail in the figure and the lettering is worth seeking out.
4. Look for minimal cleaning marks: Many older tokens have been cleaned at some point in their history. Original, uncleaned surfaces with natural toning are the gold standard.

The 1746 LIMA 2/6 and the V over U Variety: Affordable Rarity

The third coin in the forum thread is where things get really interesting for budget collectors. The 1746 LIMA 2/6 features a V over U variety in the word GEORGIVS — the V in the king’s name was actually struck over what appears to be a U. This is the kind of die variety that can transform a common date into something genuinely special.

Understanding the LIMA Mark

First, some context. The LIMA mark on George II’s coinage indicates that the silver used to strike these coins came from bullion captured during Admiral Anson’s circumnavigation of the globe (1740–1744). Anson’s expedition was one of the most dramatic naval adventures of the 18th century — he captured a Spanish treasure galleon, the Nuestra Señora de Covadonga, laden with silver and gold from the Americas. The captured bullion was brought back to England and coined at the Royal Mint, with the word LIMA (the capital of Peru, where much of the silver originated) stamped on the coins as a mark of their exotic provenance.

This means that every LIMA-marked coin, including the common 1746 2/6, carries an incredible story. You’re not just holding a coin — you’re holding a piece of pirate treasure, or at least treasure captured by the Royal Navy. For a budget collector, that’s an extraordinary amount of history for a modest price.

The V over U Variety: What It Means and Why It Matters

The V over U variety on the 1746 2/6 is a die error — the engraver initially cut a U where a V should have been in GEORGIVS, and then corrected it. These kinds of die varieties are the bread and butter of budget collecting because they add a layer of interest and scarcity to an otherwise common coin without commanding the prices of true rarities.

As one forum member noted, Maurice Bull’s reference book lists this variety as R3 — meaning it’s scarce but not impossibly rare. The collector who owned the coin admitted they “made a mistake by not pushing the variety at the time of submission” to the grading service, which is a valuable lesson: always make sure die varieties are noted on your grading submissions. A variety that isn’t recognized on the slab is a variety that won’t command a premium on the resale market.

How to Hunt for Varieties on a Budget

Die varieties are one of the best-kept secrets in budget collecting. Here’s how to get started:

• Buy the book before the coin: For British silver, Maurice Bull’s catalog of varieties is essential. For American coins, the VAM book for Morgan dollars or the Overton book for early halves are indispensable. Know what varieties exist before you start shopping.
• Examine coins in person: Many varieties are subtle — a repunched mint mark, a die crack, a letter overstrike. You need good lighting and a loupe (at least 10x magnification) to spot them.
• Check common dates first: Varieties on common dates are almost always cheaper than varieties on rare dates. The 1746 LIMA 2/6 is a perfect example — the date is common, but the V over U variety adds a premium that’s modest compared to what a rare date would cost.
• Submit varieties for attribution: When you find a variety, pay the extra fee to have it attributed on the grading slab. An attributed variety is worth significantly more than an unattributed one.

Collecting Strategies on a Budget: A Comprehensive Framework

Now that we’ve looked at three specific coins, let me lay out a broader framework for collecting on a budget. These are strategies I’ve used throughout my collecting career, and they work.

Strategy 1: Better Condition Common Dates Over Low-Grade Keys

This is the single most important principle in budget collecting. A beautiful, high-grade common date will always be more enjoyable to own — and often more liquid when it’s time to sell — than a beat-up key date. A common date in MS-64 with great luster and eye appeal is a genuinely impressive coin. A key date in AG-3 with a scratched face and worn rims is just a space filler.

When I’m evaluating a purchase, I ask myself: “Would I rather have this coin in this condition, or a lower-grade example of something rarer?” Nine times out of ten, I choose the better coin.

Strategy 2: Semi-Key Dates as the Sweet Spot

Semi-key dates occupy the perfect middle ground. They’re noticeably scarcer than the most common dates in a series, but they don’t carry the extreme premiums of true keys. In the William III sixpence series, as we discussed, dates other than 1697, 1696, and 1700 are harder to find. In the Bank of England token series, certain dates and die states command modest premiums. In the George II LIMA series, the 1746 is common, but other dates are significantly scarcer.

Target these semi-keys. They give you the thrill of owning something genuinely scarce without the financial pain of a key date.

Strategy 3: Eye Appeal Is King

I cannot stress this enough: eye appeal is the single most important factor in a coin’s desirability, and it’s the factor that budget collectors can most easily control. You may not be able to afford the rarest date, but you can afford to be picky about color, luster, strike, and surface quality.

The three coins in the forum thread are perfect examples. None of them are rare. But all three have something special — pleasing color on the 1697 6d, vibrant natural toning on the 1811 3 Shillings, and an interesting die variety on the 1746 LIMA 2/6. Each one is more desirable than a technically equivalent coin without those attributes.

Strategy 4: Build Thematic Collections

Instead of trying to collect an entire series — which will inevitably include key dates you can’t afford — build a thematic collection. Collect all the LIMA-marked coins you can find. Collect Bank of England tokens with the best toning. Collect William III minors with attractive color. Collect V over U varieties across different denominations.

Thematic collections are more interesting, more personal, and more affordable than complete series. They also tell a story, which makes them more engaging to display and discuss with other collectors.

Strategy 5: Buy the Best You Can Afford, Not the Most You Can Afford

This is related to Strategy 1 but deserves its own mention. When you have a fixed budget — say, $500 for this month’s coin purchase — resist the temptation to buy five $100 coins. Instead, buy one $500 coin. A single outstanding example will bring you more joy and hold its value better than a handful of mediocre pieces.

Grading Considerations for Budget Collectors

One final topic that came up repeatedly in the forum thread: grading. All three coins discussed were submitted to a major grading service and received straight grades within the high end of the submitter’s expected range. This is significant for budget collectors for several reasons.

Why Grading Matters More for Budget Coins

When you’re buying a key date, the market has a well-established price structure. Everyone knows what an 1804 dollar in a given grade is worth. But when you’re buying a semi-key or a common date with special attributes — great toning, an interesting variety, exceptional eye appeal — the market is less efficient. Two coins with the same date and grade can have wildly different values based on their individual qualities.

Grading services help bridge this gap. A straight grade (as opposed to a details grade) confirms that the coin hasn’t been cleaned, altered, or artificially toned. For the 1811 3 Shillings, the straight NT grade was essential — without it, buyers would always wonder if the vibrant color was natural.

When to Submit and When to Save

Not every coin needs to be graded. Here’s my rule of thumb:

• Always grade: Coins with potential AT/NT questions, coins with die varieties that need attribution, and coins that you plan to sell in the near future.
• Consider grading: Coins that are at the high end of their grade range and have exceptional eye appeal. The grading fee can be worth it if the slab adds a significant premium.
• Skip grading: Low-value common dates in average condition. The grading fee may exceed the coin’s value.

Conclusion: The Beauty of Budget Collecting

The three coins from the original forum thread — the 1697 William III 6d, the 1811 3 Shillings Bank Token, and the 1746 LIMA 2/6 with the V over U variety — are perfect embodiments of what budget collecting can be. None of them are rare. None of them would stop traffic at a major auction. But each one has something that makes it special: beautiful color, vibrant natural toning, or a fascinating die variety rooted in the engraver’s workshop.

More importantly, each one carries a piece of history that no amount of money can enhance. The 1697 sixpence is a product of the Great Recoinage, one of the most important monetary reforms in British history. The 1811 Bank Token is a relic of the Napoleonic Wars era, when Britain’s economy was under siege and creative solutions were needed to keep commerce flowing. The 1746 LIMA 2/6 is made from silver captured by Admiral Anson’s expedition — real-life pirate treasure, coined into currency and passed from hand to hand for nearly three centuries.

That’s what budget collecting is really about. It’s not about settling for less. It’s about finding the coins that speak to you — the ones with color, character, and story — and building a collection that reflects your passion rather than your bank balance. The key dates will always be there. The auction catalogs will always have their seven-figure showpieces. But the heart of this hobby has always been in the coins that real people can hold, study, and enjoy. And some of the best of those coins are surprisingly affordable.

So the next time you see a common date with great color, a semi-key with a sharp strike, or a variety that catches your eye, don’t walk past it because it’s not rare enough. Pick it up. Examine it. Research its story. You might just find that it’s exactly the coin your collection has been missing.

Related Resources

You might also find these related articles helpful:

• Monster Toning vs. Artificial: Decoding the Colors on Your Rattler Saints and Beyond – Beautifully toned coins can fetch massive premiums, but the line between natural and artificial is razor-thin. Here is h…
• How to Integrate Color from Across the Pond — 1697 Sixpence, 1811 Three Shilling Bank Token, and 1746 LIMA Two-and-Sixpence into a Master Type Set – Building a type set is the ultimate journey through history. Let’s look at the best way to represent this design i…
• Verdigris and PVC: Saving PO-1 Coins from Environmental Damage — A Conservator’s Guide to Bronze Disease, Oxidation, and Chemical Conservation – Improper storage is the silent enemy of numismatics. Let’s identify the signs of environmental damage specific to …