★ Lacking the 1813 square countermark ★

IONIAN ISLANDS, Septinsular Republic. Under partial British occupation. 1809-1814. 50 Paras 1813/4 (Silver, 25 mm, 4.00 g), overstruck struck on a 1692 Tari of 20 Grana of Charles II of Naples and Sicily, Zante (Zakynthos), 1814. Countermarked on the host obverse with an oval indent containing a laureate and draped bust of George III above the denomination 50. Rev. Blank save for the host reverse. Karamitsos I.8b. KM 23.1. Lambros 15. Extremely rare type, apparently lacking the initial 1813 square countermark! Coin: VG, c/m: Good very fine. Graded by NGC "VG 8" Cert number: 2909009-008.

From the El-Greco Collection of Modern Greek Rarities.

Great Britain took over the Ionian Islands starting in 1809 and the usual island problems of the export of good silver soon began. Spanish Dollars were imported for military use, but almost immediately went out again for supplies, thus leaving only poor quality minors for the inhabitants. In 1813 the government imported large numbers of Sicilian silver fractions and countermarked them with Para values on a fixed exchange ratio. Needless to say, these initial countermarks, being only a numeral within a square frame, were immediately forged. The coins were then recalled and countermarked with the head of George III above the value within an oval incuse. Despite the execrable artistic quality of these countermarks, the coins continued in circulation until 1821 when they were finally withdrawn in favor of the new denomination system.