Stephen coin value guide
Stephen · 1135–1154 · Penny
Denominations
Penny
Reign
1135–1154
What a coin is worth depends on its exact type, mint, grade and provenance — the type tables and value factors below explain what drives each one.
About these coins
Stephen's reign was dominated by the civil war known as 'the Anarchy', and his coinage reflects it. The regular royal issue is the Watford type penny, but the breakdown of central authority produced a fascinating range of irregular, baronial and regional coins — including issues of the Empress Matilda and various magnates — many of them great rarities.
Regular Watford-type pennies are collectable, though striking is often rough. The civil-war and baronial issues are where the real rarity and value lie — some are known from only a handful of examples and attract intense specialist interest. Type, mint, grade and provenance are decisive.
Value by type
The silver penny of the civil-war period, in both regular royal and irregular/baronial forms. Typically 1.3–1.4g of silver.
| Type | Rarity |
|---|---|
Watford type (regular royal issue) c. 1136–1145 Crowned bust with sceptre; cross moline reverse — Stephen's main official penny. | The most available type |
Civil-war, baronial & Matilda issues c. 1138–1153 Irregular royal, baronial and Empress Matilda coinages struck during the Anarchy; many are great rarities. | Rare to extremely rare |
What drives the value
Type & rarity
Within a single reign, common types in collectable grade sit far below the scarce and rare types. Identifying the exact type is the first step in any valuation.
Mint & moneyer
Coins of rare mints, or with sought-after moneyer or privy-mark signatures, carry a clear premium over the common major-mint issues.
Grade & surfaces
A full, sharp strike with a clear portrait or design and legible legends commands the most. Weak striking, chips, cracks and corrosion all reduce value.
Provenance
A pedigree to a named cabinet or a recorded hoard adds both value and confidence in authenticity, especially for scarcer and higher-grade pieces.
Frequently asked questions
How much is a Stephen penny worth?
Regular Watford-type pennies are the most attainable, while the civil-war, baronial and Empress Matilda issues are rare to extremely rare and command far more. Value depends heavily on type, mint, grade and provenance — use the valuation tool for an estimate based on realised prices for comparable coins.
What is the 'Anarchy' coinage?
During the civil war between Stephen and the Empress Matilda, central control of the mints broke down, producing irregular royal, baronial and Matilda issues alongside the regular Watford-type penny. Many of these are great rarities.
Did the Empress Matilda strike coins?
Yes — coins were struck in her name and for her supporters in the areas she controlled during the war. They are rare and highly sought after.