Apparently there is no such a place as the ISLAND OF SULTANA, but it sure sounds cool. The coat of arms with the horses on each side is also fictitious. These are tokens made by merchants in and around Singapore in the Dutch East Indies, Indonesia today. Similar coins were minted in 1804 with lions on each side of the arms, and more similar coins were minted with ISLAND OF SUMATRA, which is a real place! This page applies only to the horse-flanked SULTANA pieces.
The catalogs report several varieties, some with one flag, others with two flags, and the presence or absence of a legend. It would be a collecting challenge to assemble a set of each variety. Values are about the same for all varieties, as follows:
worn: $10 US dollars approximate catalog value
average circulated: $25
well preserved: $45
fully uncirculated: $130
The example in our picture comes from Stack's where it sold for $110 in a 2009 auction. As always, CoinQuest thanks Stack's for use of their coin photo.
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