Having explored the “White Rajah” territory of Sarawak, my collection now moves slightly north to its neighbour: British North Borneo (modern-day Sabah).

While Sarawak was ruled by the Brooke family, North Borneo was administered by a corporation: the British North Borneo Company. They were one of the last chartered companies in the British Empire to effectively run a country as a business. Like their neighbours, they turned to the Heaton Mint in Birmingham to strike their coinage.

The Historical Context: Corporate Heraldry

This coin is a masterpiece of heraldic design. Since the issuer was a Company, not a Monarch, the obverse doesn’t feature a King’s head.

Instead, it displays the Company’s coat of arms: two “wild men” (indigenous warriors) supporting a shield. The shield features a lion (representing Britain) and a sailing ship (representing trade). The Latin motto below, Pergo et Perago, translates roughly to “I undertake and I achieve.”

The Coin: 1928 State of North Borneo 5 Cents

  • Denomination: 5 Cents
  • Issuer: British North Borneo Company
  • Year: 1928
  • Mint: Ralph Heaton & Sons (Birmingham)
  • Metal: Copper-Nickel
  • Reference: KM 4

The Heaton Connection:
This is another win for my Heaton Mint sub-collection.

  • Spotting the Mintmark: Look at the Obverse (the side with the warriors). Right at the very bottom, beneath the ribbon containing the Latin motto, there is a tiny, distinct letter H.

Condition & Grading

The 5 Cent coin is small, which usually means the details get muddy. However, this example has survived remarkably well.

The Assessment:

  • Obverse: The strike is sharp. You can distinctly see the muscle definition on the two warriors and the details of their headdresses. The lion on the shield—often the first thing to wear flat—is still proud and distinct.
  • Reverse: The denomination and date are crisp.
  • Surface: The coin has a bright, silver-like appearance. Since this is Copper-Nickel, this brightness suggests it hasn’t suffered the dark environmental toning seen on my 1930 Sarawak piece. It may have been dipped (cleaned) at some point in its history, but it retains excellent eye appeal.

Grade: Extremely Fine (EF)
There is only the slightest wear on the highest points of the design. In a US slab, this would likely grade in the AU (About Uncirculated) range.

The Verdict

This coin serves as the corporate counterpart to the regal coins of Sarawak. It is a snapshot of the late 1920s, just before the Great Depression would impact the global rubber and timber trades that this Company relied upon. The intricate coat of arms makes it one of the most attractive colonial designs produced by the Heaton Mint.

Further Reading & Data: