This double crown coin, created during the reign of King James I, was part of a trove of gold and silver hidden by Walter Bagnall on Richmond Island. The front of the coin depicted King James crowned and in armor, and the back depicted a shield with the arms of England, France, Scotland and Ireland. The front rim was stamped with the Latin text "JACOBUS.D.G.MAG.BRI.FRA.ET.HIB.REX." and the back rim with "HENRICOS ROSAS.REGNA.JACOBUS," or "H.VII united H. of Roses."

Bagnall was the first European settler on Richmond Island, near Cape Elizabeth, in 1628. He became wealthy by cheating the Wabanaki, specifically the female leader Warrabitta’s family, at his trading post. According to Massachusetts Governor Winthrop, "Bagnall...was a wicked fellow, and had much wronged the Indians."