This coin was part of the cache of gold and silver hidden by Walter Bagnall on Richmond Island before 1631. 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."

Bagnall had violated his social responsibilities, and as a result, Warrabitta’s brother, Skitterygusset, killed Bagnall in 1631 and burned down the trading post. This act was a redistribution of power and asserted Wabanaki jurisdiction of the area.

The front of the sixpence coin featured Queen Elizabeth's head crowned and rose behind her back. The text along the rim proclaimed "ELIZABETH D.G. ANG. FR. ET HI. REGINA," the Latin for "Elizabeth, by the grace of God, Queen of England, France, & Ireland." The reverse of the coin featured a shield and the text "POSUI DEV. ADIVTOREM. MEV.," or "I have made God my Helper."