This Laurel coin was part of a trove of coins hidden by Walter Bagnall on Richmond Island. 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."

The coin, valued at 20 shillings, was named for the depiction of King James' head decorated with a laurel crown. The text stamped on the coin read "JACOBUS.D.B.MAG. BRIT.ET.HIB.REX.," or "James by the grace of God King of England..."