unearthed at Castle Island.

They are among very few examples in the world of Britain's first colonial currency in Bermuda.

Yesterday Mr. Larry Swain, owner of Bermuda Coin & Stamp Company, said the "hog coins'' were probably worth about $7,000 each.

He added: "In my 23 years at the company I have only known of 12 hog coins.'' Archaeologists made the discovery while exploring some of the New World's oldest fortifications.

The dig is being carried out by the Bermuda Maritime Museum, the Department of Agriculture and Fisheries, and the College of William and Mary in Virginia.

Yesterday Dr. Edward Harris, who represents the museum on the Parks Commission, was thrilled at the find.

"They are extremely rare, and will go on display with other material from the site'' he said.

The brass coins, or "hog coins'', have a wild Bermuda pig depicted on one side of them. On the other is a ship.

Dr. Harris said one coin was a sixpence, the other a twelvepence.

There were only four denominations in the early 17th Century -- the other two being twopences and threepences.

Dr. Harris explained the coins were issued by the Bermuda Company whih settled Bermuda.

"They were a token currency -- money that could have been exchanged with the company for goods from their stores.'' Dr. Harris said the coins were unearthed during excavations at King's Castle.

"They were found in association with a lot of other early 17th Century material, including clay tobacco pipes, pottery, and a great deal of bone.

"This material is associated with the Captain's House which was built in 1621 by the Governor Nathaniel Butler and is still standing two-storeys high.'' IN THE MONEY... from an archaeological standpoint, that is. Dr. Edward Harris shows off the two rare coins found during excavations at Castle Island.