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Frances Noble, who joined DNW to launch the jewellery department in 2015.

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Pierce Noonan, 46, becomes managing director and chief executive officer after recently increasing his stake in the company with the acquisition of the shares of fellow-partner Christopher Webb.

Webb remains a member of the board and head of the coin department while Nimrod Dix and Robin Greville continue as board members and shareholders, the former as executive chairman and head of the medal department and the latter as head of digital media.

Nimrod Dix, who set up the business in 1991 as Buckland Dix & Wood, said “now is the right time to put in place a structure that will ensure the continued growth of the company for years to come”.

A new senior management team of eight associate directors has also been appointed as part of the restructuring.

New associate directors include medal specialists Oliver Pepys and Mark Quayle, who moved to DNW from Spink in 2016, and Frances Noble, who joined DNW in 2015 after working at Phillips and Bonhams for 27 years to launch a new jewellery department.

In 2017 DNW achieved total hammer sales of £12.7m, a significant increase on the 2016 total of £9m.

ATG’s annual review of the London numismatic market will appear in ATG No 2329.