This 1896 Proof Half Sovereign was acquired by private treaty in 1995. A superb quality piece, it also is historically important. (Australia's other operating mint, the Sydney Mint did not strike proofs in 1896.)

After twenty-two years, the owner decided it was time to sell and placed it with Nobles, Sydney where it was offered as lot 1350 of their July 2017 Auction. Jim Noble described the coin as a 'Gem Frosted Proof, FDC and excessively rare'. And so have we.

The coin was well received at Nobles auction, selling for more than double its pre-sale estimate.

Only two other examples are known and both were offered at auction in the 1980s. One of those re-appeared at auction in 1988: the other in 1998. Neither have been publicly sighted since then, although we are aware that the 1988 example is now held by a retired coin dealer as part of a long-term holding.

Such sporadic offerings reflect the extreme scarcity of Australia’s proof half sovereigns; an area of the Australian coin market that, along with the proof sovereigns, are acknowledged as our rarest and our most prestigious.

Proof gold inspires respect and admiration. Ask collectors why they pursue proof coins over circulating currency and the prestige of owning a proof coin is most likely at the top of their list. It's the euphoria that comes with owning something that very few other people can ever possess.

Proof coins are by definition, extremely rare and their scarcity is a natural draw card.

In some respect, proof coin collectors are playing it smart because the inherent rarity of proof coinage provides a level of assurance that the market will never be inundated with examples, protecting their investment.

(Enlarged photographs are shown at the end of this page.)

This 1896 Proof Half Sovereign was struck as a Coin of Record at the Melbourne Mint depicting the mature, Veiled Head portrait of Queen Victoria.

Coins of Record were struck by the Melbourne Mint to a proof finish to meet the operational needs of the mint. They were not struck for commercial purposes to sell to collectors.

Even so, the coins were meant to impress with mirrored fields that bounced the light and a wealth of design depth. And only a handful were produced.

For most collectors, their first taste of proof gold comes by way of the Melbourne Mint Veiled Head series. The Veiled Head design was introduced in 1893 and lasted until Victoria's death in 1901.

It is not an easy sector for collectors to buy into. The total market of Melbourne Mint proof half sovereigns is a minuscule sixteen coins, with dates ranging from 1893 to 1901. Based on those numbers, a collector can expect a Veiled Head proof half sovereign to come onto the market every one to two years.

And while that makes them more available than let's say the proofs of George V or the Sydney Mint era of 1855 to 1870, the veiled head proofs don't come with their hefty price tags, that can be well upwards of $100,000.

The reality is, the Veiled Head series of proof sovereigns and proof half sovereigns have created an Australian proof gold market. The coins have established a firm collector following, becoming available at a pace that tempts collectors, without ever overwhelming collectors.

Effectively, they set the benchmark price for entrance into the Australian proof gold sector.

They are also very much sought after by the American market that is captivated with the gem frosted finishes of our veiled head proofs.

What is interesting is that at a recent Australian coin auction the Veiled Head proof gold coin fetched slightly more than a Sydney Mint proof gold piece.