The Quartermaster Collection was owned by Queensland collector, Tom Hadley. He joined forces with rare coin dealer Barrie Winsor to form what is acknowledged as the most comprehensive collection of Australian gold coins ever formed.

The program of acquisition took three decades, each coin hand selected to acquire the finest quality. Opportunities to upgrade, and to improve upon the quality, were taken up during this duration to achieve the ultimate grade, available at the time.

The Collection became a benchmark for Australian gold coins. And is still to this day. Exhibited at the Royal Australian Mint Canberra in 2005 to celebrate the 150th anniversary of the Sydney Mint's opening, it was eventually sold at auction by Monetarium Sydney in June 2009.

This rare-date 1923 Sydney Sovereign became available in 1992 and was selected to become part of the Quartermaster Collection.

The coin was struck to specimen quality as a Coin of Record at the Sydney Mint.

As no proofs were struck in 1923, Winsor knew this sovereign represented the ultimate quality. And it is an immaculate coin, graded FDC, with a superb strike.

Winsor also knew he had secured the ultimate rarity when he acquired this coin for it was believed unique. To this day, we know of no other examples.

The 1922, 1923 and 1926 Sydney Mint Sovereigns are internationally acclaimed and sought after the world-over as Australia's rare-date sovereigns.

A recent offering at Heritage Auctions (US) in August 2024 saw a Choice Uncirculated 1923 Sydney Sovereign sell for US$33,600 or $55,000 Australian dollars ($60,000 with GST).

Now we acknowledge that Australia’s 1920 Sydney Sovereign is also a rare-date sovereign. The reality however is that, with only a handful known, it is in a league of its own with overwhelming rarity and a $800,000-plus value.

The 1920s was a challenging period for the Sydney Mint.  The official reports from the Mint Master of the Sydney Mint provide a snapshot of what was happening.

The mint was in decline and production was in decline. to the Royal Mint London in the era 1922 to 1926 clearly reveal a mint that was quite literally going out of business. As indeed it eventually did in 1926 when the Sydney Mint closed its doors and shut down its coining operations, the irony being that a mint went broke making coins.

The scarcity of the 1922, 1923 and 1926 sovereigns in the current market is realted to their original mintages, which by sovereign standards were minuscule.

Records indicate that the Sydney Mint struck 578,000 circulating sovereigns in 1922. In 1923, just 416,000 sovereigns. And in 1926, 1,031,050. While the million-plus coins produced in 1926 may seem an anomaly, it is believed the entire mintage - bar 50 coins - were exported to London, melted down to pay war debt.

A collector's education begins with grading, assessing the quality of a coin. And then knowing the rate dates, in the recognition that these are the coins to have. 

Irrespective of the metal - gold, silver or copper - rare date circulating coins are keenly sought after by collectors and are considered prize acquisitions. 1930 Penny, 1923 Halfpenny, 1933 Shilling and 1923 Sovereign, rare dates that are much publicised and very much sought after. 

A collector's education begins with grading, assessing the quality of a coin. And then knowing the rate dates.

Presentation pieces, coins struck to proof or specimen quality, of rare date circulating coins hold an esteemed position in the industry and are the ultimate acquisition for their exclusivity and their superb striking.

Proof 1930 Penny. Proof 1923 Halfpenny. Proof 1933 Shilling. And Specimen 1923 Sovereign.

As no proofs were struck in 1922 and 1923, The very reason why the 1922 and 1923 specimen coins were chosen to include in the Quartermaster collection.

Ultimately it is the Sydney Mint’s Coins of Record out of this era that attract the most attention for their exclusivity and their superb striking, the very reason why the 1922 and 1923 specimen coins were chosen to include in the Quartermaster collection.

•    The 1922 Specimen Sovereign, known by two examples.

•    The 1923 Specimen Sovereign, believed unique.

•    The 1926 Specimen Sovereign, known by three examples.

More information and enlarged photographs are shown below.

1923 Sovereign struck at the Sydney Mint to specimen quality, featuring the standard portrait of King George V and the St George & Dragon reverse

Believed unique • superb FDC

Robert Jaggard Collection 1989 • Sale by private treaty to Paul Terry Collection • Sale by private treaty to Quartermaster Collection, 1992, Quartermaster Auction 2009, lot 205

Coins of Record have a wealth of design depth and boast an aesthetic resilience. They are a powerful, artistic interpretation of coinage and, because of their extreme scarcity, hold an exalted position with collectors.

Coin:            1923 Sovereign Sydney Mint   
Quality:            Specimen FDC
Provenance:        Quartermaster Collection
Price:            $85,000
Comments:
This 1923 Specimen Sovereign is one of two held by private collectors and comes from a fabulous era in numismatics, the twenties. Furthermore it is superbly struck and is sold with the ‘Quartermaster’ tag. It does not get much better than that. While it is a fact that in accumulating the Quartermaster Collection, Tom Hadley’s focus was primarily on circulating coinage, he also had a strong interest in Australian proof and specimen gold rarities, attracted by their quality and extreme rarity. One coin of which was this stunning 1923 Specimen quality Sydney Mint Sovereign. That he chose to acquire this coin and place it alongside his million-dollar 1920 Sydney Mint Proof Sovereign speaks volumes on the quality and rarity of this coin and the respect with which it was held.
Read More:
The portrait of George V appeared on Australia’s sovereigns from 1911 to 1928. A modified portrait appeared in 1929 and lasted until Australia struck its last sovereign in 1931.
It is the first portrait of George V (or what we refer to as the standard portrait) that has brought forth some of Australia’s greatest gold coin rarities.
Looking more closely at the George V era we see that it is the 1920s that present a fabulous era for numismatic investors. And the mint of choice out of this era is the Sydney Mint.
The Sydney Mint’s misfortune has become a bonanza for investors.
The official reports from the Mint Master of the Sydney Mint to the Royal Mint London in the era 1922 to 1926 clearly reveal a mint that was quite literally going out of business. As indeed it eventually did in 1926 when the Sydney Mint closed its doors and shut down its coining operations, the irony being that a mint could go broke making coins.
The mintages of the Sydney Mint’s circulating sovereigns in 1922, 1923 and 1926 were minuscule reflecting a mint in decline. 578,000, 416,000 and 130,050 million respectively. In Uncirculated quality they are a $45,000 - $50,000-plus item.
But it is the Sydney Mint’s presentation pieces out of this era that attract the most attention for their exclusivity and their superb striking.
•    The 1922 Specimen Sovereign is known by two examples.
•    The 1923 Specimen Sovereign is also known by two examples of which this coin is one.
•    The 1926 Specimen Sovereign is known by three examples.
Grab any of these dates in the knowledge that you have a great coin.

1871 Proof Half Sovereign struck at the Sydney Mint with a grained edge, featuring the Young Head portrait of Queen Victoria and the Shield reverse

Unique in private hands • Brilliant and flawless

Throughout history, extraordinary events have impacted on a nation’s currency, triggering ad hoc measures to supplement a medium of exchange. Affecting mintages or inspiring new designs and sometimes even inspiring brand-new coins.

The events create an environment that spawns numismatic superstars, coins that are overwhelmingly rare and supremely important.

The portrait of King George V appeared on Australia’s sovereigns from 1911 to 1931, when Australia went off the gold standard and ceased sovereign production.

The George V era, in particular the 1920s, is a fabulous era for Australian coin rarities.

Think 1920 Sovereign, the nation's most valuable sovereign an example selling recently in the US for $800,000.

It is the first portrait of George V (1911 - 1928) that has brought forth some of Australia’s greatest gold coin rarities.

Looking more closely at the George V era we see that it is the 1920s that present a fabulous era for rarities, with the mint of choice out of this era, the Sydney Mint.