A 1938 Proof Set comprised of seven coins, the crown, florin, shilling, sixpence, threepence, penny and halfpenny in original Presentation Case with a plaque noting the recipient as the Canadian Minister of Finance.

A complete 1938 Set, one that contains the coveted crown is exceedingly scarce in today's market. Partly due to the minuscule number of coins struck. And the Melbourne Mint's unusual minting and sales policy.

The protocols for striking and selling the 1938 proofs made buying a complete set, extremely difficult. Even then.

Proofs were only struck during the normal production run of circulating coins. So the minting of proofs was staggered throughout the year. A collector that wanted a complete set had to wait the entire twelve months to piece together the seven proof coins, in the hope that a particular denomination had not sold out before the order could be fulfilled.

To complicate matters further, collectors could only pick up a single coin at the mint. And how did you know when to front up? Collectors could not go to the mint and buy a set.

If you opted for the easier alternative and ordered by mail, the orders had to be a minimum of six coins of any denomination. 

It was a mishmash of minting rules that did not work in favour of collectors at the time.

The rules however created a prize for today's market. An original complete 1938 Proof Set.

1938 Proof Silver Coin Set

1938 Proof Penny & Halfpenny

The coveted 1938 Proof Crown

An examination of the Mint's accounts shows that the proof threepence was the only coin that sold out of its mintage of 100. The recorded sales of the other 1938 proof coins is as below. Shilling (94), Penny (94), Florin (80), Halfpenny (78), Sixpence (68), Crown (52).

The marketing strategy of the mint coupled with the imbalance in the numbers sold means that the proofs of 1938 quite often come onto the market as individual pieces rather than as a complete set.

And today, even when auction houses are presented with a complete set, the coins are sold off as single items.

We last sold set a seven-coin set as part of the Treasures Collection in 2011. While the six-coin set and the crown were of superb quality, they originally came from two separate sources.

This is the only original seven-coin 1938 Proof Set that we have handled.

My observations on today's market are that 1938 proof coins that are acquired individually and accumulated to form a set will never have the consistency in the quality and the acute preservation that this set offers.

The seven coins were gifted as a complete presentation set to the Canadian Minister of Finance by the Australian Government’s Treasurer. And it shows!

Each coin has been beautifully struck and has been brilliantly preserved. The consistency in the quality and the level of preservation supports the view that they were especially picked and housed together, in a controlled environment, for many decades.

Complete 1938 Proof Set, seven coins including the coveted proof crown

Price $115,000

Presentation Set from the Australian Government to the Canadian Minister of Finance, in mahogany velvet lined presentation case with a plaque detailing the recipient • Downies Collectibles private purchase in the US 2001.

The Royal Australian Mint opened on 22 February 1965, almost one year ahead of decimal currency changeover and issued its first circulating coinage for 'Changeover-Day' on 14 February 1966.

In 1966, the mint struck its first decimal proof set of six circulating decimal coins. Issued in a blue case, the mintage was 18,110, the set sold to collectors at the issue price of $12.50.

Apart from the years 1967 and 1968, the mint has issued Proof Sets annually, a program that continues to this day. Each new release is met with a great sense of anticipation and excitement.

And while there might be an assumption amongst today's collectors that the Melbourne Mint issued proof sets of our Commonwealth coinage on an annual basis. That could not be further from the truth.

The Melbourne Mint in William Street was opened in 1872 as a branch of the Royal Mint London to strike Australia's gold sovereigns and half sovereigns. The mint diversified its coining repertoire in 1916 when it was commissioned by Treasury to strike Australia's Commonwealth silver coinage.

A further diversification occurred in 1919, when the mint began striking the nation's copper penny and halfpenny.

The first Proof Set of Australia's circulating coinage was not issued until 1934. The Melbourne Mint was a servant of Treasury issuing circulating currency for the population. The notion of striking proof coins and selling them to collectors for a premium over face value was not high on their agenda.

Due to the abdication of Edward VIII in 1936, Australia did not issue circulating coinage in 1937, with the exception of the crown.

Four years elapsed before the Melbourne Mint struck Australia's second proof set. And for the first time ever, a seven-coin proof set. The year was 1938.

Treasury commissioned the Melbourne Mint to strike the full range of Australia’s circulating coinage in 1938, the five silver coins of crown, florin, shilling, sixpence and threepence and the copper penny and halfpenny.

The coins featured the new monarch, George VI and introduced new designs for the penny, with the bounding kangaroo. The shilling with the ram’s head. And the ears of wheat on the threepence.

The Melbourne Mint was keen to test the viability of producing proof coins and selling them to collectors. It had produced one hundred proof crowns in 1937, a sell-out buoying their commercial aspirations. With the Australian Government introducing new designs and the appearance of a new portrait, the mint anticipated keen collector interest in its 1938 proofs. 

Proofs were only struck during the normal production run of circulating coins. So the minting of proofs was staggered throughout the year.

Due to the mint's sales policy (outlined above), acquiring a complete seven coin 1938 Proof Set was fraught with difficulties.

It is noted that seventeen years elapsed before the next proof set was struck at the Melbourne Mint in 1955.