1931 Proof Penny struck as a Coin of Record at the Melbourne Mint
Proofs are numismatic royalty. They are the coins that are exhibited. They are the coins that are held with pride by institutions. And as we saw recently with the purchase of the of the 1899 Proof Half Sovereign, they are the coins that are acquired by institutions, in the case of the half sovereign, the Perth Mint. They are also the coins that are lingered over and savoured by collectors.
This Proof 1931 Penny is unequivocally, numismatic royalty.
Our photograph is good. But the camera lens cannot capture what you see in the flesh. Full brilliance on both obverse and reverse. It is as though you are looking at a copper mirror! The camera lens has however captured how well the strike has been executed, noted in the upper and lower scrolls, the inner beading and the edge denticles. And the king's portrait.
This is simply a great coin.
Coins of this ilk tend to have a history; a narrative that involves a person that is numismatically influential, a VIP or a Government dignitary. A story that helps us understand why the quality is so extraordinary. And in the case of this Proof 1931 Penny the person is Roy Farman. It was acquired in the 1950s from Farman, the exceptional quality of the coin said to have been a consequence of his close relationship with Albert Le Souef, a former Deputy Master of the Melbourne Mint.
This Proof 1931 Penny was but one coin in a small collection of George V copper proofs that was originally owned by Roy Farman.
The collection changed hands in the 1950s and was eventually offered at a public auction in Melbourne by Downies Australian Coin Auctions (ACA), in 2001 and 2002. It was comprised of Melbourne Mint Coins of Record of the following dates, 1920, 1926, 1928, 1929, 1931, 1932 and 1936.
All were extraordinary. The auction bidding frenetic.
The industry contends that the exceptional quality of these proofs had to have been a consequence of Farman’s close relationship with Albert Le Souef, Deputy Master of the Melbourne Mint 1921 - 1926.
Le Souef maintained a strong relationship with the mint even after his retirement.
In the Farman/Le Souef era, Coins of Record were (theoretically) out of reach of collectors. You had to have a strong connection into minting circles to gain access to them. And if you did have that connection you would almost certainly be guaranteed the best quality.
And it is important to note that, in this era, proofs had no commercial value over and above their face-value. They were simply collector's items!
P.S. Today, proofs are still very much collector's items, but with a definite commercial twist.
1931 Proof Penny
1931 Proof Penny
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 the yardstick by which other coins are judged. 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 1923 Sydney Specimen Sovereign became available in 1992 and was selected to become part of the Quartermaster Collection. The coin was especially struck as a Coin of Record at the Sydney Mint.
Winsor knew this sovereign represented the ultimate quality. During the George V era, Coins of Record from the Sydney Mint were struck to a specimen finish. And this coin is indeed an immaculate coin, graded FDC, with a superb strike.
Winsor also knew he had secured the ultimate rarity when he acquired this sovereign for it was believed unique. To this day, its unique status holds. There are no other known examples.
The Sydney Mint was the nation's first gold coin producer. During its lifetime, the mint processed more than 1200 tons of native gold, converting it into currency. In addition to producing circulating coins, the Sydney Mint was occasionally called upon to create special presentation pieces. The coins are technically referred to as 'Coins of Record'.
A Coin of Record would be gifted to a monarch, a dignitary or sent to an influential collector. Or put on display at an international trade fair. And if the Royal Mint London requested a sovereign for its archives, it was yet another occasion when a Coin of Record would be minted. Situations where a circulation strike would simply not suffice.
A Coin of Record is an artistic interpretation of coinage, a strikingly beautiful coin beyond ordinary currency. Individually crafted to a proof or specimen finish using special coining techniques to standards far exceeding that required of a circulating coin. (It is noted that during the George V era, all Coins of Record were struck to a specimen finish.)
Whereas production of circulating coinage was dictated by Government, Coins of Record were struck at the discretion of the mint master. The coins were not produced every year and, as they were individually created, the process was time consuming and the mintages minuscule. For Sydney Mint gold proofs, generally four pieces or less. There were years when only a single coin was struck.
Coins of Record of Australia's sovereigns and half sovereigns are visually stunning, distinguished by immaculate surfaces, either brilliant or satin depending on the strike. And it is their beauty and their ultra-exclusivity that drives demand.
The coins are today a globally traded commodity, confirmed again at St James Auction in New York, January 2026.
They are the crown jewels of coinage, adding glamour and exceptionality to any collection!
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