The excessively rare Melbourne Mint 1920 Star Shilling, mint state, superb strike, attractively and evenly toned
This 1896 Proof Half Sovereign was struck as a Coin of Record at the Melbourne Mint. A superb gem frosted proof it was acquired by private treaty in 1995. 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 that assessment is spot on! The coin was well received at Nobles auction, selling for more than double its pre-sale estimate, an acknowledgement of its premium quality and overwhelming scarcity.
Rarity and circumstance have made the 1920 Star Shilling one of Australia's greatest coin rarities.
In 1920, wildly fluctuating silver prices posed a serious issue for Governments, such as Australia, that were striking their coins in .925, sterling silver. The possibility that the intrinsic value of the florin, shilling, sixpence and threepence would exceed their face value was a real one and the Australian Government pondered a debasement of its coinage to lower the costs.
The florin and shilling dies were prepared at the Royal Mint London with a star above the date to indicate a reduced metal content.
Seven florins and seven shillings were produced at the Melbourne Mint as part of a specially controlled circulation strike and each coin featured a star above the date.
That the strike was controlled is reflected in the depth of detail of the coins and their surfaces.
Distribution of these prized pieces was heavily restricted. Influential collector Albert Le Souef, (a Deputy Master of the Melbourne Mint between 1921 and 1926), obtained one of each of the florin and shilling. Three examples were retained by the mint with three heading to London, the Royal Mint the main recipient.
Aside from the Le Souef's coin, a further two have since emerged in the private sector. The first sold on behalf of the Melbourne Mint museum through an Australian auction house as part of a fundraising exercise, late in 1988. And this coin, the front cover items of Morton & Eden Auction Catalogue, June 2006, Lot 322.
George V, shilling, 1920 M, with star above the date,
struck in .925 fine silver at the Melbourne Mint
George V, shilling, 1920 M, with star above the date,
struck in .925 fine silver at the Melbourne Mint
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.
The 1920 florins, showing the star above the date, were prepared as a result of a sudden rise in the price of silver that caused Great Britain and many other countries to reassess the silver content of their respective currencies.
Britain abandoned around 800 years of tradition when it reduced the finesse of its Sterling silver (92.5% pure) coins to an alloy of 50%. Canada also moved from the 92.5% standard down to 80% while British West Africa dropped silver issues completely in 1920 in favour of nickel and nickel brass coins.
Australia considered a similar move but in a gesture which cynical taxpayers of today would find very refreshing, the government wanted the public to be completely aware that the new coins would contain less silver.
According to the former numismatic curator of the Museum of Victoria, John Sharples, the normal order for 1920 dies for the silver coins had been placed in July 1919. At that time the intrinsic worth of the silver was less than the face value of the respective denominations and so no special instructions were issued in respect to the dies being prepared by the Royal Mint in London.
However by March 1920 the situation had changed drastically. According to John it was decided to prepare new dies which featured smaller date figures to differentiate the debased coins from the earlier issues.
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