The 1927 Canberra Florin is one of Australia's most recognised pre-decimal coins and a treasured keepsake. Two million coins were issed and circulated. Four hundred were struck to proof quality.

The mystery of the Canberra PROOF Florin. We lift the lid.

The 1927 Canberra Florin, depicting ‘Old Parliament House’ is one of Australia's most recognised pre-decimal coins and a treasured keepsake of countless Australian families.

It also is a firm favourite with today's coin collectors.

There is an expectation that it is worth hundreds maybe even thousands of dollars. And that expectation is fuelled once readers view the Coinworks website.

So often we hear … “I have just been told that my Canberra Florin is worth $40. And yet you have one on the site that, looks the same, but is valued at $30,000. What gives?”

The coin on the Coinworks web site is a 1927 PROOF Canberra Florin. And the inclusion of the word ‘PROOF’ is defining and makes all the difference as far as value is concerned.

So, what does ‘PROOF’ mean and how do I tell if my coin is a ‘PROOF’? Why are they so valuable? And are PROOF Canberra Florins worth owning?

Four questions that we answer in this article.

The Canberra Florin was minted for one of the most significant events in Australia’s journey to nationhood. The opening of the first Parliamentary buildings in the national capital, Canberra. For, while Federation occurred in 1901, Federal Parliament sat for twenty-six years in temporary accommodation in Victoria.

The opening of Parliament House in Canberra on 9 May 1927 was a big deal. Officiated by the Duke of York, who later became King George VI, the formal opening was broadcast to more than one million people via radio stations in Queensland, New South Wales, Victoria and South Australia.

Authorities around the world have used currency to send messages to their population from the year dot. Australia's Government took up the initiative and boasted its achievements by minting the celebratory 1927 Florin featuring the nation’s brand-new Parliamentary buildings.

The impending release of the Canberra Florin was announced in the newspapers as early as January of 1927.

Two million florins featuring Parliament House were struck by the Melbourne Mint on behalf of the Government and released into circulation through the banks. (The Australian population at the time was 6.5 million.)

The special nature of the occasion saw the Federal Government also authorise the Melbourne Mint to strike 400 Canberra Florins to PROOF quality and sell to the public as collector’s items.

Two million circulating florins versus four hundred PROOF florins … that is a vast difference in numbers. And the key to the disparity in values between circulating examples and PROOF coins.

Proof 1927 Canberra Florin

FDC, visually stunning with highly reflective silver fields and a hint of golden toning around the periphery.

$25,000.

Name the top five all-time favourite Australian rare coins. Without doubt the 1930 Penny would be at the top of the list. But, the Proof 1927 Canberra Florin would, in all likelihood, be at position number two.

It is a coin that resonates with all Australians and for many collectors it's not a matter of 'IF' I will buy a Proof Canberra Florin, it's 'WHEN' I will buy one.

And it is rare with numismatic authority Greg McDonald contending that while the intended mintage was 400, poor sales impacted on the mintage and the reality is it could be as low as 150. An explanation as to why so few are appearing on the market.

The tell-tale signs of a PROOF Canberra Florin.

There are some tell-tale signs that may assist you in the identification of a PROOF Canberra Florin. But a word of warning. PROOF coins must be sensitively handled and holding them in your hand may ultimately impact negatively on their delicate surfaces. With a consequential impact on their value.

So, if you are struggling to know how to handle the coin and find those tell-tale marks, take your coin into your local coin dealer.

Consider the date-side of a Canberra Florin and inspect the coin under a magnifying glass. If it is a PROOF, there will be raised lines between the oval encasing the date 1927 and the ONE in the legend. The novice will class them as scratches. A professional will refer to them as striations.

Turn the coin over and there also is extensive raised lines (striations) in the fields in front of, and behind, the portrait of George V.

PROOF coins are the product of extensive die preparation. Those lines might look like scratches, and we are not talking about the scratch marks or gouges that come from circulation.

The striations are the clear evidence that the Melbourne Mint manually brushed the dies, and in so doing created scoring marks in the dies; marks that were replicated onto the coins during the minting process as raised lines.

In the main, the PROOF Canberra Florin has the tell-tale raised lines in the positions described above.

Why the vast price disparity between a PROOF Canberra Florin and a circulating example?

The huge disparity in values between a PROOF Canberra Florin and a circulating example simply relates to the numbers struck. And their availability to today’s collector market. How easy is it for a collector to lay their hands on an example.

The Melbourne Mint struck only 400 limited edition PROOF coins for collectors. And two million circulating coins.

Not only was the mintage of circulating florins substantial, the sentiment at the time was to hoard them as a keepsake. It may be harsh, but it is true that Canberra Florins that were struck for circulation are readily available.

On the other hand, PROOF Canberra Florins are exceedingly scarce. While the Melbourne Mint planned to sell 400 coins, it is believed that the mintage did not sell out, with the unsold coins melted down. Historians suggest a figure of 150 to 200 is closer to the mark.

Two points are clear when you analyse auction realisations of the PROOF 1927 Canberra Florin over the last fifty years.

The first point is that the coin is extremely scarce. On average, one Proof Canberra Florin appears at auction annually.

The second point we noticed was that the coin has enjoyed solid price growth. In the 1980s, a Proof 1927 Canberra Florin was selling for approximately $1000 at auction. By the 1990s, the coin had doubled in price.

The turn of the century saw the Proof Canberra Florin move to $6000. A rapid expansion of the rare coin market, a consequence of the 2000 Sydney Olympics coining program, saw prices on exceptional quality examples exceed $20,000.

Collectors that acquire a Proof 1927 Canberra Florin do so because they value the historical importance of the coin.

Collectors also enjoy the splendour of its design. And appreciate the value that the coin offers from a price / rarity perspective.

And they look to the future in the knowledge that, given its appeal and its very limited availability, the coin will increase in value.