Proof 1893 Sovereign, Melbourne Mint

Proof 1893 Sovereign, Melbourne Mint
Proof 1893 Sovereign, Melbourne Mint
Private Collection Melbourne
Two questions come immediately to mind in the offering of this super rare Proof 1893 Sovereign. Are we (that is Coinworks) selling rare investment coins? Or are we selling history? In the case of this Proof 1893 Sovereign we believe Coinworks is selling both for this coin is a spectacular investment piece and, at the same time, a slice of history. The coin is rare. As a Coin of Record, it is one of only two known. And the year 1893 is historically, a standout year as it officially marked the commencement of Queen Victoria’s twilight years. 1893 was the year in which a more mature portrait of Queen Victoria first appeared on Australia’s sovereigns and lasted until her passing in 1901. The first year of any design change always has an historical edge.
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When we size up a coin and evaluate its potential for growth, we assess the coin on two levels.

The first is the rarity of the coin itself. There is a big difference when a coin is known by two examples. Or twenty-two examples.

The second aspect we look at is the rarity of the sector of the market to which it belongs. Our philosophy is that 'less is best’ for you don't want the market to be flooded with coins from the same sector.

In the case of the Proof 1893 Sovereign the sector we are looking at is the Veiled Head era of Queen Victoria which ran from 1893 to 1901.

For us, the ideal ‘investment’ scenario occurs when a coin is rare. And the sector is rare.

OK ... now we know the Proof 1893 Sovereign is rare. It is a Coin of Record and is one of two known. But how many other Veiled Head Proof Sovereigns are out there?

To assess the Veiled Head sector, we researched auction records and our own private treaty sales for the past 50-plus years.

We confirmed the existence of twelve Proof Veiled Head Melbourne Mint Sovereigns, many of which have not been sighted since the 1980s and 1990s.

Now we know that twelve Proof Veiled Head Sovereigns are never going to be slapped onto the table in one hit and offered for sale at the same time, so how often can a buyer realistically expect to see one such coin?

Our research confirms that you could realistically expect to sight a Melbourne Mint Proof Veiled Head Sovereign on the market every four to five years.

Now that's rare!

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