Proof 1931 Penny struck as a Coin of Record at the Melbourne Mint, ex Roy Farman and the finest of three known examples.
The quality of this Proof 1931 Penny is so far removed from those proofs most regularly sighted that when it first came to market at Australian Coin Auctions sale in February 2002, the industry bestowed on it a ‘super-proof’ status. As the photographs attest, the strike is magnificent. Take in the upper and lower scrolls, the denticles and the inner-circle beading on the reverse. And the fields, full brilliance on both obverse and reverse. This is proof coining at its best! Great coins 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, in 2001 and 2002.
The collection was comprised of Melbourne Mint Coins of Record of the following dates: Proof Pennies struck in 1920, 1926, 1931, 1932 and 1936. And Proof Penny and Proof Halfpenny pairs struck in 1928 and 1929.
All were extraordinary. The auction bidding frenetic. (The 1929 Proof Halfpenny, A.C.A. sale 274, lot 1422 is available now.)
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, who 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! (PS Today, they are still collector's items, but with a definite commercial twist.)
Proof 1931 Penny
ex Roy Farman
Proof 1931 Penny
ex Roy Farman
This Proof 1931 Penny is one of the truly 'great' coins of Australian numismatics. Yes it is a Coin of Record, an especially arranged striking, produced at the Melbourne Mint. But, to become an industry 'great' there has to be more to a coin.
Its status as one of the 'great' coins of the Australian rare coin industry has come about because it is a special striking of a rare-date penny. (The emphasis on 'rare-date'.)
The rare dates of the Australian penny series are the 1930 Penny, followed by the 1925 Penny, the 1946 Penny and the 1931 Penny. The 1930 Penny is believed to have a mintage of about 1500. The 1925 Penny has a recorded mintage of 117,000, the 1946 Penny 363,000 and the 1931 Penny 494,000. In an environment where pennies were struck in the millions, these mintage figures are amazingly scarce.
The proof strikings of these three coins, the 1930, 1925 and 1931, are considered numismatic royalty, with the Proof 1930 Penny, the acknowledged king. And the Proof 1925 Penny and the Proof 1931 Penny the crown princes.
No proofs were struck of the 1946 Penny.
There is ultimately one other reason why these three coins are so highly valued. Australians just love their 'coppers'.
The penny is an evocative coin, producing memories, ideas, emotions and responses like no other.
The humble penny is as Australian as you can get and people from all walks of life, and across all incomes, identify with our nation's copper coins.
Proof 1931 Penny struck as a Coin of Record at the Melbourne Mint and the absolute finest of three known examples.
Australian Coin Auctions 28 February 2002 (Lot 1689)
Price: $80,000
Superb FDC with full brilliance on both obverse and reverse
The quality of this Proof 1931 Penny is so far removed from those proofs most regularly sighted that when it first came to market at A.C.A's auction in 2002, the industry bestowed on it a ‘super-proof’ status.
As the photographs attest, the strike is magnificent.
Great coins 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.
Australian Pre-decimal Coins that were struck as proofs - but not destined for collectors - are technically referred to as Coins of Record. The term, COIN OF RECORD, is to a large extent self-explanatory. It is a coin that has been minted to put on record a date. Or to record a design.
What is not self-explanatory is that Coins of Record were in the main PROOF strikings (sometimes specimen), minted as presentation pieces. And were struck in the most minute numbers satisfying the requirements of the mint rather than the wants of collectors. Forget the notion of striking ten thousand proofs as collectors are accustomed to today. Let's talk about striking a total of ten coins ... or even less!
For today’s collectors the Coins of Record offer a wonderful link to the past and are extremely rare, two reasons that make them so popular.
There was no commercial angle in the production of Coins of Record. The mints were not out to make money from the exercise. Quite the reverse, striking a proof coin in our pre-decimal era was a very labour intensive (and hence costly) exercise that would have dented the mints annual budget quite considerably. The prime reason why so few coins were struck.
In the striking of a proof coin, the mint’s intention was to create a single masterpiece, coining perfection. Perfection in the dies. Wire brushed so that they are razor sharp. Perfection in the design, highly detailed, expertly crafted. Perfection in the fields, achieved by hand selecting unblemished blanks, polished to create a mirror shine. Perfection in the edges to encase the design … exactly what a ‘picture frame does to a canvass’.
A proof is an artistic interpretation of a coin that was intended for circulation. A proof coin is meant to be impactful, have the ‘wow’ factor and exhibit qualities that are clearly visible to the naked eye.
A proof coin was never intended to be used in every-day transactions, handled or tucked away in a purse. Or popped into a pocket.
So, what happened to these Coins of Record? Where did they go? And if they were struck by the mints for their own use, how did they get into collector's hands?
In the main, Coins of Record ended up in the mint’s own archives, preserving its history for future generations. Any coins that were surplus to requirements may also have been sent to a museum or public institution.
Coins of Record were also put on display at public Exhibitions. The two known examples of the Proof 1866 Sovereign and Proof 1866 Half Sovereign were especially struck to exhibit as ‘products of New South Wales’ as part of the Colonial Mints display at the International Colonial Exhibition of 1866 and the International Exposition in Paris, 1867. They were discovered in London in the early 1970s.
It is noted that many of the overseas mints have over time sold off Coins of Record that they considered excess to their requirements allowing them to come into collector's hands. The Royal Mint South Africa sold off several Australian gold proofs in the 1990s
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