Proof 1896 Half Sovereign


1896 Proof Half Sovereign rev FROSTED B&B October 2017
1896 Proof Half Sovereign obv FROSTED B&B October 2017
Proof 1896 Half Sovereign
COIN
Proof 1896 Half Sovereign
QUALITY
Superb FDC
PROVENANCE
Private Collection Melbourne
PRICE
$80,000
COMMENTS
In 2018, proof gold emerged as one of the most fiercely contested areas of the rare coin market. Prices paid at auction for proof sovereigns and proof half sovereigns surged by about 20 per cent, the consequence of infrequent availability and an expanding market thirsting for top quality rarities. Now while it is true that gold is Australia’s most popular collecting metal, the key to the growth in proof gold has been its inordinate scarcity. Buyers know that there is NEVER a chance that the market will be flooded with examples. The scarcity has simply given the market the confidence to buy. This 1896 Proof Half Sovereign is a case in point. The coin is one of three examples recorded over the last half century.
STATUS
Sold June 2019.
1896 Proof Half Sovereign obv FROSTED B&B October 2017
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This Proof 1896 Half Sovereign was struck at the Melbourne Mint and features the Veiled Head portrait of Queen Victoria.

The Veiled Head design was introduced in 1893 and continued uninterrupted until the death of Queen Victoria in 1901.

Three Australian mints were operating during this period, Sydney, Melbourne and Perth, the latter opening its doors in 1899.

Sydney Mint Veiled Head Proofs.

The Sydney Mint was a very poor contributor to our proof gold coining history, striking proofs in only the first year of the Veiled Head era, 1893. No other proofs were struck at the Sydney Mint between 1894 and 1901.  

Perth Mint Veiled Head Proofs.

As the Perth Mint only came on board in 1899, which was the latter part of the Veiled Head era, their contribution to this sector of the market was always going to be slim.

The Perth Mint struck only one proof half sovereign in the year of its opening, this unique piece sold by Coinworks in 2017 for $500,000. The Perth Mint struck two proof half sovereigns in 1901, and again only one example is held in private hands. The other is held in the British Museum.

Melbourne Mint Veiled Head Proofs.

We researched auction records and our own private treaty sales and have confirmed the existence of seventeen Proof Veiled Head Melbourne Mint Half Sovereigns.  

That figure immediately becomes sixteen once you bring quality into the conversation for the Proof 1895 Half Sovereign is noted as being ‘nearly FDC’ with slight nicks in the obverse fields.

Now let’s translate the number sixteen into collector availability. How often can a buyer expect to see a Proof Veiled Head Half Sovereign on the market? Because sixteen proof half sovereigns are never going to be lumped on the table in one hit.

These sixteen examples cover the entire spectrum of dates in Queen Victoria’s nine-year reign of 1893 to 1901. And are an accumulation of sightings observed over the last 50-plus years.

Our research confirms that you could expect to sight a Proof Veiled Head Half Sovereign on the market every three to five years.

 

Now let's discuss the rarity and price potential of the Proof 1896 Half Sovereign.

When sizing up a coin and evaluating its potential for growth, a buyer should assess the coin on two levels.

  1. The first is the rarity of the coin itself.
  2. And the second, the rarity of the sector of the market to which it belongs. In the case of this coin, the Veiled Head era.

The adage, ‘less is best’ holds true in the rare coin industry for you don't want the market to be flooded with examples from the same sector.

The ideal ‘investment’ scenario occurs when the coin is rare. And the sector is occupied by very few other coins.

As detailed above, this Proof 1896 Half Sovereign is extremely rare, one of only three known.

And the Veiled Head sector is extremely scarce and is occupied by very few coins.

Our research confirms that you could expect to sight a Proof Veiled Head Half Sovereign on the market every three to five years.

Which goes back to our opening statement that the key to the growth in demand for proof gold is its inordinate scarcity.

Buyers of proof gold know that there is NEVER a chance that the market will be flooded with examples.

enquire now

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