The Perth Mint opened its doors on 20 June 1899 to support Western Australia's gold industry and struck circulating sovereigns every year until 1931 when the Perth Mint, and the rest of the Australia mints, ceased striking gold sovereigns.  

Over thirty-three years of gold coining production, the Perth Mint struck Coins of Record of its sovereigns in only three years, 1899 (its opening year), 1901 and 1931 (final year of sovereign production).

We have looked at the numbers that are available to collectors in each of these years, 1899, 1901 and 1931 and have come up with a total buying pool of five sovereigns (four if you invoke quality), the availability of each year noted after the bullet point.

1899 Proof or Specimen Sovereign   •  1

1901 Proof Sovereign  •  2

1931 Proof Sovereign  •  2 **

**  While two examples are known, one is impaired through mishandling

The value of a coin is impacted by its original mintage and the number of examples available to collectors out in the market place. That is only logical. The more examples out there, the lower the value. A simple enactment of supply and demand.

The value placed on a coin will also be influenced by the number of 'similar' pieces that are available to collectors. Again its logical, and it is particularly applicable to those collectors that are not fussed by dates and simply crave a particular design.

We see this quite clearly in the Coins of Record struck at the Melbourne Mint during the Veiled Head era, 1893 to 1901. If you are not fussed by the year, a collector can opt for any of the dates, subject to availability of course, to obtain a Proof Sovereign or Half Sovereign featuring the Veiled Head design.

There are no such luxuries for collectors of Perth Mint Coins of Record. In the Australian rare coin market, the Gold 'Coins of Record' of the Perth Mint is the most difficult sector to buy into.

The Perth Mint is so exclusive in numbers, striking Coins of Record in only three years out of thirty-three, there are no easy options for collectors.

During the reign of George V (1911 to 1931), the Perth Mint only struck proofs in the final year, 1931. Two examples are known. This coin and one that has been severely impaired through mishandling.

The Perth Mint did not strike any proofs during King Edward VII's reign (1901 to 1910). 

And there were only two years during the Veiled Head era where Coins of Record were struck, 1899 and 1901, and the whereabouts of the 1899 Proof Sovereign is unknown.

The gold Coins of Record of the Perth Mint have influence, power, and a world-wide reputation as the most difficult sector to buy into.

Each coin is historic. Many are unique. And for collectors, with the exception of the 1901 Proof Sovereign, they are irreplaceable.

On the very few occasions when a Perth Mint gold proof or specimen strike has become available, London 1903, Sydney 1985, Sydney 1989, London 2012 and Zurich 2021, history shows us that the market the world-over takes a keen interest.

1931 Perth Mint Proof Sovereign, a proof striking of the last sovereign struck at the Perth Mint.

Price: $195,000

John Agnew Collection circa 1931 • Agnew Family Collection sold to Spink & Son privately circa 1994 • Bentley Collection sold by Baldwins 27 September 2012 (lot 878)

That a coin of such power and influence in the Australian gold coin market was originally owned by John Agnew somehow seems just right for he too was powerful and influential.

A man of vision and remarkable knowledge of gold mining, Agnew was credited with making a major contribution to revitalise the Western Australian gold mining sector in the 1920s and 1930s and was Director of Consolidated Goldfields when he was gifted this coin. 

A superb mint state and of the highest rarity, ex Bentley Collection 2012 (lot 878), this coin is unique for quality, the finest of two available to collectors, the other example impaired through mishandling.

Forty thousand Spanish Silver Dollars were imported by Governor Lachlan Macquarie in 1812 from the East India Company, the coin to be converted into forty thousand Holey Dollars, the nation's first circulating currency.

The order for the dollars was not date specific, any date would suffice. Ferdinand VI reigned from 1746 to 1759. Charles III, 1759 to 1788. Charles IV was the reigning monarch from 1788 to 1808 and Ferdinand VII endured a disrupted reign, 1808 and again between 1814 and 1833.

And as each king ascended the throne, the design of the dollar was re-created with a re-styled legend and a re-styled portrait to record the new, reigning monarch.

Holey Dollars are classified into types based on the legend and portrait of the monarch depicted on the original Spanish Silver Dollar. 

There are eight distinct types of Holey Dollars, the most readily available type (Type 5) offering collectors a pool of one hundred and twenty-nine Holey Dollars, each coin depicting the legend and portrait of King Charles IV of Spain.

The Hannibal Head Holey Dollar is one of the rarest types (Type 8), and features the legend of the exiled Ferdinand VII and an imaginary portrait of the monarch, referred to as the Hannibal Head.

Only two examples are available to collectors, this being the finest by far.

The ceding of the Spanish throne to Napoleon Bonaparte's brother, Joseph Bonaparte, became the catalyst for issuing a new silver coinage at the Lima Mint, an event that underpins the numismatic superstar status of the Hannibal Head Holey Dollar.

Napoleon Bonaparte emerged as the strongman of Europe in 1799 leading his armies across Europe deposing monarchs and dominating the entire continent.

At the time Spain was ruled by King Charles IV, an ally of France.

In 1807, Bonaparte’s armies marched through Spain and invaded Portugal. The Spanish monarchy co-operating because it had hoped to secure Southern Portugal for itself.

The alliance between France under Bonaparte and Spain under Charles IV disintegrated the following year when on February 16, 1808, under the pretext of sending reinforcements to the French army occupying Portugal, the French invaded northern Spain.

In March 1808, Napoleon Bonaparte pressured King Charles IV to abdicate the Spanish throne to his son Ferdinand VII.

Ferdinand's reign was short and lasted less than two months. Napoleon Bonaparte duped both Charles IV and Ferdinand VII into ceding the Spanish throne to Bonaparte’s older brother Joseph who assumed rule of the Spanish kingdom on 6 June 1808.

And while the upper echelons of the Spanish Government accepted Ferdinand's abdication and Napoleon's choice of Joseph as King of Spain, the Spanish people did not and uprisings broke out throughout the country.

The Spanish colonial mint of Lima refused to acknowledge Bonaparte as the Spanish King and embarked upon a numismatic protest by continuing to strike their silver dollars with the legend of the imprisoned Ferdinand VII.

Taking their protest one step further, the mint refused to depict Bonaparte's portrait on their coinage, instead using an ‘imaginary’ effigy said to be extremely unflattering! The portrait is universally referred to as the ‘Hannibal Head’ portrait.

The Hannibal Head Holey Dollar (Type 8)

The Hannibal Head Holey Dollar was struck from a Spanish silver dollar minted in 1810 at the Lima Mint, Peru. And features the legend of Ferdinand VII and an imaginary portrait of the reigning monarch.

The Holey Dollar tells a story, and in the context of its story, the Hannibal Head Holey Dollar surpasses all others. The Spanish Silver Dollar from which it was created was especially designed and minted to protest the ascension to the throne of Joseph Bonaparte. The coin is one of two known, this being the finest. 

Price $550,000

The coin was discovered in 1881, near Hobart and presented to Sir John Henry Lefroy, Governor of Van Diemen’s Land.

Of the three hundred surviving Holey Dollars, the Hannibal Head Holey Dollar has the highest public profile. And a much publicised, documented pedigree. Its discovery was written up in Hobart's Mercury Newspaper in 1883 and the Sydney Morning Herald in 1884. But its greatest claim to fame is that a pencil drawing, published in the London Numismatic Chronicle of 1883, is the earliest known drawing of Australia's first coinage.

This is an historic offering of an important Holey Dollar, a coin that plays a pivotal role in Australia's Holey Dollar story. A coin that has also been the highlight of two exhibitions, at the Macquarie Bank in 2013 and the Royal Australian Mint Canberra in 2019.

You know what you are getting when you acquire the Sir Marcus Clarke 1813 Dump. It is a coin that promises, and delivers, an experience. In essence, it is a brand. 

The development of a brand starts with an extraordinary quality coin. And then a great collector moves into the picture adding his/her name to the provenance, thereby firming its standing and establishing its reputation.

That great collector was Sydney's Doug Moran (former owner of the Hagley Proof 1930 Penny). The year was 1981 when at Spink Auctions Australia, Moran acquired the Sir Marcus Clark Dump for $17,100 on a pre-sale estimate of $8000. (Barrie Winsor commented in his catalogue notes that bidding was frenetic.)

The coin has never looked back. The demand and the performance has self-perpetuated, consolidating the coin's reputation.

The buyer that pursues a top quality Dump will find the task extremely challenging. It can be years before a premium quality example comes onto the market and decades before the very best becomes available. And that statement is said in the knowledge that there are perhaps 800 Dumps, across all quality levels, available to private collectors.

The Dump with a value of fifteen pence circulated widely in the colony, the extreme wear on most Dumps evidence that they saw considerable use. The Holey Dollar being a higher valued piece, at five shillings, had a narrower band of circulation.

So, while the Dump may seem the diminutive partner of the Holey Dollar, the reality is top quality Dumps have authority. They are extremely rare, in fact far rarer than their holed counterpart in the same quality level. Official Bank of New South Wales records show that in 1820 the bank held 16,680 Holey Dollars and only 5900 Dumps. Considering that 39,910 of each were released into circulation, the figures reflect the greater circulation of the smaller denomination Dump.

Top quality Dumps are extremely rare and highly valued.

No one really knows how the Dump (and the Holey Dollar) were actually manufactured. The documentation as to the method has never been found. It is safe to assume that whatever machinery was employed, it was hand operated as the first steam engine did not become operational in the colony until 1815.

Likely production options were the screw press, drop hammer or hand-held punch with the drop hammer method onto a pre-heated plug generally regarded as the most likely.

There is no doubt that heat was involved in the creation of the Dump. When the disc fell out of the centre of the Spanish Dollar, it still bore the original dollar design of a four quadrant shield, housing a lion and castle in each quadrant. And the shield's cross-bars. High temperatures obliterated the original Spanish Dollar design from most examples.

Those Dumps that retain the original dollar design elements are highly prized. The high temperatures also caused an expansion of the metal disc that fell out of the dollar. The very reason why the Dump is always larger than the hole in the Holey Dollar.

The haphazard, obliquely grooved edge milling found on the dumps indicates that a 'fiddle method' was the final step in the production process whereby a roll of Dumps was rotated under pressure against a grooved cylinder.

While no one knows the method of manufacture, history records that convicted forger and emancipist, William Henshall, was hired to create the nation's first currency, effectively our first Mint Master. He declared his involvement in the creation of the Dump - and the Holey Dollar - by inserting his initial, an 'H' for Henshall, on some - but not all - of the reverse dies of the Dump. And some - but not all - of the Holey Dollar counter stamp dies. 

The Sir Marcus Clark 1813 Dump, Type A/1.  Visually, it is ranked number one for its type. Technically, at Good Extremely Fine, it is ranked number two.

Price: $95,000

Brilliantly preserved, the fields highly reflective with subtle blue-grey toning. Under the eye glass, the coin simply shines, boasting detail that is rarely ever seen.

While a cross on the orb at the top of the crown is a design element of the 1852 Adelaide Pound, who knew that this element was also part of the Dump design?

The snapshot below shows the vertical line (pointer 1) and the right-hand side of the horizontal line (pointer 2) that make up the cross on the orb on the crown. We have seen this level of detail in only one other example.

This is a text-book example of the 1813 Dump.

1. The 1813 Dump circulated widely in the colony, the extreme wear on most Dumps evidence of its extensive use. The average quality Dump is graded at Fine to Good Fine, with this coin at least five grades higher at Good Extremely Fine. (See chart below)

2. Struck with the A/1 dies, the crown is classically well-centred and well struck, the design definition remarkable.

3. William Henshall inserted an 'H' into some (but not all) of the dies used during its striking. The 'H' on the Sir Marcus Clark Dump is strong and three dimensional.

4. The denticles around the edge of the coin are complete, a feature that is seldom seen in even the very best examples. A piece of art without a picture frame is a blank canvas ... and the denticles act like a picture frame to the coin and give it substance.

5. The oblique milling around the edge is fully evident. (The edge milling was used as deterrent against clipping whereby the unscrupulous shaved off slivers of silver, reducing the silver content of the Dump. And making a small profit on the side.)

6. While the Holey Dollar clearly shows that it is one coin struck from another, in a less obvious way so too can the Dump. The design detail of the original Spanish Dollar from which this Dump was created is extensive. The castle, the lion’s tail, the central oval containing the fleur de lis and the cross bars in the shield. All evident. We refer to it as the under-type and it is not always present. Its existence re-affirms the origins of the Dump and is highly prized.

7. This Dump shows a 'dot' above the '3' in the date '1813'. This is almost certainly due to a pit in the die and only occurs in those coins struck with the type A/1 dies. And even then it is identified in very few type A/1 examples.

The buyer of this 1813 Dump will take pride in knowing that the coin was formerly held as part of the legendary J. J. Ford Collection.

High profile collectors are noted for holding only the very best. John J. Ford was a major force in numismatics in the USA for 68 years both as a professional numismatist and a consummate collector. That this coin was part of the J. J. Ford Collection speaks volumes to its calibre.

The buyer will also take pride in knowing that this Dump was exhibited in 2019, at the Royal Australian Mint Canberra, in the 'All That Is Holey' Exhibition. 

The coin was a natural contender for inclusion in the exhibition. It was struck from the very rare D/2 dies. And with a quality grading of Extremely Fine is clearly one of the best.

Historians have determined that four individual dies were used in the striking of the 1813 Dump.

The A/1 Dump is the most frequently sighted (75% of cases). Next in line for availability is the D/2 dies (20%).  Then comes the C/4 and E/3 dies that while incredibly rare, produced coins that were extremely crude.

This coin is an exceptional piece for it has design detail and shows a finesse in the striking that is not normally seen in the D/2 type.

Historians argue that the D/2 design types were most likely the first coins produced, since the majority of specimens reflect one major design characteristic. The legend and the date tend to be partially struck because the dies were too big for the blank. And the denticles (introduced as a security measure) are almost always absent.

On this Dump, however, the legend and the date are well contained in the coin and the denticles are crisp and clear.

A pecking order exists amongst top echelon Colonial Dumps. This particular example, with a quality level of Extremely Fine, ranks as Number 2 of the known surviving D/2 examples.

The Dump with a value of fifteen pence circulated widely in the colony, the extreme wear on most Dumps evidence that they saw considerable use.

Not so with this Dump. In the hand the coin is stunning, its state of preservation simply miraculous. The fields are highly reflective with grey / blue toning, the coin mint fresh for quality. 

Under the eye glass, this Dump continues to shine. We note the  the far right edge of the horizontal cross on the orb at the top of the crown. Most collectors would not even be aware that, as with the 1852 Adelaide Pound, the Dump design includes a cross on the orb at the top of the crown.

And there is a 'stop' in the legend 'NEW SOUTH WALES' after 'NEW' and after 'SOUTH'. The dies would have had shallow depressions to create the stops and must have quickly filled with debris for they can be difficult - or impossible - to discern on even the best of D/2 examples.

There is no doubt that heat was involved in the creation of the Dump. When the disc fell out of the centre of the Spanish Dollar, it still bore the original dollar design of a four quadrant shield, depicting a lion and castle in each quadrant. High temperatures obliterated the original Spanish Dollar design from most Dumps.

This Dump has extensive evidence of the original Spanish Dollar design on the obverse, which from an aesthetic perspective, we favour. That evidence includes the cross-bars of the shield and the lion's tail and the castle.

1813 Dump design type D/2, Extremely Fine, ranked number two for its type and with a revered pedigree, ex J. J. Ford Collection.

Price $95,000

13 January, 2004 was a watershed moment for the 1813 Dump when two of the absolute finest D/2 Dumps were offered at Stacks, New York opening auction for the year. 

Always viewed as the passive partner to the higher denomination Holey Dollar, the D/2 Dumps, forced a market-rethink about their status and the price at which top quality Dumps can - and should - command. 

Both coins, the former property of revered US collector J. J. Ford exhibited an exceptional strike and were brilliantly preserved and reached previously unheard of price levels. 

The coins put top quality 1813 Dumps 'on the map' on a worldwide scale. And this coin is one of them.

The Dump (with a value of Fifteen Pence), was a vital part of Macquarie's plan to introduce the nation's first currency: specifically to fill the role of 'small change', thereby reducing the dependency on low denomination promissory notes.

The industry today acknowledges that there are about one thousand surviving examples of the 1813 Dump, with eight hundred available to collectors, the balance held in museums and public institutions. 

Within that collector pool, the Dump appears in four distinctly different styles (or die combinations).

The four styles have been classified by authors Mira and Noble as the type A/1, D/2, E/3 and C/4.

The different styles on the obverse are reflected in the shape of the cross on the crown, the position of this cross in relation to the letters in the legend above it. And in the positioning of the row of jewels (or pearls) in the crown. 

On the reverse, differences are found in the distances between the words 'FIFTEEN' and 'PENCE' and in the position of the 'T' in 'FIFTEEN' in relation to the 'N' in 'PENCE'.

Historians suggest that the D/2 dies were likely the first die combination used, for the coins exhibit weaknesses in the edges and the legend, suggesting that the die was too large for the silver disc. Of the 800 surviving Dumps 20 per cent were struck using the D/2 dies.

More than 75 per cent of the Dumps were struck with the A/1 die combination, producing a coin that remedied the shortcomings of the first run of coins and produced Dumps that have strength in the edges and the legend and an overall, well centered strike.

The balance of surviving Dumps (5 per cent) were struck using the E/3 and C/4 dies. The dies are poorly engraved and are considered an early effort and may have been produced to test die pressure and planchet temperatures. 

The examples produced from the E/3 and C/4 dies are intriguing and an essential part of the 'Dump' story.

1813 Dump design type E/3, nearly Very Fine and the finest known, recorded in Mira Noble 'The Holey Dollars of New South Wales'' page 92, Greg McDonald's Australian Coins and Banknotes, page 162

Price $65,000

The quality of this coin is absolutely supreme. 

The finest of the E/3 Dumps, it was offered at Spink Auctions Australia, March 1988 Bicentennial auction. 

And exhibited in 2013 at the Macquarie Bank, 1 Martin Place Sydney and again in 2019 at the Royal Australian Mint, Denison Street Canberra. 

It is a much revered piece, featured as the representative example of a Dump struck using the E/3 dies in the Mira Noble Catalogue and the Greg McDonald reference book.

An interesting picture emerges when you review the George VI  silver Coins of Record (1938 to 1952). The sector is inordinately scarce, World War II and a silver crisis, two major events that severely impacted the Melbourne Mint's coining agenda.

During the George VI era of 1938 to 1952, the Melbourne Mint only struck Coins of Record of its silver denominations in 1939, 1945, 1946 and 1947 offering collectors a total buying pool of just four coins, the availability noted below after the bullet point.

1939 Proof Shilling • 1

1945 Proof Florin & Shilling • 0 (all coins archived)

1946 Pattern Florin • 1 (struck in cupro-nickel)

1947 Proof Florin • 2

World War II commenced late in 1939 (September) and the mint’s priorities took a drastic U-turn, allocating its resources to supporting the war effort.

Only a handful of Proof 1939 Shillings were struck as Coins of Record with just one example available to collectors.

Proof coining at the Melbourne Mint ‘fell off a cliff’ from 1939 onwards, the war taking its toll. 

Proofs that were to be retained within minting circles were curtailed and Coins of Record of the nation's silver coins were not struck in 1940, 1941, 1942, 1943 and 1944.

During the mid 1940s the Government faced a new challenge from rapidly escalating silver prices. As a nation still striking its coins in sterling silver, the impact was enormous. The Melbourne Mint became heavily involved in experimenting with new metals for Government and production of Coins of Record was minimal.

In 1945 records at the Melbourne Mint reveal that two proof examples of the 1945 Florin and 1945 Shilling were retained as the last silver florins and shillings struck in sterling silver. There are none in private hands.

In 1946 the Melbourne Mint struck four pattern florins in cupro-nickel, experimenting with new alloys.

One of the '46 florins was offered at Spink Auctions in 1988 and is now in private hands, held with a Coinworks client.

A decision was finally made in 1946 to strike all of Australia's circulating currency in a reduced silver quarternary alloy of 50% silver, 40% copper, 5% nickel, 5% zinc.

Proofs were struck in 1947, in the new alloy. Two examples of the Proof 1947 Florin are held in private hands one of which is offered here.

The next Coin of Record of the nation's silver currency was produced seven years later in 1954, under a new monarch, Queen Elizabeth II.

1947 Proof Florin ex Carnegie Institute Pittsburgh, FDC and one of two known

Price $25,000

A stunning 1947 Proof Florin, featuring Australia’s new Coat of Arms design on the reverse and the portrait of George VI on the obverse. 

Struck as a Coin of Record at the Melbourne Mint, it is one of two privately held examples. 

It is a valuable and important acquisition for during the George VI era of 1938 to 1952, the Melbourne Mint only struck Coins of Record of its silver denominations in 1939, 1945, 1946 and 1947.

And only three of them offer collectors opportunities for purchase 1939, 1946 and 1947, the silver proofs of 1945 held in the Museum of Victoria.  

A Coin of Record is, as the name suggests, a coin that was minted to put on record a date or a design.

Such coins were especially struck to a proof or specimen finish and were not produced on a commercial scale.

Rather, they were struck to meet the needs of the mint. They were not struck to satisfy any collector interest or demand.

It was traditional for Coins of Record to be forwarded to the monarch at the time and perhaps the Royal Mint. Coins of Record were also, very occasionally, produced for a VIP or a selected museum.

It is noted that proofs were also struck for international manufacturing trade fairs or exhibitions to showcase the mint's coining skills and promote business.

Regardless of the reason, the actual numbers struck in any particular year ranged from just one to ten pieces.

A Coin of Record struck to a proof finish - or a specimen finish - is a powerful, artistic interpretation of a coin and was meant to impress, with mirrored fields that bounced the light and a wealth of design depth.

This 1896 Proof Half Sovereign was acquired by private treaty in 1995. A superb quality piece, it also is historically important. (Australia's other operating mint, the Sydney Mint did not strike proofs in 1896.)

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 so have we.

The coin was well received at Nobles auction, selling for more than double its pre-sale estimate.

Only two other examples are known and both were offered at auction in the 1980s. One of those re-appeared at auction in 1988: the other in 1998. Neither have been publicly sighted since then, although we are aware that the 1988 example is now held by a retired coin dealer as part of a long-term holding.

Such sporadic offerings reflect the extreme scarcity of Australia’s proof half sovereigns; an area of the Australian coin market that, along with the proof sovereigns, are acknowledged as our rarest and our most prestigious.

Proof gold inspires respect and admiration. Ask collectors why they pursue proof coins over circulating currency and the prestige of owning a proof coin is most likely at the top of their list. It's the euphoria that comes with owning something that very few other people can ever possess.

Proof coins are by definition, extremely rare and their scarcity is a natural draw card.

In some respect, proof coin collectors are playing it smart because the inherent rarity of proof coinage provides a level of assurance that the market will never be inundated with examples, protecting their investment.

(Enlarged photographs are shown at the end of this page.)

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.

Examining a 1930 Penny is a three-step process.

The first step is to look at the coin in the flesh using just the naked eye.

A truly great coin will always look good to the unaided eye. And this coin is impressive!

The reverse has strong definition in the upper and lower scrolls. The fields are highly reflective with even, handsome chocolate brown toning. The edges are solid. The inner beading which is invariably weakly struck between the 4 o'clock and 6 o'clock area is well defined. The legend 'COMMONWEALTH OF AUSTRALIA' and date '1930' are powerful.

Moving the obverse through the light you see the complete lower band of the crown. You also observe the strong design details of the monarch's robes. We also comment on the highly reflective obverse fields, the handsome chocolate brown toning and again, the solid edges.

The second step is to take up a magnifying glass and examine the coin in detail.

The eye glass re-confirms what we have seen to the naked eye ... and much, much more. We have graded this coin Nearly Very Fine on the obverse which indicates that there are nearly four sides of the central diamond and six crisp pearls. The oval to the left of the central diamond is almost intact. The reverse is graded Very Fine. The coin has minimal marks in the fields and no unsightly gouges.

The final step is to re-visit the coin with the naked eye.

Just to make sure that you have taken everything in. Start with the edges and work your way in .... inner beading, upper and lower scrolls, fields. And on the obverse, start with the edges, then the portrait and the fields.

The final assessment of this 1930 Penny confirms that it is a great coin and passes our three-point assessment with flying colours.

(Scroll to the end of the page to view enlarged photographs of this 1930 Penny. )

There are many reasons why collectors love the 1930 Penny and one of the prime reasons is its financial reliability.

It is a solid coin. And this genuinely counts. In fact, we would go one step further and say that over the long term the 1930 Penny has probably been one of our most consistent and trustworthy numismatic performers.

The second reason is that the 1930 Penny is as Australian as you can get. Struck during the Great Depression, the 1930 Penny is the nation’s glamour coin and is unrivalled for popularity, enjoying a constant stream of demand unmatched by any other numismatic rarity.

The third reason is that the 1930 Penny is sought after at all quality levels and all dollar levels. It is in many respects an industry phenomenon, for in a market that is quality focused the 1930 Penny is keenly sought irrespective of its quality ranking. And growth over the mid to long term has been significant across all quality levels. Well circulated (Fine) 1930 Pennies were selling for £50 in the 1950s. A decade later, by decimal changeover, the coins were fetching £255 ($510). By 1988, Australia's Bicentenary, a Fine 1930 Penny had reached $6000. The turn of the century saw 1930 Penny prices move to a minimum of $13,000. Twenty years later prices have more than doubled. And with a 100th anniversary just five years away, the push to acquire Australia’s favourite Penny is really on.

Commonwealth of Australia 1930 Penny struck at the Melbourne Mint, featuring the portrait of King George V designed by Bertram Mackennal.

Price $40,000

Nearly Very Fine / Very Fine

The obverse is graded Nearly Very Fine which indicates that there are nearly four sides of the central diamond and six crisp pearls. The oval to the left of the central diamond is almost intact.

The reverse is graded Very Fine with strong upper and lower scrolls and well defined inner beading.

This coin has miraculously escaped harsh treatment during its time in circulation. There are no unsightly gouges or marks in the field and the edges are unblemished.

The first gold coin for the nation was struck at the Adelaide Assay Office on 23 September 1852. We know it today as the 1852 Adelaide Pound. It is our most popular gold coin, and sought after at all quality levels.

Collectors have a choice when it comes to acquiring an 1852 Adelaide Pound. An example from the first production run. Or the second run. The nation’s first gold coin was produced over two production runs.

The same obverse design was used throughout, featuring the legend 'Government Assay Office Adelaide', a crown and the date '1852'. But each production run used different reverse dies, the first using a die with stylish lettering and an elegant beaded inner circle. (Coins struck from the first die are known as Type I Adelaide Pounds.)

The second die had plain lettering and a crenelated inner circle. (Coins struck from the second die are known as Type II Adelaide Pounds.)

Irrespective of the production run, the Adelaide Pound is a scarce coin. Forty examples survive today of the Type I, with perhaps two hundred and fifty of the Type II.

So which coin to choose. The answer is an easy one and for most collectors it is the Type II.

Because of their extreme rarity, Adelaide Pounds minted in the first production run, require a substantial financial outlay. In excess of $100,000 for quality examples with the top Type Is commanding $400,000-plus. Purely from a financial perspective, most collectors opt for coins from the second production run in the knowledge that for $25,000 you can acquire an aesthetically and technically pleasing Type II Adelaide Pound, such as this coin!

1852 Adelaide Pound struck with the second die (Type II)

Price: $25,000

About Extremely Fine

The ‘miracle of numismatics’. We often use this term when the state in which a coin is found defies the odds. 

It can be applied examples that show no signs of circulation but it is equally appropriate for this well circulated 1852 Adelaide Pound. 

What is remarkable about this Adelaide Pound is that, despite its obvious usage, it has not sustained any damage. There are none of the gouges and knocks you would normally see in a well circulated gold coin. 

This is a much-loved example of the nation’s first gold coin available at a very affordable price.

Four reasons why the Proof 1927 Canberra Florin is so popular.

1. Genuine rarity

While Melbourne Mint records show a mintage of 400, it is generally accepted that the issue did not sell-out and a significant number of proofs were re-melted after failing to find a home. According to respected author Greg McDonald, the actual figure could be as low as 150. The proofs were gifted to politicians and sold to the general public (without a case), thereby introducing the possibility of mishandling. So for the buyer that makes quality a priority, the waiting time for a really nice Proof 1927 Canberra Florin can be a minimum of two years. Perhaps even longer.

2. Historically important

The Proof Canberra is Australia's first commemorative coin, minted for one of the most significant events in Australia’s journey to nationhood. The opening of the nation’s first Parliamentary buildings in the national capital in 1927. The coin is distinguished by a unique obverse featuring an enlarged bust of King George V, designed by Sir Edgar Mackennal.

3. A design that resonates with all Australians

In an article published in the CAB Magazine, February 2007, author and respected numismatist Vince Verheyen declared the Proof 1927 Canberra Florin "arguably Australia's most attractive predecimal silver coin". We can only but agree. The reverse of 'Old Parliament House' was designed by George Kruger-Gray.

4. Value and appreciating value

Two things are clear when you analyse auction realisations of the Proof 1927 Canberra Florin over the past forty years. The first thing you notice is that the coin is extremely scarce. On average one pristine Proof Canberra Florin appears at auction every few years. The second thing we noticed was that the coin has enjoyed solid price growth. In the 1980s, a Proof 1927 Canberra Florin was selling for approximately $1000 - $1500 at auction. Two decades later, top quality Proof Canberra Florins are commanding in excess of $20,000.

What makes this Proof Canberra Florin so good?

Use the naked eye and move the coin through the light and allow the light to reflect off the fields.

• On both obverse and reverse this Proof 1927 Canberra Florin has superb highly reflective fields. It is as though you are looking at a mirror.

• On the obverse and reverse there is a just a hint of golden toning on the periphery. Magnificent!

• The edges are intact and solid.

• Under a magnifying glass we note, the striations, between the 'ONE' in the legend and the oval containing the date 1927, are strong. This tells us is that the dies were well prepared, brushed with a wire-brush to ensure they were sharp.

• Vertical striations on the obverse are similarly distinct and strong.

• Heavy striations equates to well brushed dies. Well brushed dies equates to a razor sharp, three dimensional coin design. And the three parliamentary steps are present!

• The fields are impressive. Amazing for a coin struck nearly a century ago. Our comment here is that this coin's former owners have always respected and cherished its quality for its state of preservation is remarkable.

This Proof 1927 Canberra Florin is an impressive coin.

This proof penny first appeared on the market at auction in 2005.

The quality was unprecedented, both dealers and collectors alike declaring that they had never seen anything like it before.

The auction sale price smashed all records.

Historical letters confirm that the proofs of 1935 were struck from especially hardened blanks and were struck twice with fresh dies in the presses. The lack of bag marks is consistent with the coins being made effectively by hand.

As the photos reveal, the strike detail and the finish of this coin is unsurpassed by any other proofs out of the George V era.

New Zealand numismatist, Henry George Williams played a key role in persuading the Melbourne Mint to issue proof coins on a commercial basis in 1935.

Williams was captivated by the golden-eye appeal achieved by the Melbourne Mint with their proof coppers and ordered 125 pairs.

Williams sold the majority of pairs into the advanced collector markets in the U.K. and the U.S, the very reason why the coins are so scarce in the Australian market.

That Williams did not request the minting of any proof silver coins in 1935 reflected his personal preference and his insight into the market, that demand for the bronze coins far outweighed that for the silver.

Natural attrition has taken its toll on the original mintage.  And today, we would expect to sight an average Proof 1935 Penny on the open market, perhaps once every year.

The calibre of this piece is unprecedented. A collector will only get one opportunity to acquire a proof coin at this level of quality.

With on-line ordering and toll-free phone numbers, buying your favourite collector coin from the Royal Australian Mint has never been easier. Collectors in the nineteenth and twentieth century however were not afforded the same consideration from the operating mints.

The Sydney Mint opened in 1855 as a branch of the Royal Mint London and closed in 1926. Throughout its entire history, the mint did not strike proofs for collectors on a commercial basis. The Melbourne Mint, Australia’s second coining facility, opened in 1872. During its first forty-four years of operation, the mint did not strike coins for collectors on a commercial basis.

The Melbourne Mint’s first commercial foray for collectors occurred in 1916 when the mint especially created a presentation set to commemorate its inaugural striking of the Commonwealth’s silver coins.

Sadly, for collectors, the 1916 Presentation Set did not set a precedent for further coin issues.

Government policy dictated that minting resources be applied to the striking of circulating coins for Treasury, rather than pandering to the whims of collectors through the regular issuing of proofs.

Over the next thirty-eight years, from 1916 to 1953, the Melbourne Mint played ‘cat and mouse’ with collectors by releasing only another seven proof and/or specimen issues. The issues were ad hoc. The mintages inconsistent.

The years in which the collector issues occurred were 1916, 1927, 1934, 1935, 1937, 1938, 1939 and 1953. We refer to these eight issues as 'The Collector Coins of the Melbourne Mint, 1916 to 1953’.

They were pivotal in changing Australia's coin collecting landscape in the twentieth century, the pre-cursor to the series taken up by the Royal Australian Mint in 1966.

The Quartermaster Collection was owned by Queensland collector, Tom Hadley. He joined forces with rare coin dealer Barrie Winsor to form what is acknowledged as the most comprehensive collection of Australian gold coins ever formed.

The program of acquisition took three decades, each coin hand selected to acquire the finest quality. Opportunities to upgrade, and to improve upon the quality, were taken up during this duration to achieve the ultimate grade, available at the time.

The Collection became a benchmark for Australian gold coins. And is still to this day the yardstick by which other coins are judged. Exhibited at the Royal Australian Mint Canberra in 2005 to celebrate the 150th anniversary of the Sydney Mint's opening, it was eventually sold at auction by Monetarium Sydney in June 2009.

This 1923 Sydney Specimen Sovereign became available in 1992 and was selected to become part of the Quartermaster Collection.

The coin was especially struck as a Coin of Record at the Sydney Mint, a specimen strike. 

Winsor knew this sovereign represented the ultimate quality. During the George V era, Coins of Record from the Sydney Mint were only struck to a specimen finish. And this coin is indeed an immaculate coin, graded FDC, with a superb strike. 

Winsor also knew he had secured the ultimate rarity when he acquired this sovereign for it was believed unique. To this day, there are no other known examples.

(Enlarged photographs are shown at the end of this page)

This 1923 Sydney Specimen Sovereign is one of the truly 'great' coins of Australian numismatics.

It is a Coin of Record, an especially arranged striking, produced at the Sydney Mint. Its status as one of the 'great' coins in the industry has come about because it is a special striking of a rare-date Sovereign.

(The 1923 Sydney Sovereign, in any quality, is an internationally acclaimed coin, sought after the world-over as an Australian rare-date sovereign. The mintage, minuscule for a sovereign, was 416,000. A recent offering at Heritage Auctions (US) in August 2024 saw a Choice Uncirculated 1923 Sydney Sovereign sell for US$33,600 or $60,000 Australian Dollars, with GST.)

Coins of Record were struck by the Sydney, Melbourne and Perth Mints to a proof or specimen 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 smooth fields and a wealth of design depth. And only a handful were produced.

Coins of Record boast an aesthetic resilience. They are a powerful, artistic interpretation of coinage and, because of their extreme scarcity, hold an exalted position with collectors.

While all Coins of Record are valued and sought after, those of rare-date coins are considered particularly important and are highly valued.

For Winsor, this coin was the perfect fit for the Quartermaster Collection and was acquired in 1992. 

Coins of Record out of this era are rarely offered.

The standard George V portrait was depicted on Australia’s sovereigns between 1911 and 1928.

Proof strikes and specimen strikes of Australia's sovereigns were not produced every year, struck at the Sydney Mint in only 1920, 1922, 1923 and 1926. The Melbourne Mint only 1911. And the Perth Mint did not strike Coins of Record at all in this era.

And the numbers, on the few occasions they were produced, were minuscule with few available for today's collectors. At the Sydney mint, 1920 ( 1), 1922 (2) 1923 (1) and 1926 (3). (The number in brackets indicating the number of coins available to collectors.) The Melbourne Mint only struck Coins of Record in 1911 and one example is known.

Making it is one of the most difficult markets for collectors to buy into. The total market is eight coins, with dates ranging from 1911 to 1928.

1923 Specimen Sovereign struck at the Sydney Mint, featuring the standard portrait of King George V and the St George & Dragon reverse

Price $105,000

Believed unique • superb FDC

Robert Jaggard Collection 1989 • Sale by private treaty to Paul Terry Collection • Sale by private treaty to Quartermaster Collection, 1992 • Monetarium Sydney Auction June 2009, lot 205, in the liquidation of the Quartermaster Collection.

Coins of Record out of the era, 1911 to 1928, are rarely offered. Specimen strikes were only struck at the Sydney Mint in 1920, 1922, 1923 and 1926. The Melbourne Mint only 1911, to a proof finish. And the Perth Mint did not strike Coins of Record at all.

Making it is one of the most difficult markets to buy into. The total market is eight coins, with dates ranging from 1911 to 1928.

When you look at this Dump in your hand, the design details are crisp and clearly visible to the naked eye. The fields are smooth and reflective and have toned to a beautiful charcoal grey. 

This is a quality example of the nation’s first coin, graded Very Fine, and in the top fifteen per cent. The average quality Dump is graded at Fine, with this coin three grades higher at Very Fine.

Over and above its quality ranking this coin has attributes that are highly prized and the reason why we refer to it as a 'textbook' Dump. It has traits that you simply don't see in every Dump. 

This is a text-book example of the 1813 Dump.

1. A coin to enjoy and show around

Struck with the A/1 dies, the crown is classically well-centred. The design details are chunky, strongly three-dimensional ... and by this we are referring to the crown with its fleur-de-lis and pearls, the legend New South Wales, the date 1813 and on the reverse, the value Fifteen Pence.

2. Evidence of the original Spanish Dollar design, an aspect that really counts

The design detail of the original Spanish Dollar from which this Dump was created is evident on the crown side of the Dump. We refer to it as the under-type and it is not always present. Its existence re-affirms the origins of the Dump and is highly prized.

3. The 'dot' above the '3' in 1813

This Dump shows a 'dot' above the '3' in the date '1813'. This is almost certainly due to a pit in the die and only occurs in those coins struck with the type A/1 dies. And even then it is identified in very few type A/1 examples.

4. Henshall's claim to fame - the elusive 'H' on the reverse

William Henshall declared his involvement in the creation of the Dump by inserting an 'H' into some (but not all) of the dies used during its striking. Its presence is highly prized whenever it is appears. This Dump clearly shows the ‘H’ for Henshall between the 'FIFTEEN' and the 'PENCE' on the reverse.

5. Strong denticles that are rarely seen

The denticles around the edge of the coin are almost complete, a feature that is seldom seen in even the very best examples. A piece of art without a picture frame is a blank canvas ... and the denticles act like a picture frame to the coin and give it substance.

6. Oblique milling

Notice the oblique milling around the edge. It is evident. As our comment, the edge milling was used as deterrent against clipping whereby the unscrupulous shaved off slivers of silver, reducing the silver content of the Dump. And making a small profit on the side.

1813 Dump, struck with the Type A/1 dies 

Price $35,000

Very Fine

Governor Lachlan Macquarie imported 40,000 Spanish Silver Dollars to create Australia’s first coinage, enlisting the services of convicted forger, William Henshall, to complete the task. 

Henshall cut a large hole in the centre of each dollar, thereby creating two coins out of one, the first a holed dollar which was over stamped to become the Holey Dollar. And the second, a circular disc, which was also over stamped to become the Dump. 

It is very clear when you look at a Holey Dollar that it originated from a Spanish Silver Dollar. But that is not often the case with a Dump which is why we like this coin. 

There is very clear evidence of the original Spanish Dollar design on its obverse.

The value of currency in recording great moments in time is clearly shown in this distinguished piece of Australiana.

Federation on 1 January 1901 was a pivotal moment in our history, when the six self-governing colonies of Australia became a single country.

Eight years would elapse before the Australian Parliament would pass legislation to allow the striking of Commonwealth of Australia silver coins of two shillings, one shilling, sixpence and threepence. And bronze or cupro-nickel coins of the penny and halfpenny.

The coins were based on the British system of pounds shillings and pence.

The first silver coins of the new Commonwealth were eventually struck in 1910. Unfortunately, none of Australia’s three mints were set up to strike the new denominations, so the coins were struck at the Royal Mint in London.

The design of the coins was intended to be nation building and to underpin the Government’s efforts to unify the country. Each coin featured the newly created Australian Coat of Arms as authorised by King Edward VII in a Royal Warrant issued on 7 May 1908.

The Coat of Arms was a simple shield featuring the cross of St George, with five six-pointed white stars along the cross and six smaller shields around the edge of the larger shield representing the six states.  

The shield was supported by a kangaroo and an emu standing on a grassy mound. Above the shield was the crest containing the seven-pointed gold star of Federation. Below on a ribbon the motto 'Advance Australia' is inscribed.

The first copper coins of the new Commonwealth were struck in 1911 featuring the portrait of King George V. They were also struck at the Royal Mint London.

Gold has been a symbol of status and wealth throughout the ages and is presented here in one of its most prestigious forms.

A limited mintage gold proof coin, one of two sighted at auction, formerly owned by revered collector, Philip Spalding.

And while Spalding is remembered for his love of Holey Dollars, he was a sophisticated collector on many levels, guided in his selections by Barrie Winsor.

This 1888 Proof Sovereign, featuring the Jubilee portrait of Queen Victoria, was one of his prized possessions.

The Melbourne Mint struck proof sovereigns, as Coins of Record, from 1874 to 1931, when Australia struck its last sovereign. During those fifty-eight years, five portraits appeared on our sovereigns, three of Queen Victoria (Young Head, Jubilee and Veiled Head), one of King Edward VII and two of King George V.

The Jubilee portrait was used during the years 1887 to 1893.

Proof sovereigns produced in the Jubilee era are popular with collectors. The reason is their scarcity. Coupled with the price at which they are offered.

There were two years in which the Melbourne Mint did not strike proof sovereigns (1891 and 1892) with the remaining years only known by two examples, presenting collectors with a tiny buying pool of perhaps twelve coins.

And that's not twelve of each year. That's twelve coins across the entire era 1887 to 1893.

But let's be clear on this one. The year that stands out in the Jubilee era is 1888.

1888 Proof Sovereign struck as a Coin of Record at the Melbourne Mint. An historic coin, featuring the Jubilee portrait of Queen Victoria.

$88,000

Only one other example has been sighted at public auction over the last century.

Flawless with brilliant mirror fields that bounce the light and project a wealth of design depth.

If there is a date to have in the Jubilee era, this is it ... '1888'! 

The magnetism of gold is as strong as it has ever been. Gold jewellery. Gold bullion. Gold coins. Gold is still to this day viewed as a storage of wealth and gold is vigorously traded and possessed.

When it comes to collecting vintage gold coins, collectors have two distinct options.

They can acquire coins that were struck for circulation: coins that were meant to be used. Or they can collect coins that were struck as Coins of Record to a proof or specimen finish.

The coin on offer is one such Coin of Record, an 1888 Proof Sovereign struck at the Melbourne Mint.

That proof coins were struck in the nineteenth century may surprise some readers. But it has to be said that the striking of proof coins in Australia is not a modern day phenomenon. Nor a product of the decimal era.

The nation’s mints were striking proofs of our pre-decimal coinage in the nineteenth and twentieth centuries and the intention was then, as it is today, to create limited mintage coins struck to the highest standards of quality.

Each option, circulating coinage or proof coinage, presents the buyer with a vastly different sized pool of specimens from which to choose.

General date (non-key date), average circulating gold sovereigns, are available in the thousands if not the tens of thousands. Once the collector sets parameters on quality and dates, the pool of specimens narrows and it is true that acquiring a key date gold coin that was struck for circulation, particularly one in premium quality, can be a journey in time that involves many months, if not years.

The task of acquiring gold proofs of our pre-decimal coinage is far more challenging. The pathway to proof coinage for buyers can involve many years, if not decades.

Rarity is the key word when discussing proof gold.

And it is a statement of fact that proof gold, irrespective of the sector, is extremely rare and buying opportunities will always be thin on the ground.

And the reasons?

• Proof gold coins were NOT struck every year.

• And of those dates that were struck as proofs, only one, or perhaps two up to a maximum of three made their way out into the collector market.

• Natural attrition has taken its toll on coins out of the original mintages with some of them filtering their way into circulation or being mishandled and thus having their quality marred. So suddenly one, two or three proofs becomes even less.

• Great coins tend to be held. The owner of the Madrid Collection held onto his gold proofs for more than twenty years. The Spalding family and collector Tom Hadley, of Quartermaster fame, held their proof coins for an even longer time-frame.

This 1888 Proof Sovereign is an elite coin and presents superb quality and extreme rarity. And an attractive price.

Coming in April 2025.

Expressions of Interest are invited.

When a coin becomes one of the nation’s storytellers it assumes a higher significance in the industry. And this 1918 Trial Shilling is one such storyteller.

The 1918 Trial Shilling is a product of a period of serious financial and economic turbulence that saw nations around the world abandon sterling silver as their currency standard.

The fluctuations particularly affected governments like Australia that were still producing their currency in sterling silver.

The Government's strategies for coping are well documented in historical records. It is also documented by way of Australia’s coinage. 

The Government planned to adopt a new silver coinage alloy and in 1918 began a testing period of striking coins with a reduced silver content. Consideration was given to a .625 alloy and one struck in .500 fine as taken up by the British during the precious metal crisis.

The 1918 Shilling

• The testing of a reduced silver alloy commenced in 1918 with the striking of this 1918 Shilling. Struck in .500 fine from the currency dies, the reverse die was punched in the field with two irregular stops on either side of the date.

The 1919 Shilling

• Australia’s rarest Commonwealth coin was created during this testing process, the 1919 Pattern Shilling. The coin was struck in a .625 fine and counter-stamped with two ‘S’s on both sides of the obverse and reverse fields so that it would be easily distinguished and to prevent it from accidentally going into circulation.

The 1920 Star Florin & 1920 Star Shilling

• The Australian Government pursued the testing of alternative alloys into 1920. Dies were ordered, the design to include a star above the date, to reflect a coin with a reduced silver content. To test the dies, seven trial 1920 florins were minted each bearing the distinctive star (Three are held in private hands). The testing continued with the striking of seven star shillings, three of which are privately held.

While the Government dithered about the impending debasement of its coinage, the years passed and precious metal prices settled.

While Australia was able to weather the storm concerning the silver crisis of 1920, the nation was not so fortunate in 1945 and 1946 when the price of silver was again booming. The year 1946 heralded in a new order for Australia. The nation's florins, shillings, sixpence and threepences were issued in a reduced silver quarternary alloy.

1918 Trial Shilling struck in .500 silver.

Price: $55,000

The only known example held by a private collector. Another example is held in the Museum of Victoria.

A. M. Le Souef Collection • Spink Auctions November 1981, lot 942 • Spink Auctions March 1988, lot 1152

This Proof 1936 Florin was not struck for collectors as part of any mass-marketing sales campaign. It was struck for the mint's archives and the privileged few. Because it was a specially arranged striking of presentation pieces, only a handful were struck.

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 struck to PROOF or specimen quality 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 in the case of this coin a lot 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 use, 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.

It is also noted that influential collectors, and those that moved in the same circles as the Deputy Master, did occasionally receive a proof coin. Most likely in exchange for a coin of the same face value, so that the mint's 'books' would be balanced.

Beautifully toned 1813 Dump with a strong legend, crown and date 1813.

Beautifully toned 1813 Dump with strong under type and vestiges of the H for Henshall

The Holey Dollar and Dump are the nation's very first coins, both pieces cut from a Spanish Silver Dollar. The man charged with the responsibility of creating our coinage was William Henshall, a convicted forger.

Henshall began the coining process by punching a hole into a Spanish Silver Dollar. The central disc that fell out of the hole was over stamped with a value of fifteen pence, the date 1813, a crown and the issuing authority of New South Wales. And was known as the Dump.

There are many aspects to this Dump that make it a 'must' to consider.

1. A coin to enjoy and show around.

Struck with the A/1 dies, the crown is classically well-centred. The design details are three dimensional  ... and by this we are referring to the crown with its fleur-de-lis and pearls, the legend New South Wales, the date 1813 and on the reverse, the value Fifteen Pence.

2. Henshall's claim to fame - the elusive 'H'

William Henshall declared his involvement in the creation of the Dump by inserting an 'H' into some (but not all) of the dies used during its striking. Its presence is highly prized. As you would expect with a coin that is well circulated, the H has lost its definition but there are vestiges of Henshalls defining mark between the 'FIFTEEN' and the 'PENCE' on the reverse.

3. Oblique milling

Notice the oblique milling around the edge. It is fully evident. (The edge milling was used as deterrent against clipping whereby the unscrupulous shaved off slivers of silver, reducing the silver content of the Dump. And making a small profit on the side.)

4. And the pièce de résistance ... evidence of the original Spanish Dollar design, an aspect that really counts.

While the Holey Dollar clearly shows that it is one coin struck from another, in a less obvious way so too can the Dump. The design detail of the original Spanish Dollar from which this Dump was created is evident on the reverse above the word 'FIFTEEN' and below the word 'PENCE'.

We refer to it as the under-type and it is not always present. Its existence re-affirms the origins of the Dump and is highly prized.

A Spanish Silver Dollar, the coin from which Australia's first currency was created will be gifted with this 1813 Dump. (See photo below)

The Melbourne Mint’s iconic 1916 cased specimen set stands out as the first Australian made presentation for collectors of the Commonwealth's coinage.

There are a few things to note about the 1916 cased specimen set.

First up the royal-blue case. The case is a stamp of authority indicating that the coins are presented today as they were originally intended more than a century ago. The integrity of the set is maintained by the case.

Respected numismatist and author, Dr Vince Verheyen's take on the royal-blue case supports our view that it is an integral element of the presentation. “It cannot be over-emphasised that the set must be supplied with its original case.”

The second is that the coins tone. The toning to all the coins, again gives authenticity to the set. And given the different mirror and matte finishes of the four coins,  collectors should not expect the toning to be identical, a point again emphasised by Verheyen. He also added ... "I would be suspicious of any bright white specimens given their age.”

The third point to note is storage for over the years we have been asked if the coins should be stored in the case?

The coins will be housed in archival quality (museum quality) coin holders and presented in a quality velvet lined tray, thereby preserving their investment value. The royal blue velvet case will be separate to the tray. 

Two dates are integral to the Melbourne Mint's history and the nation’s numismatic heritage. The first is its year of opening, '1872'. The second is '1916', when the Melbourne Mint expanded its gold coining repertoire and commenced striking silver coins for the newly formed Commonwealth of Australia.

The mint did not produce any presentation pieces to celebrate its opening in 1872, a missed opportunity for today's collectors.

That numismatic shortcoming was addressed in 1916 when the Deputy Master of the Melbourne Mint authorised the production of sixty cased Presentation Sets, a portion earmarked to sell to collectors with a 2/-3d premium over face value. Others were gifted to dignitaries.

Natural attrition has taken its toll on the original mintage and only seven cased presentation sets have been observed at auction over the last half-century.

Each coin in this 1916 Presentation Set was assessed by Coinworks, and Dr Vince Verheyen as part of his research into the article on the 1916 cased Specimen Set. (See below)

We note the similarities in toning between this set and that held in the Melbourne Mint Museum.

1916 Specimen Florin -

A stunning coin with superb colours. The obverse a gold / green. The reverse with blue on the periphery and purple on the interior.

The florin is superbly struck and has fabulous detail in all the design elements with a lovely smooth matte surface on both obverse and reverse. A highly reflective coin in the light.

Striations are noted on the reverse.

1916 Specimen Shilling

That so much can be written on a one shilling coin reflects the meticulous nature of the strike and the beautiful aging process that it has enjoyed.

This coin is intriguing in the light. It is superbly struck with mirror surfaces between 4 o'clock and 8 o'clock in the shield area and below 'Advance Australia'. (This phenomenen was noted by Vince Verheyen in his study of the 1916 Specimen Sets.)

The reverse reveals multiple striations (raised parallel lines) across the fields; with those between the scroll and date and behind the emu strongly evident.

Precise edge denticles, a high rim and beautiful antique toning on both obverse and reverse characterises this shilling.

1916 Specimen Sixpence

While the florin in a 1916 Set receives most of the accolades (because of its size), the sixpence in this set almost steals the show. It is glorious.

Proof-like with beautifully mirrored fields. Very well struck, the denticles on the reverse rim are unusually strong. And magnificent colours.

Heavy striations on both obverse and reverse are noted.

Beautifully mirrored fields on the obverse with microscopic striations confirming careful preparation of the dies.

1916 Specimen Threepence 

A full brilliant mirror finish with handsome blue and pink toning.

The coin is extremely well struck, noticeable in the strength of strike in the star, shield and scroll. Strong striations confirm careful preparation of the dies at the Melbourne Mint.

Early in November 1915 the Melbourne Mint was formally instructed to commence preparations for the striking of the Commonwealth's silver coinage. The silver was sourced locally from the Broken Hill mines.

It is noted that prior to 1915, the nation's silver coinage had been minted overseas at the Royal Mint London and the Heaton Mint in Birmingham.

Towards the end of November 1915, dies for the set of four denominations were sent from London.

Six weeks after the dies were shipped, the Governor of Victoria Sir Arthur Stanley K.C.M.G, struck the first circulating 1916 shilling. It was logical that the Melbourne Mint would begin striking silver coinage with the shilling denomination given its similar physical size to their familiar sovereign.

The florin was struck almost immediately after, sixpences by the middle of 1916 with the threepences finally later in the year. More than 11.5 million silver coins were released into circulation that year.

The Melbourne Mint's inaugural striking of Australia's Commonwealth coins was a momentous occasion in minting circles. The Deputy Master of the Melbourne Mint therefore decided to create a Presentation Set to record the occasion.

Each presentation set was comprised of the four silver coins of florin, shilling, sixpence and threepence, each featuring the Melbourne mint mark ‘M’ below the date 1916 and minted to specimen quality.

The set of four was housed in a handsome, velvet-lined royal blue case that had been locally sourced.

The availability of the four-coin specimen presentation set was confirmed in November 1916 when Le Souëf recorded an entry of sixty specimen sets in the Mint Museums’ cash accounts with a face value of £11 5/-.

While records show that 60 sets were produced, sixteen were sold, collectors charged 6/- for a cased set.

A further 25 sets out of the original mintage were presented to dignitaries and politicians with the precise fate of the remaining sets unknown.

What we do know is that many of the cases have been lost and many of the sets have been broken up and sold as individual coins.

We also know that others were accidentally used as circulating coins, their value irreparably reduced through wear.

Over the past 50 years we have sighted only seven sets housed in their original case of issue.

The Proof 1925 Penny is Australian numismatic royalty, a Coin of Record struck at the Melbourne Mint.

In the context of the Australian penny series, it is second only in prominence to the famous Proof 1930 Penny.

Their 'greatness' stems from the fact that both coins are proof strikings of Australia's rarest pennies, the 1925 Penny with a recorded mintage of 117,000. The 1930 Penny believed to be 1500.

In an environment where pennies were struck in the millions, these mintage figures are amazingly scarce.

But, there is another reason why these two 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.

The Hagley Proof 1925 Penny is a brand that promises, and delivers, an experience. The coin is legendary. And in a league of its own.

• In the numismatic industry, the development of a brand starts with an extraordinary quality coin.

And the Hagley Proof 1925 Penny is such. The coin is a full brilliant mint red, gem proof. Its state of preservation borders on the miraculous and it is, unequivocally, the finest of the three known examples.

• The brand develops with an outstanding performance in the public domain, firming its standing and establishing its reputation.

At its first auction appearance in October 1977, the Hagley Proof 1925 Penny fetched $1700 on a pre-auction estimate of $700. Four years later, in March 1981, the coin fetched $10,000 on a pre-sale estimate of $3000. Indeed, the coin has appeared at auction four times from 1977 to its most recent appearance in 2008 and on each occasion, it has sold at a price at least double that of its pre-sale estimate.

Proof coins command respect and proof coins command admiration. Ask collectors why they pursue proof coins over circulating currency and the prestige of owning a proof coin is most likely at the top of their list.

It's the euphoria that comes with owning something that looks spectacular and that very few other people can ever possess.

In some respect, proof coin collectors are playing it smart because the inherent rarity of proof coinage provides a level of assurance that the market will never be inundated with examples, protecting their investment.

And while all proof coins are desirable ... some are more desirable than others.

Within the proof coin market there is a hierarchy with some proofs ranked more important than others.

Right at the 'top of the tree' for importance and hence value are the proofs of coins that have a rare date status as circulating currency.

So, the rarer the coin as circulating currency, the higher the value of its proof coin counterpart.

There are four rare date Australian pennies, 1925, 1930, 1931 and 1946. (No proofs were struck of the 1946 Penny.)

The Proof 1930 Penny is at the 'top of the tree' for importance. It is a proof striking of Australia's rarest circulating penny, the industry contending that 1500 pennies were accidentally struck in 1930 and released into circulation.

Next in importance, the Proof 1925 Penny. A proof striking of Australia's second rarest circulating penny, the 1925 Penny, records indicating that 117,000 coins were struck and released into circulation.

Third in line for importance, the Proof 1931 Penny, records indicating that 474,000 pennies were struck in 1931 for circulation.

(To better appreciate the minuscule nature of these mintages, more than 2.1 million pennies were released into circulation in 1932 and in the following year, more than 5.8 million pennies were issued.)

Numismatic Royalty -
Australia's top three rare-date proof pennies. 

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 struck to PROOF quality 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 maybe 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 use, 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