The Proof 1931 Penny is Australian numismatic royalty, a proof striking, minted as a Coin of Record at the Melbourne Mint.

In the context of the Australian penny series, the Proof 1930 Penny is the acknowledged king. The Proof 1931 Penny (and the Proof 1925 Penny) are the crown princes.

The 'greatness' of these three coins stems from the fact that they are proof strikings of Australia's rarest pennies, the 1931 Penny with a recorded mintage of 494,000, 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. (Consider that 5.8 million pennies were struck in 1933 and 9.8 million in 1936.)

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 industry contends that the exceptional quality of the 1931 Proof Penny, and the other proofs offered at the auction, had to have been a consequence of Farman’s close relationship with Albert Le Souef.

Le Souef was, like Farman, a passionate collector, the former occupying a position of influence in the Melbourne Mint that would eventually see him become Deputy Master between 1921 and 1926.

In this era there was nothing untoward, or unethical, with ensuring that a collector friend received the very best proof collector striking. It was a simple matter of selecting the smoothest copper blanks. And polishing the dies to ensure a crisp and highly detailed striking.

This coin has had only four owners over the last one hundred years. Its state of preservation reflects the minimal number of owners and the care that has been lavished on it along the way.

1931 Proof Penny struck as a Coin of Record at the Melbourne Mint and the absolute finest of three known examples.

Price $80,000

Superb FDC with full brilliance on both obverse and reverse

Australian Coin Auctions 28 February 2002, Lot 1689  

This Proof 1931 Proof Penny was first offered at auction in February 2002, part of a small holding of George V Australian proof coppers.

We attended the auction. As did Barrie Winsor, and we both agreed that in the industry there are 'proofs'. And then there are 'super-proofs'.

And this 1931 Proof Penny is indeed a 'super-proof'.

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

Proof coins are the nation's story tellers. Proof coins are presentation pieces and were struck to the ultimate levels of quality. They define a mint, an era, or a year, like no other coin. They can also define an occasion and a monarch. And proof coins are excruciatingly rare.

This Proof Shilling is a Coin of Record and defines the operations of the Melbourne Mint in the year '1926' when the mint was commissioned by Australian Treasury to strike shillings for circulation.

To record its work for Treasury and in keeping with the traditions of the Royal Mint London, the mint struck a handful of Proof 1926 Shillings for posterity. Two are known in collector’s hands, one of which is this superb example.

Why wasn't the mintage larger? Surely collectors would have loved to get their hands on one!

Today's collectors can lay their hands on a Royal Australian Mint 2024 Proof Set with ease. In fact they can buy a box-load of them if they want.

The harsh reality for collectors in the early twentieth century was that, with very few exceptions, proofs minted in the George V era were NOT struck for the collector market.

• Proofs were struck to be held in archives. Their purpose to record the mint’s circulating coin achievements.

• Proofs were also struck to send to museums or public institutions, such as the Royal Mint London and British Museum.

• There were times when proofs were struck to put on display at public exhibitions. So, whilst denying collectors the opportunity of ever owning them, they could at the very least get to look at them. The Exhibitions were however few and far between.

Whatever the end destination of the Melbourne Mint proofs - archives, institutions or public exhibitions - the situation demanded the highest quality minting skills. And only a handful of proofs were ever struck.

In the striking of this 1926 Proof Shilling, the Melbourne Mint's intention was to create a single masterpiece. And there is not a doubt that the mint's ambitions were fulfilled.

To create this numismatic gem:

• The silver blanks were hand-picked and highly polished to produce a coin with a mirror shine and ice-smooth fields.

• The fields of this coin are fully brilliant and super-reflective

• The dies were hardened and wire-brushed to ensure the design was sharp.

• The dies were struck twice onto the blanks to create a well-defined, three-dimensional design.

• The rims encircling the coins were high, creating a picture frame effect, encasing the coin.

• The pristine nature of the striking is particularly evident in the denticles. They are crisp and uniformly spaced around the circumference of the coin.

This is a unique opportunity to acquire an important piece of Australia’s minting history.

Australia’s first gold coin, a One Pound, was struck on 23 September 1852 at the Government Assay Office in Adelaide, South Australia. The first production run of Adelaide Pounds, used an obverse die with a crown and a reverse die with a simple, elegant beaded inner circle. (Shown above)

During the first run, pressure was applied to the edges to ensure that the denticles and the legend were strong. About fifty coins were produced before a crack developed in the die, forcing an interruption to production and the hasty preparation of a replacement die.

Feeling the strain to resume production, Joshua Payne opted for a simpler version of the reverse die, the legend and value in plain lettering. He also changed the design of the inner border, duplicating that already in place on the crown side.

Production was resumed with the second die and a further 24,000-plus coins minted, referred to as the Type II One Pounds.

By using two different dies, Joshua Payne clearly distinguished between those coins struck in the modest first run. And those from the more substantial second run.

And in so doing created a rarity of the highest order. The Gold One Pound struck during the very first production run of the nation's first gold coin, better known as the Type I Adelaide One Pound.

What we know today is that less than forty Type I Adelaide One Pounds are in collector’s hands.

And perhaps six times that figure of the Type II examples. Both rare. But the Type I One Pound excruciatingly rare. And this example, one of the finest of them all.

The enormity of this offer cannot be overstated.

This coin was never given kid gloves treatment during the production process. It was struck in what can only be described as a factory, hammered out and hurled down an assembly line, more than likely into a barrel or bucket.

How this coin survived the production process, and more than one hundred and seventy years later still be in a pristine original state is impossible to fathom.

This is a unique opportunity to acquire an inspiring example of Australia's very first gold coin, offered at a spectacular quality level.

This colonial creation is a Coin of Record and, as the title suggests, presents a permanent currency record of a new design. The Veiled Head portrait was introduced in 1893 to reflect Queen Victoria's twilight years.

It is a coin that was created in the past to the highest minting standards, and that is valued and enjoyed in the present, to preserve and pass on to future generations

It is a Coin of Record, a record of history, in the truest sense.

For collectors, this colonial creation is also a celebration of the Melbourne Mint’s achievements in crafting perfection in gold.

The coin was struck by the Melbourne Mint to a proof finish and is luxurious, flawless with brilliant mirror fields that bounce the light and project a wealth of design depth. It is this gem frosted proof finish that has so captivated the American market.

And it is overwhelmingly rare, as one of two known.

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 Veiled Head portrait was used during the years 1893 to 1901. The proof sovereigns produced in this era as Coins of Record are the most popular with collectors. The reason is their scarcity. Coupled with the price at which they are offered. They are world class rarities that are affordable with definite potential for price growth.

Most years are only known by two or three examples presenting collectors with a tiny buying pool of perhaps nineteen coins. And yet they are priced at $75,000, a comparable price to let's say a more readily available quality 1930 Penny.

But there is another, very important reason why this Veiled Head Proof Sovereign will come under scrutiny.

While all Veiled Head gold proofs are scarce, there is one date that stands out from the rest as being the most desirable. And the most sought after.

And that is the first year that it was introduced, 1893.

Collectors love the dawning of a new era, the first year that a particular design is released. And collectors love the closing of an era, the last year that a design is issued. With an overwhelming preference for the first!

1893 Proof Sovereign struck as a Coin of Record at the Melbourne Mint. An historic coin, struck to record a new portrait of Queen Victoria.

$75,000

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

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

It is this gem frosted proof finish that delights collectors and that has, in particular, captivated the American market.

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 1893 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 1893 Proof Sovereign is an elite coin and presents superb quality and extreme rarity. And an attractive price.

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 crisp and 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 and the minimal wear to the king's eyebrow and moustache. We also comment on the highly reflective obverse fields, the handsome chocolate brown toning and 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 Good Very Fine which indicates that there are four sides of the central diamond and six crisp pearls, and vestiges of that elusive seventh and eighth pearl. The oval to the left of the central diamond is intact.

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 six 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 $70,000

Good Very Fine

Downies sale by private treaty to A. White, August 1999 • Sale by private treaty to current owner, September 2010

This coin is graded Good Very Fine which indicates that there are four sides of the central diamond and six crisp pearls, and vestiges of that elusive seventh and eighth pearl. The oval to the left of the central diamond is intact.

This coin will appeal to the buyer that is looking for a high quality 1930 Penny, one that stands out from the rest. And this coin is most certainly a stand-out piece.

It stands out not just because of its technical grading. But because it has miraculously escaped harsh treatment during its time in circulation. And that’s a total fluke!

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.

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.

Hit the ENQUIRE NOW button to register your interest.

Coming in February 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

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.

The 1852 Adelaide Pound holds a very special place in Australia's history as the nation's first gold coin.

It is a classic Australian numismatic rarity, as is the 1813 Holey Dollar and 1813 Dump, the Square Penny and the 1930 Penny.

Its status as Australia’s first gold coin ensures that it will always be sought after and strengthens its investment value.

Its investment value is also enhanced by its rarity for we estimate that perhaps two hundred and fifty examples are available to collectors, across all quality levels.

Examining an Adelaide Pound is a three-point process.

1. Start off by looking at the coin in the flesh using just the naked eye. A genuinely nice coin will always look good to the unaided eye.

This coin is lustrous on both obverse and reverse. The legend GOVERNMENT ASSAY OFFICE is strong. Collectors should know that most Adelaide Pounds struck with the second die show extreme weaknesses in the legend. This coin is an exception to those we normally see. There are no obvious defects or gouges. It's an overall well balanced coin with great eye appeal.

2. Take up the magnifying glass.

The eye glass re-confirms what we have seen with the naked eye ... and much more. The coin has undergone minimal circulation, the highpoints of the design, the fleur de lis and the cross on the orb on the crown showing a slight touch of usage. There are no unsightly gouges or marks. As gold is a soft metal, the rigours of circulation have treated most examples harshly. Not so with this coin!

3. And lastly, take another look with the naked eye just to make sure that you have taken everything in.

The final assessment of this Adelaide Pound is that it is a great coin and passes our three-point assessment with flying colours. It is indeed a coin you would be proud to show family and friends.

The discovery of gold in 1851 is one of the most extraordinary chapters in Australian history, transforming the economy and society and marking the beginnings of a modern multi-cultural Australia. It also led to the creation of the nation’s first gold coin, the 1852 Adelaide Pound.

Word of the discovery of gold spread like wildfire across the country and overseas. First was the rush to Ophir near Bathurst in early 1851 and the even greater rush to Ballarat in August of the same year.

Then in quick succession came the rich finds throughout central Victoria, Queensland, Northern Territory and finally the bonanza in Western Australia.

No colony was immune from the dramatic effects of the discovery of gold.

Those that were rich in gold. And those, such as the colony of South Australia, that was devoid of the precious metal. Its economy collapsed due to the mass exit of manpower lured to the Victorian gold fields.

Adelaide lost almost half its male population within the first three months of the first big gold strike near Ballarat. Also gone its cash resources. About two-thirds of the available coin travelled out of the state.

As the two main pillars of national activity, labour and capital, literally walked out, prices plummeted, property plunged, mining scrip nosedived, and Adelaide took on the air of a ghost town, with row after row of tenantless houses.

The cash-strapped banks pressed their debtors for cash payments, but as most debtors were merchants with their capital tied up, disaster beckoned.

By late 1851, genuine panic gripped those who had stayed behind as the total and complete insolvency of Adelaide looked real.

Out of desperation the Government offered a reward of one thousand Pounds for the discovery of a gold field in South Australia.

None was found.

South Australia’s problems were further compounded because there was no method available to convert the gold nuggets the diggers had brought back from Victoria into a form that could be used for monetary transactions.

Calls were made for the establishment of a Government mint and the issuing of a coinage, but this was viewed as being in direct violation of the Royal Prerogative. Coining was beyond the powers and privileges of any local authority.

On 9 January 1852, over 130 leading businessmen and a further 166 merchants met with Lieutenant Governor Sir Henry Young and pressured him to start up a mint to convert the raw gold into coin. The intention was that the mint would purchase gold from the Victorian fields at a higher price than paid in Melbourne.

There are some doubts as to who suggested an Assay Office and stamped bullion. What is known is that the establishment of a similar office had been introduced into the legislature of New South Wales in 1851. It was defeated mainly due to the opposition of the banks.

Although Young realised that only Royal approval could initiate a move to establish a mint, he was also aware that the survival of the colony was at stake.

He found a loophole in the legislation. While the Governors were not allowed to assent in her majesty’s name to any bill affecting the currency of the colony, an accompanying paragraph that stated … “unless urgent necessity exists requiring such to be brought into immediate operation”. The “urgent necessity” clause paved the way for the South Australian Legislative Council to pass the 1852 Bullion Act.

A special session of the Legislative Council was convened on the 28 January 1852.

An enactment was proposed that allowed the Assaying of gold into ingots; the Council seeking to deflect Royal disapproval by striking gold ingots rather than sovereigns.

The ingots were intended to form a currency that would back the banknote issues of the banks as if they were gold coin. And be used by the banks to increase their note circulation based on the amount of assayed gold deposited.

The Act was as daring, as it was contentious, in that it made the banknotes of the three South Australian banks a Legal Tender, under specified conditions.

It drew condemnation from the eastern states. Melbourne’s Argus condemned the Act as dangerous, radically unsound and interfering with the natural laws of commerce. But these protests were motivated by self-interest, as South Australia posed a real threat to the Victorian economy by re-directing capital and labour away from the Victorian gold fields.

The Bullion Act No 1 of 1852 has a record unique in Australian history. A special session of Parliament was convened to consider it. Parliament met at noon on the 28 January 1852. The Bill was read and promptly passed three readings and was then forwarded to the Lieutenant Governor and immediately received his assent.

It was one of the quickest pieces of legislation on record, with the whole proceedings taking less than two hours.

Thirteen days after the passing of the Act, on 10 February 1852, the Government Assay office was opened. Its activities were supported by a state government initiative to provide armed escorts to bring back the gold from the Victorian diggings.

The Government Assay Office Adelaide was effectively Australia's first mint, be it unofficial.

The Bullion Act had a lifetime of only twelve months. By the time the legislative amendments were passed to enact the production of gold coins, the Act had less than three months to run. As a consequence, only a small number of Adelaide Pounds were struck (24,768) and very few actually circulated.

When it was discovered that the intrinsic value of the gold contained in each piece exceeded its nominal value, the vast majority were promptly exported to London and melted down. That goes a long way towards explaining why so few Adelaide Pounds survive today (approximately 250) and why the highest-quality examples command such high prices.

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.

There are some key indicators that collectors look out for when making a numismatic purchase. And all of this is weighed up against the price.

How rare is the coin for the rarer the better. The date is critical. The more important the date, the better. And consideration is given to the effigy. George V? George VI or Elizabeth II? And the quality?

And the final deliberation ... how popular is this area of the market. In a supply and demand market, popularity is important.

This trio of 1955 Proof Penny, 1955 Proof Halfpenny and 1956 Proof Penny has the lot! Extremely rare, sought after  effigy of the late Queen Elizabeth II, top quality and an extremely popular collecting series.

Matched pair of 1955 Proof Penny & 1955 Proof Halfpenny struck at the Perth Mint

Price: $35,000

Superb FDC

Ex Dr Vincent Verheyen

Mintage 301 pairs

The passing in 2022 of Queen Elizabeth II has again highlighted the role of coinage in charting the course of history. This Proof 1955 Penny and Proof 1955 Halfpenny were struck with the effigy of the late Queen Elizabeth II.

1956 Proof Penny struck at the Perth Mint

Price: $20,000

Superb FDC

Ex Dr Vincent Verheyen

Mintage 417

This 1956 Proof Penny was also struck with the effigy of the late Queen Elizabeth II.

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

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. 

As no proofs were struck in 1923, Winsor knew this sovereign represented the ultimate quality. And it 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 $95,000

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. Proof strikes and specimen strikes were only struck at the Sydney Mint in 1920, 1922, 1923 and 1926. The Melbourne Mint only 1911. 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.

In an article published in the Journal of the Numismatic Association of Australia 2005, renowned numismatist Paul Holland contends that the Perth Mint proofs seemed to have been created for unaided vision.

The point here that a collector would not need an eye-glass to take in their beauty.

He also contends that the 1951-PL proofs from the Royal Mint London came to be viewed as the best possible model for what Perth Mint bronze proofs should look like for the PL copper proofs, as a general rule, are stunning. Visually impactful.

When you look at this Proof 1952 Penny you can't help but feel that Holland was spot-on with his assessment.

(Enlarged photographs are shown further down this page)

The rarity of the Proof 1952 Penny was confirmed in 1995 in an article published in the NAA journal (Volume 8) by John Sharples, the then Curator of Australia’s Numismatic Archives.

He examined the distribution of proof coins recorded in Perth Mint communications and records over the period 1940 – 1954. He found evidence that fifteen proof pennies were struck at the Perth Mint in 1952.

The majority of the mintage was sent to Public Collections and Numismatic Societies. The official list authorised to receive Perth proofs were the Australian War Memorial, Royal Mint London, British Museum, Royal Mint Melbourne, Japan Mint, National Gallery SA, Art Gallery WA, National Gallery Victoria, Victorian Numismatic Society, South Australian Numismatic Society and the Australian Numismatic Society.

He noted that two private collectors (most likely Syd Hagley and Ray Jewell) received examples of the pre-1955 proof coins, such was the influence of these collectors.

The balance of the mintage, a minor part of the mintage, was destined for the mint's own archives.

That the bulk of the mintage was gifted to institutions is the very reason why they are so rare in today's collector market.

We might sight a Proof 1952 Penny on the market every three to four years. One as spectacular as this is a once-in-a-lifetime buying opportunity.