The industry 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 die combinations or styles. The four combinations have been classified by respected collector and author Bill Mira as the type A/1, D/2, E/3 and C/4, the letter referring to the obverse die, the numeral representing the reverse die.

On the obverse, the different styles 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 shapes and positioning of the row of five jewels in the band of 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 believe that the C/4 and E/3 dies were used to produce test pieces, presented to Governor Macquarie for approval before production began. While they are incredibly rare, the coins are crude and quite esoteric.

The A/1 and D/2 Dumps are viewed by collectors as 'mainstream' with the A/1 Dump the most frequently sighted (75% of examples). And the D/2, the rarer of the two (20% of examples).

Historians argue that the D/2 design types were most likely the first coins produced, since the majority of specimens reflect one major design fault. 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.

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. The legend and the date are contained in the coin.

Lachlan Macquarie had high hopes for the Holey Dollar and Dump, and in particular the Dump. He stated that the Dump would fill the role of small change and would remove much of the need for promissory notes of low denominations.

As a coin intended as small change, the Dump circulated widely in the colony, the extreme wear on most examples evidence of their considerable use. 

This 1813 Dump with a quality level of Extremely Fine, is amongst the top ten D/2s and one of the finest known of all design types. In the hand the coin is impressive, the fields are highly reflective with grey toning. 

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 reverse, that evidence includes the cross-bars of the shield and the lion's tail and the castle. Amazing!

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 by inserting his initial, an 'H' for Henshall, on some - but not all - of the reverse dies of the Dump. 

The 'H' for Henshall is rarely ever seen on D/2 Dumps. And on the reverse of this coin it is plump and three-dimensional. 

There is more in store for the buyer when when you take this coin under an eye glass. Two other outstanding attributes are noted.

The extreme left and right edge of the horizontal cross on the orb at the top of the crown is evident. 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.

1813 Dump struck from the rare D/2 dies

$75,000

Lachlan Macquarie's initiative in creating our first currency reflected his Scottish culture, of being practical and resourceful. He created two coins, the Holey Dollar and the Dump, out of one coin. A single Spanish Silver Dollar.

And while the Holey Dollar clearly shows that it was carved out from a Spanish dollar, sadly most Dumps don't and look as though they could have been struck from an ordinary blank silver disc.

Not so with this 1813 Dump.

The coin is a dynamic example of Australia’s first fifteen pence and clearly reflects its origins with strong undertype on the reverse that confirms it was struck from a bust style Spanish Silver Dollar. 

Other quite extraordinary elements of this coin include the 'H' for Henshall (not normally present in D/2 Dumps) and the fullness of the legend and date (normally shallow in D/2 Dumps).

Beautifully toned, highly reflective surfaces, pristine design detail.

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

Collectors can acquire coins that were struck for circulation. Circulating coins were mass produced, hurled down a shute and into a barrel to be delivered to the banks, the mintages determined by Government and generally in the hundreds of thousands, if not millions. 

Collectors can also collect coins that were struck as Coins of Record. Using standards and techniques far beyond that required for circulating currency, Coins of Record were minted to a proof or specimen finish and because the process was time-intensive, mintages were generally less than ten.

Each option, circulating currency or Coins of Record, presents the buyer with a vastly different sized pool of examples from which to choose. And very different challenges for procurement.

Average circulating gold sovereigns struck in years that have no special importance are generally readily available. 

Once a buyer sets parameters on the quality and the dates being sought, 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 years.

This 1856 Sovereign is a key-date coin, the second year of operation of the nation's first mint. And the quality, Uncirculated. 

History shows us that it could be five to ten years before a comparable example surfaces.

The Sydney Mint was established in a wing of the 'Rum Hospital' in Macquarie Street, Sydney. 

The mint began receiving gold on 14 May 1855 and issued its first gold sovereign soon after on June 23. A total of 502,000 sovereigns were issued in 1855 and 981,000 the following year.

Both coins share the same reverse design. And the same obverse design of a young Queen Victoria with a braid in her hair, referred to as the Type I portrait design.

The Type I design only lasted for two years, and was replaced in 1857, making the 1855 and 1856 Sydney Mint Sovereigns keenly sought. 

Based on the mintages of 502,000 and 981,000, the 1855 Sydney Mint Sovereign should be twice as difficult to find. But that is simply not the case.

Both the 1855 and the 1856 Sovereign are equally difficult to find in any quality, and particularly challenging to find an 1856 sovereign in top quality.

We looked at some of the famous gold coin auctions and compared their offering of the 1855 Sydney Mint Sovereign and the 1856 counterpart. With an acknowledgement of the almost unlimited resources involved in putting together these collections, both physically and financially. 

The 1856 Sovereign posed the greatest challenge.

• The Quartermaster auction in 2009 offered a Choice Uncirculated 1855 and an Uncirculated 1856. We further note that the Quartermaster 1855 and 1856 sovereigns had been formerly owned by Robert Jaggard and Paul Terry, both collectors having advanced gold coin collections and unlimited resources to acquire the very best. 

• The famous Sharps Pixley Auction conducted by Spink Auctions in Sydney 1989 offered a Choice Uncirculated 1855 Sovereign with full mint bloom, yet only a circulated 1856 Sovereign, graded Extremely Fine.

• The Bentley Collection in London 2012, offered an 1855 sovereign similar in quality to the Quartermaster example, and a circulated 1856, Extremely Fine.

• The sale of the George Collection conducted by St James Auction in London in 2014, offered the Sharps Pixley Choice Uncirculated 1855 Sovereign and again an Extremely Fine 1856 Sovereign.

Conclusion? This Uncirculated 1856 Sydney Mint Sovereign is a profound opportunity for the Sovereign collector. 

Uncirculated 1856 Sydney Mint Sovereign

$85,000

The only 1856 Sovereign we have handled at this quality level.

We checked back at some of the most famous gold coin auctions held over the past fifty years comparing the quality of the 1855 and 1856 Sovereign. 

Auctions such as Spink Auctions Sharpes Pixley Collection in 1989, Monetarium’s Quartermaster Collection in 2009, Baldwins London Bentley Collection in 2012 and St James Auction London George Collection in 2014. 

Whereas the 1855 Sydney Mint Sovereign was offered as high as Choice Uncirculated, the top grading level of the 1856 Sydney Mint Sovereign was Uncirculated, equivalent to the coin offered here. 

Its quite Illuminating when you consider the almost unlimited resources involved in putting together these four collections, both physically and financially. And the names associated with these collections, that had access to the very best, Bob Jaggard, Paul Terry, Barrie Winsor. 

In 1851, the Sydney Morning Herald published an editorial championing the establishment of a branch of the Royal Mint in Sydney to buy gold at full price and strike it into sovereigns.

The plan for a branch of the Royal Mint received great support from the diggers. Solid opposition came from the banks and a prominent group of private individuals both of whom had become major buyers of gold on the fields at prices discounted well below the full London price. Profits were at stake! Both factions had earlier joined forces to quash a proposal for a Sydney Assay Office that would have also impacted negatively on their commercial interests.

While it is true that New South Wales had in 1851 formally petitioned the home office in London for a branch of the Royal Mint, the decision had already been made in the British Parliament to give the colonies greater autonomy and establish a branch mint to allow them to strike coins of the realm, the sovereign.  

The Sydney Mint would strike sovereigns and half sovereigns to exactly the weight and fineness levels at the Royal Mint but they would have their own design. This was to protect the international reputation of the imperial gold coins in the event that Sydney was unable to meet the exacting standards demanded of the coin.

On the 19 August 1853 Queen Victoria gave formal approval to establish Australia’s very first mint at or near Sydney in New South Wales. In the same year, the Royal Mint London prepared designs of Australia’s first gold coinage and manufactured the dies.

The sovereign and half sovereign obverse design was a filleted bust of Victoria, only slightly different to that used on British sovereigns. The obverse quickly fell out of favour and James Wyon was ordered to engrave a new obverse that would be uniquely Australian to easily distinguish the colonial sovereigns from their British counterparts. To this end, a new portrait was introduced in 1857 that featured Queen Victoria with a banksia wreath in her hair instead of the band.

The reverse design was based loosely around contemporary reverse designs of the British sixpence and shilling. Its strong point of difference to the British sovereigns was the inclusion of the words 'Australia' and 'Sydney Mint'.

The use of the word Australia, a fascination with historians. At the time the nation was operating as separate colonies. Australia did not operate under a single Government until Federation in 1901.

The first Deputy Master of the Sydney Mint was Captain Edward Wolstenholme Ward, a trained member of the Royal Engineers. (Photo shown at top.)

Ward arrived in the colony in October 1854 on the ship Calcutta, along with other members of the Royal Engineers, a sergeant, three corporals and twelve privates. The group was deposited on Circular Quay with the bales and boxes of Sydney's new mint, along with the dies.

The Sydney Mint was established in a wing of the 'Rum Hospital' in Macquarie Street, Sydney. The mint began receiving gold on 14 May 1855 and issued its first gold sovereign soon after on June 23.

In their infancy the Sydney Mint sovereigns and half sovereigns were legal tender only in the colony of New South Wales.

In January 1856, the British tested the quality of the colonial gold coins and the results showed that they had a higher intrinsic value than their British counterparts, primarily due to their 8.33% silver content. Once these facts became known, profiteers began melting them down.

The colonial gold coins also became legal tender in Tasmania and Western Australia in 1856. South Australia and Victoria were reticent to enshrine the Sydney Mint as Australia's official mint as each colony had independently requested their own and were miffed at missing out.

By 1857, the legal tender scope was widened to include all Australian colonies and Mauritius, Ceylon and Hong Kong. In 1868 the Sydney Mint Sovereigns and Half Sovereigns became legal tender throughout the British Empire.

The design of the Sydney Mint Sovereign lasted until 1870 and was the only time the word Australia appeared on our gold sovereigns. From 1871, Australia's sovereigns took on a traditional British design.

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.

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.

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.

We have had the privilege of putting together a complete collection of Kookaburra Square Pennies and Square Halfpennies for a client, type 1 through to type 12. The addition of the Sterling Silver Kookaburra Square Penny, took the collection to thirteen coins.

The collection is unique. And took nearly a decade to complete, the journey finishing in 1999.

While it is true that several years elapsed before some of the rarer pieces came onto the market. It is also true that coins such as the Type 12 presented challenges, simply on the basis of quality.  

When you view the collection en masse, it is obvious that the Melbourne Mint was not only experimenting with different designs, but different finishes.

Some of the types are quite proof-like. Others such as the type 12 are subdued and satiny and for whatever reason, prone to harsh toning. 

In our experience, a Kookaburra Square Penny, design type 12, is an extremely difficult coin to acquire once you impose high quality standards. 

This coin has a pale grey hue from minor toning, the surfaces enhanced by underlying brilliance on both obverse and reverse, as commented in the description above.

You will also note we comment on the edges, that they are well executed.

The Square Pennies were test pieces and were not struck to the exacting standards of proof coining and this is particularly noticeable in the edges which very often are not uniformly struck all the way around.

Given to dignitaries to assess their reaction, there was no packaging and we know that not every dignitary was a collector and would have handled them with care.

Some of the coins must have been tucked into a fob pocket for they have circulated. Others could have rattled around a top desk drawer. Or passed around to colleagues … introducing multi possibilities of mishandling.

A Square Penny with minimal, attractive toning and beautiful surfaces is a joy to behold. And a prized classic Australian coin rarity.

1921 Kookaburra Square Penny, design type 12

Choice Uncirculated 

Price: $30,000

This Kookaburra Square Penny was struck in 1921 and is designated as a design Type 12. The obverse portrait was designed by Australian sculptor and medallist, Bertram Mackennal.

The reverse design features a plump kookaburra resting on a branch. The coin shares the same obverse and reverse design as the Kookaburra Square Halfpenny, also struck in 1921 and designated as a design type 2.

The provenance is impeccable, ex Earl of Stradbroke Collection, sold by Barrie Winsor to Coinworks in 1996.

The quality, also impeccable (particularly for this design type), is Choice Uncirculated.

Australia entered a modern age post World War I and for many Australians, it was a time for breaking out, of questioning and changing old values and behaviour and enjoying the good life.

It was a time of great change. People forgot the old and embraced the new in an attempt to leave the hardship and struggles of the war behind them.

New technology was being created, like toasters and cars, things that today we take for granted. The fashion world was exploding, Australians embracing great change in their styles of dress.

Australians were identifying with their own culture, keen to lessen the emotional and cultural ties with Great Britain.

Creating a new, totally Australian coinage was a part of the deal which is why the Government floated the idea of the Kookaburra Penny and Kookaburra Halfpenny envisaging a coin that would be unique to Australia.

The Government's plan was to discard the British-styled penny and halfpenny and to create a coin with a typically Australian design featuring the nation's native bird, the kookaburra. To maximise impact, a new shape was planned with the move from circular to square. And bronze was to be discarded and a new metal taken up, that of cupro-nickel.

Tests began at the Melbourne Mint in 1919 and continued for three years. Sadly, in 1921 the scheme fell apart. The response to Australia’s square coinage was poor with widespread public resistance to change and people generally rejecting the small size of the coins.

However, the final decision not to proceed seems to have been based mainly on another consideration – the large number of vending machines then in operation requiring a circular coin.

The Kookaburra Pennies and Halfpennies that remain today are relics of our past, and the sentiment that they stir up in the current market is collector sentiment, driven by their novel shape. And with only 200 pennies and about 12 halfpennies believed to exist, collector thirst is driven by their extreme rarity.

And the best thing for collectors is that the 200-plus kookaburra coins  do not bear the same design.

Overall, the Melbourne Mint tested thirteen different styles introducing enormous interest, personal choice and procurement challenges into the series, for some designs are far rarer than others.

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 Hannibal Head Holey Dollar is the coin for the buyer aspiring to the best. 

A buyer that respects quality and recognises the importance of a documented provenance, today and into the future.

A buyer that will enjoy the history of a coin that has been making media headlines, both in Australia and in London since 1883, nearly a century-and-a half ago! No other Holey Dollar can match this coin for its fame. And its level of public recognition.

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.

History records that disaster struck during the early stages of the minting of the 1852 Adelaide Pound. 

Die-maker and engraver Joshua Payne later confirmed that staff had struggled to find the correct pressure levels to exert on the dies to execute a strong overall design.

In the early stages of production, pressure was applied to the edges to ensure that the denticles and legend were strong. The downside to this decision is that excessive pressure applied to the edges cracked the reverse die, forcing an interruption to minting.

The upside to this decision is that Adelaide Pounds struck during the first production run have almost picture-perfect edges and beautiful strong denticles.

Relaxing the pressure on the dies in the second production run, lengthened the die usage but created its own shortcomings. Once the pressure was reduced on the edges, the perfection that was achieved in the denticles and legend in the first run of coins was simply not achievable in the second run.

Adelaide Pounds from the second production run notoriously have weakness in the edges and weakness in the legend, most particularly in the Assay Office area. And this is noted in about nine out of every ten examples. But, the crown design will invariably be well executed with flattened areas mainly due to circulation. (Flattened areas may also reflect die usage and be due to a poor strike.)

This Type II 1852 Adelaide Pound has a beautiful balance of strong edge denticles, strong legend and a brilliantly struck crown. It is the exception to those most frequently sighted.

1852 Adelaide Pound Type II, Choice Uncirculated, exceptional design definition, fully lustrous.

Price: $75,000

Beautiful edge denticles, all the way around and a strong legend, 'Government Assay Office', also all the way around. 

And the crown is sharply defined, the cross on the orb at the top of the crown complete. The pleats in the cloth, on which the two fleur-de-lis rest, are well defined as are the jewels in the band of the crown. 

A minor contact mark through the 'O' of ONE on the reverse is noted for completeness.

The first gold coin for the nation was struck at the Adelaide Assay Office on 23 November 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 crenellated 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 $75,000 you can acquire one of the very best Type II Adelaide Pounds.

This 1936 Proof 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, only a handful of coins 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 a proof or specimen finish 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’.

The coins were individually crafted, the process time-consuming and the mintages tiny, therefore. 

• 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.

1936 Proof Florin struck as a Coin of Record at the Melbourne Mint and one of four known 

Nobles Auction July 2001, Lot 1460

$25,000

FDC, with much brilliance under handsome smoky toning. Heavy striations on both obverse and reverse confirm careful die preparation. 

This 1936 Proof Florin was especially struck at the Melbourne Mint as a Coin of Record.

A piece of great historical significance, it was struck to mark the final year of George V’s reign (1910 – 1936).

Australia’s Coins of Record are admired and respected worldwide. As with fine art and fine jewellery, they have prestige value.

The crown jewels of coinage, Coins of Record add glamour and exceptionality to any collection.

Australia’s Coins of Record are admired and respected worldwide. As with fine art and fine jewellery, they have prestige value.

A Coin of Record is an artistic interpretation of coinage, a strikingly beautiful coin beyond ordinary currency, individually crafted to standards far exceeding that required of a circulating coin.

Using technical terms, Coins of Record were struck using special minting techniques to either a proof or specimen finish involving highly polished blanks to create mirror fields and carefully prepared dies to ensure a wealth of design definition.

A Coin of Record is a showpiece. The crown jewels of coinage, adding glamour and exceptionality to any collection.

Whereas production of circulating coinage was dictated by Government, Coins of Record were struck at the discretion of the mint master. Placed in the mint’s archives for posterity. Perhaps, an example forwarded to the monarch. Coins of Record were occasionally produced for the Royal Mint London, a selected museum or to display at an international exhibition. Or gifted to a dignitary. 

All circumstances that necessitated the very best in minting standards.

The coins were not produced every year and, as they were individually crafted, the process was time consuming and the mintages tiny, therefore. 

For Melbourne Mint copper proofs, generally less than six pieces.

1929 Proof Halfpenny struck as a Coin of Record at the Melbourne Mint, ex Roy Farman, and the finest of four known examples.

Australian Coin Auctions 15 March 2001 (Lot 1422)

Price: $22,500  

Great coins tend to have a history; a narrative that involves a person that is numismatically influential, a VIP or a Government dignitary.

A story that helps us understand why the quality is so extraordinary. And in the case of this Proof 1929 Halfpenny the person is Roy Farman. 

It was acquired in the 1950s from Farman, the exceptional quality of the coin said to have been a consequence of his close relationship with Albert Le Souef, a former Deputy Master of the Melbourne Mint.

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 and the piece offered here is a Type 3 Holey Dollar, and one of the rarer types with just two known examples.

The protocols for defining each type are detailed below, and the number of Holey Dollars available to collectors.

Type 1 - Ferdinand VI Holey Dollar
Design: features the legend and portrait of Ferdinand VI (1746 - 1759).
Availability: 2

Type 2 - Charles III Holey Dollar
Design: features the legend and portrait of Charles III (1759 - 1788).
Availability: 22

Type 3 - Charles III, deceased Holey Dollar
Design: features the legend and portrait of the deceased King Charles III, depicted on silver dollars issued during the reign of Charles IV. (1788 - 1808)
Availability: 2, one Mexico Mint and one Lima Mint, each therefore unique

Type 4 - Charles III on Charles IV Holey Dollar
Design: features the legend of the reigning monarch Charles IV and the portrait of the deceased King Charles III.
Availability: 8

Type 5 - Charles IV Holey Dollar
Design: features the legend and portrait of Charles IV (1788 - 1808)
Availability: 129

Type 6 - Charles IV Continental Holey Dollar
Design: struck from a Continental Silver Dollar, featuring the legend and portrait of Charles IV.
Availability: 1

Type 7 - Ferdinand VII Holey Dollar
Design: features the legend and portrait of Ferdinand VII.  Ferdinand VII was exiled in 1808, Napoleon Bonaparte proclaiming his brother Joseph as king of Spain from 1808 to 1813.
Availability: 13

Type 8 - Hannibal Head Holey Dollar
Design: features the legend of Ferdinand VII and an imaginary portrait of the monarch referred to as the 'Hannibal Head'. Ferdinand VII was exiled in 1808, Napoleon Bonaparte proclaiming his brother Joseph as king of Spain from 1808 to 1813.
Availability: 2

Coin: Created from a Spanish Silver Dollar of the 'bust' type dated 1789 and depicting the portrait and legend of the deceased King Charles III (Charles III died in December 1788). 

Price: $145,000

The production of Spanish Silver Dollars in the silver-rich colonies of South America was critical to maintaining Spain’s ascendancy as a world power. Rather than halt production of the silver dollars until a new effigy of Charles IV was received, the mints maintained their coin production using the effigy of the deceased king Charles III. 

Three hundred Holey Dollars survive today and of those, only two have this extraordinary design detail whereby the dollar was struck during the reign of Charles IV but featured the legend and portrait of Charles III. 

The aesthetic appeal and the rarity of this Holey Dollar are enhanced by the alignment of the obverse counter-stamps  'New South Wales'' and '1813' which are in the same vertical vista as the date of the silver dollar, '1789'. Only a handful of Holey Dollars exhibit such alignment.

A study of the surviving Holey Dollars reveals that Henshall's application of the counter-stamps was wildly random, that the holed dollar was not placed in a particular position between the dies. And it obviously didn't matter which side of the holed dollar was facing up. Precision was simply not required which is why the counter-stamps of most Holey Dollars are 'all over the shop'.

Design type: 3

Date of the silver dollar: 1789

Reigning monarch: Charles IV (1788 - 1808)

Design of the silver dollar: colonial bust type

Portrait: Charles III

Legend: Carolus (Charles) III

Quality of the silver dollar : Good Fine

Quality counter stamps: Nearly Very Fine

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-plus years later prices have doubled. And with a 100th anniversary just five years away, the push to acquire Australia’s favourite Penny is really on.

Complete Collection of Pennies, 1911 to 1964, including the coveted 1930 Penny and the scarce dates of 1925 and 1946.

Price $20,000

About Very Fine / Very Fine 

This 1930 Penny has flukishly undergone minimal circulation for it has an almost full central diamond and six plump pearls, a quality level that is at least two to three grades higher than those most commonly found. 

The toning is even and a handsome chocolate brown, the fields highly reflective The reverse has strong definition in the upper and lower scrolls. 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.

It has, however, at some early stage been brushed to remove dirt and debris.
It is not noticeable to the naked eye, but under magnification, it is noticed. 

This Proof 1931 Penny is one of the truly 'great' coins of Australian numismatics. Yes it is a Coin of Record, an especially arranged striking, produced at the Melbourne Mint. But, to become an industry 'great' there has to be more to a coin.

Its status as one of the 'great' coins of the Australian rare coin industry has come about because it is a special striking of a rare-date penny. (The emphasis on 'rare-date'.)

The rare dates of the Australian penny series are the 1930 Penny, followed by the 1925 Penny, the 1946 Penny and the 1931 Penny. The 1930 Penny is believed to have a mintage of about 1500. The 1925 Penny has a recorded mintage of 117,000, the 1946 Penny 363,000 and the 1931 Penny 494,000. In an environment where pennies were struck in the millions, these mintage figures are amazingly scarce.

The proof strikings of these three coins, the 1930, 1925 and 1931, are considered numismatic royalty, with the Proof 1930 Penny, the acknowledged king. And the Proof 1925 Penny and the Proof 1931 Penny the crown princes.

No proofs were struck of the 1946 Penny.

There is ultimately one other reason why these three coins are so highly valued. Australians just love their 'coppers'. 

The penny is an evocative coin, producing memories, ideas, emotions and responses like no other. 

The humble penny is as Australian as you can get and people from all walks of life, and across all incomes, identify with our nation's copper coins.

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

Australian Coin Auctions 28 February 2002 (Lot 1689) 

Price: $80,000

Superb FDC with full brilliance on both obverse and reverse

The quality of this Proof 1931 Penny is so far removed from those proofs most regularly sighted that when it first came to market at A.C.A's auction in 2002, the industry bestowed on it a ‘super-proof’ status.

As the photographs attest, the strike is magnificent. 

Great coins tend to have a history; a narrative that involves a person that is numismatically influential, a VIP or a Government dignitary. A story that helps us understand why the quality is so extraordinary. And in the case of this Proof 1931 Penny the person is Roy Farman. 

It was acquired in the 1950s from Farman, the exceptional quality of the coin said to have been a consequence of his close relationship with Albert Le Souef, a former Deputy Master of the Melbourne Mint.

Australian Pre-decimal Coins that were struck as proofs - but not destined for collectors - are technically referred to as Coins of Record. The term, COIN OF RECORD, is to a large extent self-explanatory. It is a coin that has been minted to put on record a date. Or to record a design.

What is not self-explanatory is that Coins of Record were in the main PROOF strikings (sometimes specimen), minted as presentation pieces. And were struck in the most minute numbers satisfying the requirements of the mint rather than the wants of collectors. Forget the notion of striking ten thousand proofs as collectors are accustomed to today. Let's talk about striking a total of ten coins ... or even less!

For today’s collectors the Coins of Record offer a wonderful link to the past and are extremely rare, two reasons that make them so popular.

There was no commercial angle in the production of Coins of Record. The mints were not out to make money from the exercise. Quite the reverse, striking a proof coin in our pre-decimal era was a very labour intensive (and hence costly) exercise that would have dented the mints annual budget quite considerably. The prime reason why so few coins were struck.

In the striking of a proof coin, the mint’s intention was to create a single masterpiece, coining perfection. Perfection in the dies. Wire brushed so that they are razor sharp. Perfection in the design, highly detailed, expertly crafted. Perfection in the fields, achieved by hand selecting unblemished blanks, polished to create a mirror shine. Perfection in the edges to encase the design … exactly what a ‘picture frame does to a canvass’.

A proof is an artistic interpretation of a coin that was intended for circulation. A proof coin is meant to be impactful, have the ‘wow’ factor and exhibit qualities that are clearly visible to the naked eye. 

A proof coin was never intended to be used in every-day transactions, handled or tucked away in a purse. Or popped into a pocket.

So, what happened to these Coins of Record? Where did they go? And if they were struck by the mints for their own use, how did they get into collector's hands?

In the main, Coins of Record ended up in the mint’s own archives, preserving its history for future generations. Any coins that were surplus to requirements may also have been sent to a museum or public institution.

Coins of Record were also put on display at public Exhibitions. The two known examples of the Proof 1866 Sovereign and Proof 1866 Half Sovereign were especially struck to exhibit as ‘products of New South Wales’ as part of the Colonial Mints display at the International Colonial Exhibition of 1866 and the International Exposition in Paris, 1867. They were discovered in London in the early 1970s.

It is noted that many of the overseas mints have over time sold off Coins of Record that they considered excess to their requirements allowing them to come into collector's hands. The Royal Mint South Africa sold off several Australian gold proofs in the 1990s

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.

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. 

The standard George V portrait was depicted on Australia’s sovereigns between 1911 and 1928. Coins of Record out of this era were not produced every year and were 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.

The mintage, on the few occasions they were produced, were minuscule with few available for today's collectors, the number in brackets indicating the coins available to collectors. At the Sydney mint, 1920 (1), 1922 (2) 1923 (1) and 1926 (3). 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. 

If you want to acquire a Coin of Record from the George V standard portrait era, 1911 to 1928, the total buying pool for collectors is eight coins. 

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. 

If you want to acquire a Coin of Record from the George V standard portrait era, 1911 to 1928, the total buying pool for collectors is eight coins. 

Australia’s Coins of Record are admired and respected worldwide. The recent sale of an Australian 1889 Jubilee Proof Sovereign in London for $90,000+ confirms their international appeal.

As with fine art and fine jewellery, Australia’s gold Coins of Record have prestige value.

A Coin of Record is an artistic interpretation of coinage, a strikingly beautiful coin beyond ordinary currency, individually crafted to standards far exceeding that required of a circulating coin.

Using technical terms, Coins of Record were struck using special minting techniques to either a proof or specimen finish involving highly polished blanks to create mirror fields and carefully prepared dies to ensure a wealth of design definition.

A Coin of Record is a showpiece. The crown jewels of coinage, adding glamour and exceptionality to any collection.

Whereas production of circulating coinage was dictated by Government, Coins of Record were struck at the discretion of the mint master. Placed in the mint’s archives for posterity. Perhaps, an example forwarded to the monarch. Coins of Record were occasionally produced for the Royal Mint London, a selected museum or to display at an international exhibition. Or gifted to a dignitary. All circumstances that necessitated the very best in minting standards.

The coins were not produced every year and, as they were individually crafted, the process was time consuming and the mintages tiny, therefore. 

For gold proofs, generally less than four pieces.

The Jubilee portrait was used on Australia’s sovereigns during the years 1887 to 1893. During this period, the Melbourne Mint struck Coins of Record to a proof finish.

There were two years in which the Melbourne Mint did not strike Coins of Record, 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 of 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. Generally below $100,000.

If a collector could choose a date to acquire from the Jubilee period, it would be 1887 and 1893, being the start and finishing years of the era.  

And the year '1888' simply because of the universal appeal of the number!

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

Spink Auctions November 1981, Lot 995 • Spink Auctions July 1988, Lot 2312 • Philip Spalding Collection 

Price: $88,000

Flawless with brilliant mirror fields that bounce the light and project a wealth of design depth, only one other example has been sighted at public auction over the last century.

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 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.

Australia’s Coins of Record are admired and respected worldwide. As with fine art and fine jewellery, they have prestige value.

Three branches of the Royal Mint London operated in Australia. The Sydney Mint opening in 1855, the Melbourne Mint in 1872 and the Perth Mint in 1899, each mint sporadically producing Coins of Record of its sovereigns and half sovereigns.

There are two fundamental differences between the Coins of Record of the Perth Mint and those of Melbourne and Sydney. The Perth Mint Coins of Record have a higher profile, because the mint is still operating. And they are far rarer.

The Sydney Mint closed in 1926, the Melbourne Mint in 1964, their greatest historical pieces are, in many respects, confined to history.

For the Perth Mint, its story is on-going. Its collecting audience is expanding. 

The Perth Mint’s commercial profile creates an environment whereby its earlier gold sovereign and half sovereign issues can be enabled and brought to life.

As the name 'Macquarie' lives on through the Macquarie Bank, so too history lives on for the Perth Mint through its current coining operations.

Every time the Perth Mint opens its doors to welcome visitors, releases a new proof coin or celebrates an anniversary of its minting operations (as it did on 2024), we are reminded of a heritage that began in 1899. And we are further reminded of a tradition of continual coining excellence that began with its Coins of Record. 

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.

The Proof 1925 Penny is Australian numismatic royalty and, if we are talking pennies, it is second only in prominence to the famous Proof 1930 Penny.

That both coins have a position of power and importance according them a regal status is because they are proof strikings of Australia's rarest circulating pennies, the 1930 Penny with a suggested mintage of 1500. And the 1925 Penny, with 117,000 struck.

But, there is another reason why the Proof 1930 Penny and the Proof 1925 Penny 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.

You know what you are getting when you acquire the Syd Hagley Proof 1925 Penny. 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.

This coin is extraordinary for quality. It 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.

And the great collector? Sydney Vincent Hagley.

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.

The demand and the performance has, over the years, self-perpetuated, consolidating the coin's reputation.

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

Ranking #1, the Proof 1930 Penny, 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.

Ranking #2, and 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.

Ranking #3, and third in line for importance, the Proof 1931 Penny, records indicating that 474,000 pennies were struck in 1931 for circulation.

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

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 Government planned to adopt a coinage with a reduced silver content and between 1918 and 1920 the Melbourne Mint undertook a testing program in which the following coins were produced. 

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.

There is no doubt that Australia weathered the storm concerning the silver crisis of 1920. The nation, however, 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

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

He also contends that the Royal Mint's  1951 proofs from the Royal Mint London came to be viewed as the best possible model for what the Perth Mint bronze proofs should look like. (Royal Mint's 1951 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.

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, 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.

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 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.

Proof 1927 Canberra Florin 

Price $25,000

FDC, visually stunning with highly reflective silver fields and a hint of golden toning around the periphery.

The coin is historically important and was struck to commemorate the opening of Parliament House in Canberra.

And it is rare with numismatic authority Greg McDonald contending that the mintage could be as low as 150, an explanation as to why so few are appearing on the market.

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 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 $30,000

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.