The first production run of Adelaide Pounds commenced on the 23 September 1852.

It is highly likely that this coin was minted on that day because there is no doubt it was struck in the first production run. And we know that the first run was extremely brief.

The initial production run of the 1852 Adelaide Pound commenced with a 'crown' obverse die and a reverse die that had a 'beaded inner circle'.

History records that disaster struck during the early stages of production. And the run was stopped.

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

Pressure was initially directed to the edges to ensure the coin was produced with strong edge denticles and a strong legend. The pressure, however, proved excessive and only a small number of coins were produced before a crack developed in the reverse die, forcing an interruption to minting. 

The impaired die was replaced and production resumed using a second reverse die, the key point for collectors, the die had a different design. A scalloped inner border.

The Type I Adelaide One Pound is Australia's greatest gold coin rarity, revered by local and international collectors.

The reverse design is sophisticated and elegant and features a beaded inner circle.  The strong edges provide a 'complete look', creating a focal point and drawing attention to the coin. It's the same effect that a picture frame has on a painting.

For collectors wishing to acquire a Type I Adelaide Pound, the challenge is simply one of availability for less than forty examples have survived from the first production run. The coins are rarely offered, we suggest once every few years.

And most Type I Adelaide Pounds are well circulated with more than fifty per cent, far below the level offered here.

The extremely rare 1852 Adelaide One Pound, Type I design, featuring an elegant beaded inner circle.

About Extremely Fine

$90,000

As two distinctly different reverse dies were used during the production of the 1852 Adelaide Pound, determining whether a coin is from the modest first run or the second more substantial run of coins requires very little thought.

Once a collector develops some familiarity with the coins it is clear that the reverse die is not the only differentiating factor. First and second production run coins exhibit different traits due to the strike.

Adelaide Pounds from the first production run have almost picture-perfect edges and beautiful strong denticles due to the pressure exerted on the edges of the dies, as does this coin.

However, as the pressure was exerted on the edges, the force applied to the central part of the design was reduced, producing coins with slightly weaker definition in the crown and in the central area of the reverse.

This coin is an exception. The crown is strong, as is the value one pound.

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.

Months later, following agitation from Adelaide’s business community, the Bullion Act was modified to authorize the Assay Office to strike gold coins. It was effectively the nation's first mint, though opened without Royal approval.

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.

Australians just love their coppers. And within the penny and halfpenny series, collector preference is for those coins that were struck in limited mintages, that are especially rare in today's market.

Pennies such as the illustrious 1930 Penny and the revered 1925 Penny, rare dates that were struck in mintages of 1500 and 117,000 respectively.

And the 1923 Halfpenny, also a rare date, the mintage believed to be 15,000.

The Penny and the halfpenny have a connection when it comes to values.  

When the penny has a rare date status, it influences that value of its proof counterpart. But it also influences the value of its proof halfpenny counterpart.

The very reason why the Proof 1930 Penny and the Proof 1930 Halfpenny are seen as numismatic greats and are highly valued. So too, the Proof 1925 Penny and the Proof 1925 Halfpenny.

Proof coins are prestigious. And proof coins are extremely rare. And if they have been carefully preserved, proof coins are spectacular to look at with pristine edge denticles, a highly detailed design set against a backdrop of superb, smooth and highly reflective fields.

Under careful examination, proof coins will also show striations in the fields, a by-product of the intensive die preparation involved in proof coining. And the edges will be highly polished.

Place a proof coin next to an Uncirculated coin and the differences are clear, even to the naked eye.

Proofs command respect and they 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.

The Proof 1930 Halfpenny, a Coin of Record struck at the Melbourne Mint.

Australian Pre-decimal Coins that were struck to a proof or specimen finish - and 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 created as presentation pieces produced to a proof or specimen finish. 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 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.

The first gold coin for the nation was struck at the Adelaide Assay Office on 23 September 1852. We know it today as the 1852 Adelaide Pound.

It is our most popular gold coin, and sought after at all quality levels.

Collectors have a choice when it comes to acquiring an 1852 Adelaide Pound. An example from the first production run. Or the second run.

The nation’s first gold coin was produced over two production runs. The same obverse design was used throughout, featuring the legend 'Government Assay Office Adelaide', a crown and the date '1852'.

But each production run used different reverse dies, the first using a die with stylish lettering and an elegant beaded inner circle. (Coins struck from the first die are known as Type I Adelaide Pounds.) The second die had plain lettering and a 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 with the best quality Type Is in the vicinity of $500,000.

Purely from a financial perspective, most collectors opt for coins from the second production run in the knowledge that for $65,000 you can acquire one of the best. (Such as this coin)

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

Why this Adelaide Pound is just so good!

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 usage. (Flattened areas may also reflect die usage and be due to a weak 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, Brilliant Uncirculated with original mint bloom

Price $65,000

Nobles Auction July 2007, lot 1131

This coin has edge denticles and a strong legend, all the way around. The crown is sharp. The cross on the orb at the top of the crown is complete and the pleats in the cloth are well defined as are the jewels in the band of the crown.

This 1852 Adelaide Pound has a beautiful balance of strong edge denticles, strong legend and a brilliantly struck crown.

On the reverse, the legend and the lettering in the inner area of the coin is strongly three-dimensional. The rims are well formed all the way around.  The fields are lustrous.

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. 

The industry acknowledges that there are perhaps thirty known examples of the Macintosh & Degraves Shilling. A minuscule number in anyone's language. 

And this example is one of the best.

An early written reference to the Macintosh & Degraves Shilling occurred in the 1864 Numismatic Chronicle by the President of the Royal Numismatic Society, William Sandys Wright Vaux. He commented that the London National Collection had acquired a Macintosh and Degraves Shilling in 1848.

Major Hugh Macintosh - historical background

An ex-officer of the British East India Company, a veteran and a hero of some of India's bloodiest battles. After India, Macintosh went to Persia as a military advisor to the Shah and became a close friend and advisor to the Persian Crown Prince. He was a highly cultured man, a painter and violinist and fluent in five languages.

Macintosh emigrated from England in 1824 on his ship 'Hope'. After purchase of the ship, plants and material required to start a new life, it was documented that Macintosh still had disposable capital of £5000. (The more cash, the more land grant entitlements private citizens could expect.)

Hugh Macintosh was also in a relationship with Mary Reibey, an emancipated convict who by 1820 had become Australia's richest businesswoman. The plan for a private issuing of a silver shilling was said to have hatched from discussions with Reibey when she returned to England in 1821.  

Peter Degraves - historical background

Degraves emigrated from England with his brother-in-law Hugh Macintosh. He was a brilliant engineer, inventor, architect and an innovative businessman. He was also a thief, a bully, a conman and a prolific liar and by 1850 one of Australia's richest, yet most ruthless men.

The Macintosh and Degraves Partnership

The Cascade estate was originally a saw milling operation run by a partnership called Macintosh and Degraves Sawmills. The mills began operating in 1825 and the brewery was founded in 1832 by Hugh Macintosh while Peter Degraves was in Hobart prison serving a five year sentence for non-payment of debts accrued in England.

After his release in 1832, Degraves took over running and expanding the brewery. After the death of Macintosh in 1834, Degraves began falsifying the history of the Cascade Brewery, fabricating it for his own prosperity making sure that Macintosh was viewed as having played a minor role.

Research by Australian historian Greg Jeffreys showed that the major partner in the Cascade Mills and Brewery had actually been Macintosh.

The Macintosh and Degraves Shilling is one part of history that could not be altered with Macintosh's name before Degraves, acknowledging him as the main shareholder. This Shilling represents an historical truth that without Hugh Macintosh, the existence and success of the Cascade Saw Mill and Brewery would never have materialised.

This colonial creation is a celebration of the Sydney Mint’s achievements in crafting perfection in gold. 

A brilliant frosted proof, featuring the 'Sydney Mint' design, this coin is historic because it was actually struck at the Sydney Mint. (Not the Royal Mint London, as were the other Australian proofs out of this era.)

The coin is unique in private hands.  Two other examples are held in Government institutions, the Museum of Victoria, Melbourne. And the Biblioteque Nationale de France in Paris.

The Sydney Mint opened in 1855 to strike Australia's first gold coins. The sovereign's reverse design featured the name of the mint and is suitably known as, the 'Sydney Mint' design. It appeared on Australia's circulating sovereigns between 1855 and 1870.

In 1871, the reverse design took on a British style, the name of the mint removed and replaced with a discrete single-letter 'S' mint mark. The word 'Australia' was discarded altogether.

The first 'Sydney Mint' proofs were struck at the Royal Mint London in 1853, as test pieces of the new Australian colonial design.

As the Royal Mint produced the dies for the 'Sydney Mint' series, the mint in London continued to strike proofs of our sovereigns in 1855, 1856, 1857, 1866 and 1870.

The mintages in each year were minuscule.

This sector of the market is historically significant as it offers proofs of our first sovereign design. But, because of the minuscule mintages, it is one of the most difficult markets to buy into.

The total market is eleven coins, with dates ranging from 1853 to 1870.

While the Royal Mint proof strikings of our nation's first sovereigns are glorious, they were 'Sydney Mint' proofs by design only. The coins were struck using Royal Mint machinery and Royal Mint expertise. 

This colonial creation is celebrated because it was struck as a proof, featuring the 'Sydney Mint' design, at the Sydney Mint.

(Records confirm that the Royal Mint sent dies of the 1857 sovereign to the Sydney Mint in 1883. The dies were still held at the Mint on its closure in 1926.)

This 1857 Proof Sovereign is a Sydney Mint proof in the truest sense.  Sydney Mint by design and Sydney Mint by manufacturer.

Rare coins raise awareness of our history. And rare coins raise awareness of our accomplishments as individuals and as a nation. It is a statement that may well have been written for this 1857 Proof Sovereign.

Summary details and enlarged photographs are shown below.

1857 Proof Sovereign struck at the Sydney Mint with a grained edge, featuring the 'Sydney Mint' reverse design and the Type II portrait of Queen Victoria on the reverse.

• For collectors, this coin is unique. It is the only privately held example of a Sydney Mint Proof Sovereign struck at the Sydney Mint. 

• Brilliant and flawless.

• First sighted at Spink Auctions November 1986, lot 715.

• Two other examples are known, held in Government institutions. The Museum of Victoria , Melbourne. And the Biblioteque Nationale de France, in Paris.

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

After twenty-two years, the owner decided it was time to sell and placed it with Nobles, Sydney where it was offered as lot 1350 of their July 2017 Auction. Jim Noble described the coin as a 'Gem Frosted Proof, FDC and excessively rare'. And so have we.

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

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

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

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

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

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

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

This 1896 Proof Half Sovereign was struck as a Coin of Record at the Melbourne Mint depicting the mature, Veiled Head portrait of Queen Victoria.

Coins of Record were struck by the Melbourne Mint to a proof finish to meet the operational needs of the mint. They were not struck for commercial purposes to sell to collectors.

Even so, the coins were meant to impress with mirrored fields that bounced the light and a wealth of design depth. And only a handful were produced.

For most collectors, their first taste of proof gold comes by way of the Melbourne Mint Veiled Head series. The Veiled Head design was introduced in 1893 and lasted until Victoria's death in 1901.

It is not an easy sector for collectors to buy into. The total market of Melbourne Mint proof half sovereigns is a minuscule sixteen coins, with dates ranging from 1893 to 1901. Based on those numbers, a collector can expect a Veiled Head proof half sovereign to come onto the market every one to two years.

And while that makes them more available than let's say the proofs of George V or the Sydney Mint era of 1855 to 1870, the veiled head proofs don't come with their hefty price tags, that can be well upwards of $100,000.

The reality is, the Veiled Head series of proof sovereigns and proof half sovereigns have created an Australian proof gold market. The coins have established a firm collector following, becoming available at a pace that tempts collectors, without ever overwhelming collectors.

Effectively, they set the benchmark price for entrance into the Australian proof gold sector.

They are also very much sought after by the American market that is captivated with the gem frosted finishes of our veiled head proofs.

What is interesting is that at a recent Australian coin auction the Veiled Head proof gold coin fetched slightly more than a Sydney Mint proof gold piece.

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 '1928' 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 1928 Shillings for posterity. Three 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 Proof 1928 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.

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.

Australia entered a new era post world war I. A carefree population keen to lessen the ties with Great Britain, establish a strong national identity and forge its own way.

Consideration was given to introducing a new currency, the Kookaburra Square Penny, a unique Australian coin that featured our native bird.

It was one of the instruments the Government believed would give us a greater awareness, and appreciation, of all things Australian.

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.

The Kookaburra Pennies that remain today are relics of our past, their engaging shape and design stirring up strong collector sentiment. And with such limited numbers available, collector thirst is also driven by their extreme rarity.

Acquiring a single 1919 Kookaburra Square Penny will test a collector's resolve. The waiting time might be several years. A collector will have to stay committed to the task to acquire a 1920 Kookaburra Square Penny for they are extremely rare. The wait may even be longer. And that's not to make light of the effort required to procure a top quality 1921 Kookaburra Penny. A Type 11 might be sighted once annually.

This set is a unique opportunity for one buyer. It is highly historical and tells the story of the Kookaburra Square Penny. A three-year program conducted at the Melbourne Mint that started in 1919, continued into 1920, and finished in 1921, the aim to produce a uniquely Australian coin.

The set of three is captivating, each coin individually sensational and handpicked for quality. And yet each coin is different, in their obverse and reverse designs and their toning, which ultimately reflects the diversity of the series.

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 1871 Proof Sovereign (shown above) is a celebration. And the 1871 Proof Half Sovereign that accompanies it, also is a celebration.

These colonial creations are universally celebrated because they are the very first proof coins struck in Australia.

The issuing mint, the Sydney Mint.

Established in 1855, the Sydney Mint's coining skills had come of age by 1871, reaching a stage in its development that enabled the striking of proof coinage. The very first proofs to be struck in Australia and of the utmost significance.

And, as it so happens, the 1871 proofs were the first striking of imperial gold coins outside Britain. Also very significant.

As a point of note, the Royal Mint London had produced the dies and struck the nation's earlier proof issues (1853 to 1870).

These colonial creations also are a celebration of the Sydney Mint’s achievements in crafting perfection in gold in its very first proof striking. On every occasion the coins have been offered, their brilliant and flawless state has been noted. As they are today.

The Young Head series of gold proofs (1871 to 1887) are rarely offered.

It is a fact that proofs out of this era were not struck every year. And the numbers, on the few occasions they were produced, were minuscule.

And while all Young 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, 1871.

Procurement is not made easy because the 1871 proofs are unique in private hands.

A summary of the 1871 Proof Sovereign and 1871 Proof Half Sovereign ...

• The first gold proofs struck in Australia

• Unique in private hands

• The Young Head era (1871 to 1887) is a sector of the market that is defined by overwhelming scarcity.

• The year '1871' is the first year of the Young Head design, and therefore the most sought after

Rare coins raise awareness of our history. And rare coins raise awareness of our accomplishments as individuals and as a nation.

It is a statement that may well have been written for this 1871 Proof Sovereign and 1871 Proof Half Sovereign.

The coins are offered as a pair for $295,000.

Detailed information and enlarged photographs are shown below.

1871 Proof Sovereign struck at the Sydney Mint with a grained edge, featuring the Young Head portrait of Queen Victoria and the St George & Dragon reverse

Unique in private hands • Brilliant and flawless

First sighted at Sotheby Wilkinson & Hodge London Auction 19 November 1888, lot 833 in the liquidation of the Robert Marsham Collection • Sotheby, Wilkinson & Hodge London March 1903, lot 620 in the liquidation of the John G Murdoch Collection • Spink Auctions November 1978, lot 599 • Spink Australia Auctions November 1981, lot 991 • Spink Auctions July 1988, lot 2305 • Barrie Winsor, sale by private treaty to Coinworks January 2003

The Young Head portrait appeared on Australia’s sovereigns for seventeen years, between 1871 and 1887. Both the Sydney Mint and the Melbourne Mint were prolific producers of circulating coinage during this era. Both mints were however miserly producers of proof coinage.

Sydney Mint proof sovereigns in the Young Head era have been sighted in four years, 1871 (this coin), 1879, 1880, and 1883. And of the Melbourne Mint, in only two years, 1885 and 1886. Coins of Record were struck in 1874 and 1875 at the Melbourne Mint, to specimen quality.

1871 Proof Half Sovereign struck at the Sydney Mint with a grained edge, featuring the Young Head portrait of Queen Victoria and the Shield reverse

Unique in private hands • Brilliant and flawless

Spink Auctions November 1978, lot 650, Spink Australia Auctions November 1981, lot 999 • Spink Auctions July 1988, lot 2306 • Barrie Winsor, sale by private treaty to Coinworks, January 2003

The Young Head portrait appeared on Australia’s sovereigns for seventeen years between 1871 and 1887. Both the Sydney Mint and the Melbourne Mint were relatively prolific producers of circulating coinage during this era. But miserly producers of proof coinage.

Proof Half sovereigns of the Sydney Mint have only been sighted in three years, 1871 (this coin), 1880, and 1883. And of the Melbourne Mint, only two years, 1884 and 1886.

This is an offer of the utmost importance.

In half-a-century, we have sold only two sets of the 1937 Pattern coins. And this is one of the two.

We have scoured auction records, going back more than seventy years, and believe that a set has never before been offered at auction.

There is a political advantage to depicting major events on coins that Governments are very much aware of. Its political advertising on a daily basis, a subtle mechanism for boasting a Government's achievements. Later on, it becomes a way of preserving history.

The opening of Canberra's Parliament House in 1927. The celebration of fifty years since Federation, in 1951. The Royal Visit in 1954. To name but three!

Very public commemorations that were recorded on our currency.

But, not every moment becomes a 'currency' event. In fact, great historical eras in Australia’s history might have gone unnoticed without our Pattern coinage.

So, what is a ‘pattern’ coin?

Pattern coins are test pieces, coins that were struck by the mints to obtain government approval or to assess public reaction. For various reasons, the coins never went into production so they represent what ‘might have been’.

And they are critical to presenting a nation’s complete history. They essentially fill in the gaps.

Their extreme popularity with collectors relates to their scarcity. They are amongst Australia’s rarest coins.

Consider the Patterns of 1937, coins that were produced with brand new Australian designs at the Royal Mint London.

The penny with the flying kangaroo design was but one of them. The florin, shilling and threepence were also up for revision and the Royal Mint produced prototypes of each of them.

The florin was struck depicting a revised Australian Coat of Arms. The threepence was struck featuring the three ears of wheat and the merino ram’s head became the feature design of the shilling. The prime focus of the new designs was to impart a strong national identity.

The decision not to produce any circulating coinage in 1937 (with the exception of a five shillings) conferred a super star status on all the 1937 Pattern coins.

George VI (Edward VIII) Royal Mint London, Pattern Proof Penny featuring the obverse portrait of George VI.

Brilliant FDC and the finest known, a full golden mint red proof.

• NOW SOLD • Price - $165,000

Ex Spink Australia Sale 1, October 1977, lot 545 • Noble Numismatics Sale 50, lot 1541 • Sale by private treaty Barrie Winsor to Coinworks 2004 • Private Collection Sydney.

The 1937 Pattern Penny is one of the Commonwealth of Australia's greatest coin rarities. Six examples are believed held by private collectors with an acknowledgement by the industry - collectors and dealers - that this is the very finest example.

This is the best of the 1937 Pennies and in the flesh, the coin is magnificent!

George VI (Edward VIII), Royal Mint London, 1937 Pattern Florin, the obverse having been officially tooled off by the Mint.

• NOW SOLD • Price - $85,000

FDC, rich light original tone and brilliant mirror reverse surfaces.

Presented at the Royal Mint in 1954 to Gilbert Heyde by H G Stride.

Ex G C Heyde Collection, part III lot 355 • Spink Auctions March 1988, lot 1161 • Noble Numismatics March 1996, lot 1540 • Private Collection Sydney.

One of the finest of five believed held in private hands. The 1937 Florin is a great rarity, launching Australia's new Coat of Arms design.

George VI (Edward VIII), Royal Mint London, 1937 Pattern Shilling,  the obverse having been officially tooled off by the Mint

FDC, with light toning on the reverse

• NOW SOLD • Price - $75,000

Ex Lord Casey, Australia Governor-General, 22 September 1965 to 30 April 1969 • Australian Coin Auctions Sale 280 October 2002, lot 787 • Private Collection Sydney

A great rarity and a high quality example, this 1937 shilling is one of seven believed held in private hands.

This 1937 Shillings has been brilliantly preserved, the surfaces magnificent and reflective. The shillings are notoriously tough to find in reasonable quality, auction records revealing that at least one of the privately held examples is stained and another badly cleaned.

George VI (Edward VIII), Royal Mint London, 1937 Pattern Threepence,  the obverse having been officially tooled off by the Mint

About FDC

• NOW SOLD • Price - $75,000

Ex Lord Casey, Australia Governor-General, 22 September 1965 to 30 April 1969 • Australian Coin Auctions Sale 280 October 2002, lot 785 • Private Collection Sydney

The threepence is the absolute key coin in this set for only three are believed held in private hands.

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.

For collectors looking to obtain just one gold sovereign, the nation’s very first sovereign, the 1855 Sydney Mint Sovereign is the obvious choice.

The coin is an enduring symbol of the Sydney Mint’s role in transforming Australia’s first major mineral resource into the lifeblood of a nation.

Our respect for the 1855 Sydney Mint Sovereign is well documented. It is the nation’s first official gold coin and in the upper quality levels is extremely rare, a rarity that far outweighs demand.

The 1855 Sydney Mint Sovereign is sought by the collector that is targeting important / key dates. The very first year of our official gold currency is an important date in Australia’s numismatic and financial history. The 1855 Sydney Mint Sovereign also appeals to the sovereign collector.

And given the scarcity of the '55 sovereign in the upper quality levels, it also appeals to the investor.

Every circulating coin has a grading level at which serious rarity kicks in.

That is the point at which the balance between acquiring a coin as a collectible - and as an investment - shifts more towards the latter.

The pie chart shown here clearly shows that well circulated examples of the 1855 Sydney Mint Sovereign (in a quality range of Poor to Good Very Fine) are reasonably readily available.

The chart also shows that 1855 Sydney Mint Sovereigns in a quality range of Good Extremely Fine to Choice Uncirculated are exceptionally scarce.

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 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 sovereign 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 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 were legal tender only in the colony of New South Wales.

In January 1856, the British tested the quality of the colonial sovereigns 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 sovereigns 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.

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.

The Melbourne Mint established in 1872.

The Government considered a .625 alloy and one struck in .5 fine as taken up by the British during the precious metal crisis.

• The testing of a reduced silver alloy commenced in 1918 with the striking of this 1918 Shilling. Struck in .5 fine from the currency dies, the reverse die was punched in the field with two irregular stops on either side of the date.

• 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 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.

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 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.

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 will now be given to the effigy. George V? George VI or Elizabeth II? How popular is this area of the market. In a supply and demand market, popularity is important. And finally, what about its quality?

This pair of Proof 1955 Penny and 1955 Halfpenny has the lot!

An important date. It is an acknowledged fact that collectors prefer the first year of a series over and above all others. The first year is defining and everlasting.

For collectors, the year 1955 is a key date. It was the first year the Perth Mint kicked off a program to strike proofs in 'commercial quantities' and sell to collectors. Similar to what the Royal Australian Mint does today with its annual proof coining program.

The coins were sold for a premium of two shillings above face value, the face value paid to Treasury and the premium went to the mint. Government placed only one restriction on the Perth Mint. They could only produce proof examples of those coins they were minting for circulation. For the Perth Mint that meant striking proof coppers only.

The series continued for another eight years, ceasing in 1963 just prior to decimal changeover.

An important effigy. The passing of Queen Elizabeth II in 2022 has once 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.

Extremely rare. That the Perth Mint was permitted to strike 'commercial quantities' of proof coins may have some readers thinking 50,000? 10,000? Perhaps 5000?

The mintage of the Proof 1955 Penny and Halfpenny was 301 pairs only.

Natural attrition has taken it toll on the original mintage for the coins were not encased in fancy packaging but housed only in small cellophane holders and despatched to collectors in an envelope. Many of the coins have filtered their way into circulation. Others severely damaged through mishandling making an already small mintage even smaller.

Supreme proof quality. There is a perception amongst collectors new to the market that all proofs are created equal. And therefore should be valued the same.

The notion is that because a coin is struck to proof quality it has to be good. Those perceptions are incorrect. 

Correct handling and storage is a critical issue to preserving the value of proof coins. And these coins have been brilliantly preserved.

In an article published in the Journal of the Numismatic Association of Australia 2005, renowned numismatist Paul Holland contends that the Perth Mint proofs were created for unaided vision, the point here that a collector would not need an eye-glass to take in their beauty. Looking at this pair of 1955 proofs, you can only but agree!

He contends that the Perth Mint modeled their bronze proofs on the Royal Mint London’s 1951-PL proofs, for they, as a general rule, are stunning. Visually impactful. He also comments that the Perth Mint went the extra yards with their production and ground the rims by hand to ensure they were high and squared-off.

A popular series. The series of Perth Mint Proof Coins struck between 1955 and 1963 is an important series in our numismatic history: a catalyst for the introduction of the proof coining program introduced by the Royal Australian Mint, Canberra in 1966.

It also is an affordable one, making it one of the most popular collecting series in the Australian coin market.

That the Perth Mint is today a leading coin producer makes their pre-decimal proofs historical. But also vibrantly current. So the ‘Perth Mint’ message always remains strong, underpinning future interest.

And the fact that these coins bears the effigy of the late Queen, Elizabeth II, will be a huge boost to their popularity.

Also available Vince Verheyen's 1956 Perth Mint Proof Penny

And while we have given considerable attention to Ray Jewell, let's not forget that renowned collectors Ahbe and Osborne were also former owners of this piece.

When William Henshall created this Holey Dollar in 1813, he grabbed an 1805 Spanish Silver Dollar that had been struck at the Mexico Mint.

If William Henshall had been a numismatist he would have acknowledged that the 1805 Spanish Silver Dollar that he was about to deface showed minimal signs of wear. Given that he was holding the world's greatest trading coin, that in itself was a miracle.

Committed to the task of creating holey dollars from silver dollars, he cut a hole in the dollar and continued the minting process by over-stamping the inner circular edge of the hole with the words New South Wales, the date 1813 and the value of five shillings, thereby creating this 1813 Holey Dollar.

The original 1805 Spanish Silver Dollar used to create this Holey Dollar is graded in a premium quality level of Good Very Fine indicating that it underwent slight circulation before the hole was cut into it in 1813.

The extent of usage of the Holey Dollar after it was released into circulation is evidenced by the wear to the counter-stamps, the over-stamping around the inner circular edge … New South Wales, 1813 and Five Shillings.

The counter-stamps of this Holey Dollar are graded in A premium quality level of Extremely Fine indicating that as a Holey Dollar this coin also underwent minimal circulation.

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

The Holey Dollar is one of Australia’s most desirable coins.

The status of the Holey Dollar as Australia’s first coin ensures that it will never be forgotten and, as time passes, its historical value can only increase.

Talk to those fortunate enough to own one, either private collectors or institutions such as Macquarie Bank, National Museum of Australia and the Mitchell Library, and they will tell you that the Holey Dollar is viewed as the jewel in their collection. And that statement is made irrespective of the quality.

The coin is rare. And the coin is steeped in history. And yet it is refreshingly current. The ingenuity of Governor Lachlan Macquarie in creating our first coin is reflected in the naming of the Macquarie Bank and the bank’s ultimate adoption of the Holey Dollar as its logo.

The pleasure of owning a Holey Dollar is indefinable. The pleasure is heightened when you open one of the leading Holey Dollar reference books, "The Holey Dollars of New South Wales" and see the coin featured and photographed on page 51. (A copy of the book will accompany the sale.)