A classically well centred crown with the date and the legend 'New South Wales' legible. We note complete edge milling. 

The 'Fifteen Pence' on the reverse also is legible.

The Dump (and the Holey Dollar) are the nation’s first coins, minted in 1813 by order of Governor Lachlan Macquarie to provide a medium of exchange in the penal colony of New South Wales.

The coins are national treasures and are revered and sought after by collectors the world over.

As Macquarie had no access to metal coin blanks to create his currency, he improvised and acquired 40,000 Spanish Silver Dollars as a substitute for blanks. To make his new coinage unique to the colony he employed emancipated convict William Henshall to cut a hole in each silver dollar, thereby creating two coins out of one.

The holed dollar was over-stamped around the edge of the hole with the date 1813, the value Five Shillings and the issuing authority of New South Wales. It became the illustrious Holey Dollar.

The silver disc that fell out of the hole was not wasted. It was over-stamped with the date 1813, the issuing authority of New South Wales and the value fifteen pence and became the equally illustrious Dump.

While the original intention was to create 40,000 Holey Dollars and 40,000 Dumps from 40,000 silver dollars, spoilage and the despatch of samples back to Great Britain saw a slightly reduced number of Holey Dollars and Dumps - 39,910 of each - released into circulation.

Today there are approximately 800 Dumps available to collectors with perhaps 200 held in museums.

The best thing about the Dump is that each and every coin is different. No two coins are the same.

1886 Young Head Shield Sovereign Obverse by William Wyon.
Notice the kiss-curl in front of the ear!

1886 Young Head Shield Sovereign Reverse by Jean Baptiste Merlen. Beautifully struck and proof-like fields.

History confirms the extreme rarity of the Melbourne Mint's 1886 Young Head Shield Sovereign (1886M).

Noble Numismatics is Australia’s largest Auction House holding three auctions annually each comprised of about 3000 lots.

Their auctions provide a plethora of invaluable information on prices realised and importantly, the frequency of sightings ... how often a coin can realistically be expected to appear on the market.

We note that:

• Only one Uncirculated 1886M Young Head Shield Sovereign has been offered at Nobles in the last eleven years! The coin sold in July 2011 for $38,000. The pre-auction estimate was $35,000. Notice the price and the infrequency!
• Confirming the rarity of the coin across all quality levels, on average just one 1886M Young Head Shield Sovereign is offered at Nobles annually. And the quality generally ranges from Good Very Fine to Extremely Fine, so circulated. Again we comment on the frequency and the grade.

Three famous Australian gold sovereign collections have been auctioned over the past fifty years and each contained an 1886M Shield Sovereign. The quality is noted as follows:

• The revered Ross and Carol Pratley Collection sold by Spink Auctions (Australia) in March 1989 held an example in About Uncirculated.
• The famous Sharpes Pixley Collection auctioned by Spink Auctions (Australia) in November 1989 held an example in Extremely Fine.
• The inimitable Quartermaster collection, put together by Barrie Winsor for collector Tom Hadley and auctioned in 2009 held an example, also in About Uncirculated.

Aussies just love their pennies. And within the penny series, the collector preference is for those coins that were struck in limited mintages, that are therefore rare in today's market.

Coins such as the illustrious 1930 Penny, the 1925 Penny and the 1931 Penny: rare dates that were struck in mintages of 1500, 117,000 and 494,000 respectively. (To put these numbers into perspective, 9.8 million pennies were struck in 1936.)

A rare date status has a huge impact on the desirability - and the value - of a proof striking. One only has to look at the $1.5 million dollar price tag on the Proof 1930 Penny to see how it effects values.

The exceptional quality.

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

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

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

A brilliant state of preservation.

This coin has had only three owners over the last one hundred years. That’s as rare as the coin itself. Its state of preservation reflects the minimal number of owners and the care that has been lavished on it along the way.

The Proof 1931 Penny is a Coin of Record.

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 always 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?

This Proof 1931 Penny is ascribed a technical grading of Brilliant FDC. Take the coin through the light and the degree of brilliance is breathtaking. The upper and lower scrolls are crisp and well defined. As is the inner beading and the edge denticles.

The superb obverse of the Proof 1931 Penny.

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 Spanish Silver Dollar. The coin that ruled the world.

Beginning with Columbus in 1492 and continuing for nearly 350 years, Spain conquered and settled most of South America, the Caribbean, and the south west of America.

It was however, the silver rich continent of South America that became Spain’s treasure trove, bank rolling its ascendancy as a world power.

In 1536, Spain established its first colonial mint in Mexico. It was by far the most lucrative of the Spanish mints, coining more than 2 billion dollars’ worth of silver pieces over a 300 year period (1536 – 1821). The Lima and Potosi Mint came on board in 1568 and 1573 respectively.

Not only were the Spanish mint’s prolific but the monarchy in 1537 introduced exacting standards of weight and purity into its coinage. (A diameter of 39mm and a weight of 27.70 grams of pure silver.)

That clever move resulted in worldwide dominance of the Spanish Silver Dollar and its ultimate acceptance as an international currency and medium of exchange.

History of Dominica

Dominica is a Caribbean Island. First sighted by Christopher Columbus in 1493, later colonized by the French in the 17th century and a British colony one century later.

Between 1642 and 1650, French missionary Raymond Breton became the first regular European visitor to the island.

In 1660, the French and English agreed that Dominica and St. Vincent should not be settled, but left to the Caribs as neutral territory. But its natural resources attracted expeditions of English and French foresters, who began harvesting timber.

In 1690, the French established their first permanent settlements. French woodcutters from Martinique and Guadeloupe began to set up timber camps to supply the French islands with wood and gradually become permanent settlers.

In 1727, the first French commander, M. Le Grand, took charge of the island with a basic French government; Dominique formally became a colony of France, and the island was divided into districts or "quarters".

Already installed in Martinique and Guadeloupe and cultivating sugarcane, the French gradually developed plantations in Dominica for coffee. They imported so many African slaves to fill the labour demands that the population became predominantly African in ethnicity.

In 1761, during the Seven Years' War in Europe, a British expedition against Dominica led by Andrew Rollo conquered the island along with several other Caribbean islands. In 1763, France ceded the island to Great Britain under the Treaty of Paris.

The same year, the British established a legislative assembly, representing only European colonists. French remained the official language, but Antillean Creole was spoken by most of the population. In 1778 the French, with the active co-operation of the population, began the Invasion of Dominica, which was ended by the 1783 Treaty of Paris. French invasions in 1795 and 1805 ended in failure. 

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. (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 in December. 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, Albert Le Souef, therefore decided to create a Presentation Set. (A Presentation Set records an important moment or event in a nation's history by way of its coinage.)

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

The four coins were housed in a handsome, velvet-lined royal blue case that had been locally sourced.

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

While records show that 60 sets were produced, sixteen were sold, collectors charged 6/- for a cased set. A further 25 sets out of the original mintage were presented to dignitaries and politicians with the precise fate of the remaining sets unknown.

What we do know is that many of the cases have been lost and many of the sets have been broken up and sold as individual coins. We also know that others were accidentally used as circulating coins, their value irreparably reduced through wear.

Over the past 50 years we have sighted only seven sets housed in their original case of issue. The case is a stamp of authority indicating that the coins are presented today as they were originally intended more than a century ago.

Beautifully matched specimen set of florin, shilling, sixpence and threepence, the toning absolutely spectacular with stunning cobalt-blue, steel grey, purple and gold colours.

1916 Specimen Florin Reverse
Beautifully struck, with superb detail in all design elements. Smooth surfaces and highly reflective with stunning colours on both obverse and reverse.

1916 Specimen Florin Obverse
Beautifully struck, with superb detail in all design elements, the coin exhibits the classic striations associated with this controlled specimen striking.

1916 Specimen Shilling Reverse
Highly reflective, superbly struck and beautifully toned. The reverse reveals multiple striations (raised parallel lines) across the fields; with those between the scroll and date and behind the emu strongly evident.

1916 Specimen Shilling Obverse
Highly reflective, superbly struck and beautiful antique toning. Precise edge denticles and high rim.

1916 Specimen Sixpence Reverse
The Specimen Sixpence is proof-like with beautifully mirrored fields. Very well struck, the denticles on the reverse rim are unusually strong.

1916 Specimen Sixpence Obverse
Beautifully mirrored fields also on the obverse with microscopic striations confirming careful preparation of the dies.

1916 Specimen Threepence Reverse
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.

1916 Specimen Threepence Obverse
A brilliant strike with blue and pink toning. Strong striations confirm careful preparation of the dies at the Melbourne Mint.

Strength in the edges. But also strength in the 'VALUE ONE POUND' detail. Most Type I Adelaide Pounds show weakness in the inner design area, this coin the exception. 

Minted in the very first production run of coins

We know that this Adelaide Pound was minted during the very first production run, if not the first day then at the very least the first week.

So how can we be so sure?

Adelaide Pounds from the first production run were struck using a reverse die that had a simple, elegant beaded inner circle.

The coins also reflect the disaster that occurred during those very first few hours of production, when the reverse die cracked in the DWT section of the legend. When the mishap was discovered, minting was temporarily halted.

The cracked reverse die was replaced. The critical point being that the new reverse die had a different design. More intricate, it featured a scalloped inner border abutting a beaded inner circle. (The reverse design mirrored the crown obverse design.)

Extremely rare and highly prestigious

Less than forty Adelaide Pounds out of the first production run survive today making it one of the least available of Australia's classic coin rarities.

There was an upside to the disaster that occurred during the first production run of Adelaide Pounds. While the pressure exerted on the edges cracked the reverse die, that same pressure resulted in the coin having almost perfect edges, beautiful strong denticles framing the central crown design.

There is another upside to the cracking disaster. Because the coin was considered 'imperfect' very few examples were put aside as souvenirs, making high quality Type I Adelaide Pounds extremely scarce.

Most Type I Adelaide Pounds have circulated with the biggest proportion, more than fifty per cent, well circulated and in a quality level of poor to Good Very Fine. And far below the quality level offered here.

Strength in the edges. But also strength in the detail of the crown. Most Type I Adelaide Pounds show weakness in the crown area, this coin the absolute exception. 

A special place in Australia's history

The 1852 Adelaide Pound holds a very special place in Australia's history as the nation's first gold coin. It was minted in November 1852 at the Government Assay Office, Adelaide using gold that had been brought from the Victorian gold fields.

Minted by authority of the Bullion Act of 1852, coin production commenced in November of that year and finished in February 1853 when the Act expired. South Australia produced just over 24,000 coins in that short three-month time-frame.

The Assay office had opened months earlier on 10 February 1852, its sole purpose to assay gold nuggets brought from the Victorian goldfields and to re-shape them into ingots. No minting expertise was required in the casting of the ingots. While they conformed to a shape and style, they were crude and rough and ready and each had its own unique shape and size depending on the weight of gold assayed.

Nine months later, following agitation from Adelaide’s business community, legislation was passed that authorised the Government Assay Office to strike gold coins.

Suddenly precision was required. The design was intricate, created by colonial die-sinker and engraver, Joshua Payne. So, it was always going to be a tough ask for a factory to start churning out currency to a defined weight and design.

The intention was that the Adelaide Pound would circulate. And be used in every day commercial transactions, as part of a grand plan by South Australia's Governor, Sir Henry Young, to stimulate his state's ailing economy. The coin was never given kid gloves treatment during the production process.

It was struck in what can only be described as a factory, hammered out and hurled down an assembly line, more than likely into a barrel or bucket.

How this coin survived the production process, and more than a century and a half later is still in an almost original state with lustre on both obverse and reverse, is almost impossible to fathom.

The reverse of this Type 3 Kookaburra Square Penny features a sleek bird on a short branch. The value 'ONE PENNY' is modern in style. The design is unique. No other Square Penny shares the design of the Type 3. The design detail is crisp, the fields are proof-like and enhanced by soft antique toning. The edges are solid.

This Square Penny was struck in the first year of testing at the Melbourne Mint - 1919 - and features a sleek kookaburra with the value 'ONE PENNY' in a modern style.

The design is unique. No other Square Penny has this bird or style of lettering.

The coin has an additional feature that collectors enjoy. It is extremely rare for we would be lucky to sight a Type 3 Square Penny on the market every two to three years.

The obverse shows an uncrowned effigy of George V within a circular legend. The Square Pennies were test pieces and were not struck to exacting standards, this coin the absolute exception to those most commonly found. The surfaces are proof-like and the edges are solid.

So if you are excited by the prospect of owning a 1919 Type 3 Square Penny then you can be even more excited by the prospect of owning this particular example because it has been brilliantly struck and brilliantly preserved.

You would be forgiven for thinking that the coin was struck to proof quality for both obverse and reverse fields are mirror-like and highly reflective.

The technical shots shown above confirm its glorious state.

The history of the Kookaburra Square Penny.

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 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.

The proposal was contentious in that the monarch, King George V, was to be depicted on the obverse without a crown.

Some say it was the rumblings of a Republican movement way ahead of its time.

Tests began at the Melbourne Mint in 1919 and continued for three years with the coins gifted to dignitaries and Government officials to assess their reaction.

Sadly, in 1921, the scheme fell apart. The final decision not to proceed seems to have been based mainly on one consideration – the large number of vending machines then in operation requiring a circular coin.

Today there are approximately 200 kookaburra coins held by private collectors, making it on a par for rarity with the 1813 Holey Dollar, the nation's first silver coin.  And the 1852 Adelaide Pound, the nation's first gold coin.

The best thing for collectors is that the 200 kookaburra pennies do not bear the same design.

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.

A magnificent interpretation of the flying kangaroo set against a backdrop of brilliant coloured fields. A spectacular proof strike with pristine denticles and highly polished edges. 

The rarity of the Proof 1949 Halfpenny 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 sixteen proof halfpennies were struck at the Perth Mint in 1949.

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, however, was destined for the mint's own archives with the majority sent to Public Collections and Numismatic Societies.

The portrait of George VI designed by Thomas Humphrey Paget. Again we comment on the pristine nature of the denticles and the stunning state of the fields.

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.

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 1949 Halfpenny on the market every five to six years. And one as spectacular as this ... perhaps once in a decade, if we are lucky.

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

A further affirmation of the magnitude of this Holey Dollar.    

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 the premium quality level of About Extremely Fine indicating that it underwent minimal 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 the premium quality levels of Extremely Fine indicating that as a Holey Dollar this coin also underwent minimal circulation.

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.

This Holey Dollar is impactful, the monarch's eye and nose totally visible, an aspect of the design that was almost always obliterated by mint master William Henshall when he smashed out the hole.

A premium quality 1813 Holey Dollar, the former property of renowned collectors, Jewell, Ahbe and Osborne. 

The 1813 Dump holds a very special place in Australia's history as the nation's first coin. It is a classic Australian numismatic rarity, as is the 1813 Holey Dollar, the 1852 Adelaide Pound, the Square Penny and the 1930 Penny.

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

Its investment value is also enhanced by its rarity for we estimate that perhaps eight hundred examples are available to collectors, less than fifty of which are in the upper quality levels.

Five reasons why this 1813 Dump became part of the Strathburn Collection. 

1. High quality, in the top five per cent

The 1813 Dump circulated widely in the colony, the extreme wear on most Dumps evidence of its extensive use. The average quality Dump is graded at Fine to Good Fine, with this coin six grades higher at Nearly Extremely Fine. We rate it in the top five per cent of surviving examples.

The minimal wear to this coin is shown in the crown, the fleur de lis complete and the pearls on either side of the crown crisp and dainty. Flip the coin over and the words FIFTEEN PENCE are also highly detailed.

The coin has obviously been cherished for it has been brilliantly preserved with beautiful toning and highly reflective fields.

2. Extraordinary strike for a D/2 Dump

Historians suggest that 25 per cent of surviving Dumps were struck using the D/2 dies. (The most readily available being the A/1 Dumps at 70 per cent.)

They also suggest the D/2 dies were quite possibly the first combination used and their usage discontinued because the dies were too large for the silver disc. An examination of the surviving D/2 Dumps supports this contention for most have a partially struck legend 'NEW SOUTH WALES' with the top of the words non-existent. And a partially struck date '1813', with the bottom half of the numbers non-existent. This coin being an exception.

3. Strong denticles that are not always seen

The denticles around the edge of the coin are evident, which again in a D/2 example is not usual.

4. 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.)

5. 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 obverse, both above and below the crown. 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.

The obverse has smooth and highly reflective fields with stunning grey / blue toning. The legend 'NEW SOUTH WALES' is contained in the coin as is the date '1813'. On both left and right in the crown, the fleur-de-lis are complete, the pearls crisp. A stop is clearly seen after 'NEW' and 'SOUTH' in the legend. The dies apparently had shallow depressions for these stops which soon filled with debris and can be difficult (or almost impossible) to discern on pieces even in reasonable condition.

The reverse also is smooth and has highly reflective fields with stunning grey / blue toning.

When the Kookaburra Square Penny was created, Australians were recovering from the war and determined to lessen the ties with Great Britain.

The mood even filtered through to our coinage!

The Government planned to introduce a square penny with our native bird on the reverse. And the monarch minus his crown on the obverse!

Provocative and contentious but uniquely Australian.

Australia entered a modern age post World War I. For many Australians, it was a time for breaking out socially, 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, great changes were embraced in 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 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, ending in 1921.

Today there are approximately 200 kookaburra coins held by private collectors, making it on a par for rarity with the 1813 Holey Dollar, the nation's first silver coin. And the 1852 Adelaide Pound, the nation's first gold coin.

The best thing for collectors is that the 200 kookaburra pennies do not bear the same design. 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 quality of this 1921 Kookaburra Penny is one of the reasons why this coin will come into consideration.  The legend 'Australia' and 'One Penny' is highly detailed. The surfaces are smooth and reflective. The edges are solid. Most Type 12 Kookaburra Pennies don't come like this! The other reason this coin will come into consideration. The price.

This 1921 Type 12 Kookaburra Penny features an uncrowned portrait of George V.

Could this Adelaide Pound have been Joshua Payne’s prototype for coins struck using the second die?

It cannot be ruled out. With this coin Payne achieved the ultimate, a pristine crown, strength in the legend 'Government Assay Office Adelaide' and compelling edges.

It is minting perfection and has already been earmarked for an Exhibition in Canberra in 2024.

To understand the miraculous state of this Adelaide Pound it is necessary to provide a snapshot of activities at the Assay Office.

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 upside to this decision is that your classic Adelaide Pound from the first production run (Type I) has almost perfect edges and beautiful strong denticles, akin to a picture frame.

The downside to this decision was that the reverse die developed a crack in the legend during the striking of the first forty coins. A further downside occurred. With pressure exerted on the edges, the force applied to the central part of the design - the crown - was softened.

So in summary, an Adelaide Pound from the first production run (Type I) will have strong edges but a soft, poorly executed crown.

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

Adelaide Pounds from the second production run will have weakness in the edges and weakness in the 'Assay Office' area of the legend. But, the crown design will invariably be well executed with flattened areas simply due to usage.

So in summary, an Adelaide Pound from the second production run (Type II) will have weak edges, weak legend but a strong crown.

The photographs reveal that this Adelaide Pound has it all. Strong denticles, strong legend and perfectly struck crown. To quote Barrie Winsor (2012), "If an Adelaide Pound had been struck to proof quality, then this coin is it."

You would be forgiven for thinking that this Adelaide Pound came from the first production run, the denticles and legend are so strong. The marvel of this coin is that the crown has been brilliantly executed and we point out the well defined pleats in the cloth, the cross on the orb at the top of the crown, the pearls and the ermine in the lower band. This is perfection in coining.

Reverse of the 1852 Adelaide Pound featuring a scalloped inner border indicating that this coin was struck in the second production run.

A market that is chasing gold proofs ...

Australia has some of the rarest and most beautiful coins you could imagine, particularly in the proof gold sector. The coins, proof sovereigns and proof half sovereigns, have always been popular with local collectors, simply because of their inherent rarity.

Local collectors are now under pressure from overseas investors. Over the last two years international buyers have been steadily encroaching into our market, pushing prices. In the latter part of 2021, overseas investors blitzed an auction in Zurich where Australian proof gold was offered paying top dollar to secure our proof gold coin rarities.

Prices for Australian proof sovereign and proof half sovereigns have, as a result, rocketed overseas. And it will have a flow-on effect into the local market.

Proof coins are numismatic works of art. They are the story tellers that define a year or an era like no other coin. Proof coins can also denote an occasion. And they tend to have a connection to a prominent person or an influential collector.

The more potent its history and its narrative, the more influential the coin. And we see this quite clearly in the value the market places on these gold proofs.

Even more compelling ... proof coins are extremely rare. The exclusivity exemplified in this pair. Only one other pair is known, held overseas.

This is the only pair held in Australia.

Australia, Queen Victoria, proof sovereign, dated 1855, struck at the Royal Mint London. Australia at centre beneath a crown surrounded by a bowed wreath, ONE SOVEREIGN at the bottom as a curved legend.

Proof 1855 Sydney Mint Sovereign

In terms of minting expertise and design skills, the British mint did all the heavy lifting to ensure that the Sydney Mint would open its doors in 1855. Two years ahead of the colonial opening the Royal Mint London had finalised designs and created the dies.

Minting protocols were followed and a minute number of presentation pieces were struck to proof quality testing the dies. And the designs.

This Proof 1855 Sydney Mint Sovereign was one such presentation piece.

Only three Proof 1855 Sydney Mint Sovereigns are known ... the surprising point here is that none are held in museums either here or overseas. Every known example is held by a private collector.

Australia, Queen Victoria, proof sovereign, dated 1855, struck at the Royal Mint London. Second young head wearing a wreath of banksia leaves and showing the queen's braided hair drawn around and beneath her ear.

This Proof 1855 Sydney Mint Sovereign has an illustrious provenance that can be traced back to the early twentieth century.

• Sold by Sotheby's London, 1903, as part of the famous John G. Murdoch Collection.
• Sold by Sothebys London, 1922, as part of the equally famous Nobleman (Baron La Renotiere Ferrari) Collection.
• Max Stern Melbourne, 1969 (where it was offered privately to Barrie Winsor).
• Sold by Spink Australia July 1985 for $32,000, the coin's first and only appearance at an Australian Auction.
• Acquired from Barrie Winsor in 2000 and sold by private treaty to a Sydney collector.

Australia, Queen Victoria, proof half sovereign, dated 1855, struck at the Royal Mint London. Australia at centre beneath a crown surrounded by a bowed wreath, HALF SOVEREIGN at the bottom as a curved legend.

Proof 1855 Sydney Mint Half Sovereign

If you are a collector of Australian gold sovereigns and half sovereigns, then the year 1855 is key. The nation's gold coin history began in that year with the opening of our first mint in Sydney. And the issuing of our first official gold coinage.

This Proof 1855 Sydney Mint Half Sovereign was struck at the Royal Mint London, in preparation for the issuing of Australia's first official gold currency. The coin was struck with a brilliant mirror finish and features a grained edge.

Only two quality proof specimens are held in private collections, one in Australia (this coin) and the other overseas. A third example is known, a confirmed proof, but the coin has circulated and has a quality grading of Good Fine.

Australia, Queen Victoria, proof half sovereign, dated 1855, struck at the Royal Mint London. Second young head wearing a wreath of banksia leaves and showing the queen's braided hair drawn around and beneath her ear.

This Proof 1855 Sydney Mint Half Sovereign has an illustrious provenance that can be traced back to the early twentieth century.

• Sold Sotheby, Wilkinson & Hodge in 1903, in the liquidation of the John G. Murdoch Collection.
• Acquired by foremost U.S. collector Virgil Brand, then to  aviation pioneer Captain Vivian Hewitt and then to New York collector, John L. Ahbe.
• The first public appearance at an Australian auction was in November 1981.
• A second public appearance occurred in November 1992 at Spink Auctions.
• Acquired from Barrie Winsor in 2000 and sold by private treaty to a Sydney collector.

A 1930 Penny that presents well and that you would be proud to show your family and friends with a strong date, crisp upper and lower scrolls, uniform inner beading and handsome chestnut toning.

Examining a 1930 Penny is a three-point process.

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

This coin has strong upper and lower scrolls. The obverse and reverse fields are reflective and very smooth with even, handsome brown toning.

Moving the obverse through the light you can clearly see the central diamond and a complete lower band of the crown.

You also observe the strong design details of the monarch's robes.

2. Take up the magnifying glass.

The eye glass re-confirms what we have seen to the naked eye ... and much more.

This coin has a complete central diamond that leaps out and knocks you in the eye. The oval to the left of the central diamond is intact. With most 1930 Pennies the oval is only partially evident.

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

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

This 1930 Penny has a complete central diamond and six plump pearls. The lower band of the crown also is complete. To the naked eye, and under a glass, the coin has reflective fields with minimal marks in the fields.

The reasons why collectors love the 1930 Penny.

One of the prime reasons for the popularity of the 1930 Penny is its financial reliability. It is a solid coin. 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 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.

It is an industry phenomenon, for in a market that is quality focused it is interesting to note that 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.

And with a 100th anniversary less than a decade away, the push to acquire Australia’s favourite Penny is really on.

The chart below clearly shows the scarcity of 1930 Pennies graded Very Fine. We refer you to the grey area.

The fundamentals of this Holey Dollar.

When William Henshall created this Holey Dollar, he grabbed a Spanish Silver Dollar that had been struck in 1809 at the Mexico Mint and that depicted the legend and portrait of King Ferdinand VII of Spain.

Had Henshall been an avid historian he might have realised that Joseph Bonaparte was King of Spain in 1809. Ferdinand was definitely NOT the reigning monarch. So, the dollar he was about to deface, had an extreme historical peculiarity and rarity that might have made it worth holding onto.

But Henshall was our first mint master and was committed to the task of creating the nation's first coins. Using crude equipment, he cut a hole in the dollar.

The Ferdinand VII silver dollar that Henshall was handling was one of 40,000 coins that he would eventually deface in his quest to create the nation's first coin.

Henshall then 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.

And it is at this point - the over-stamping involving the application of the date, value and issuing authority - that the holed silver dollar became the 1813 New South Wales Five Shillings. Better known as the 1813 Holey Dollar.

A Holey Dollar that is defined by the monarch Ferdinand VII.

Lachlan Macquarie's shipment of 40,000 Spanish Silver dollars was not specific, so any date would do. And any monarch would suffice, Charles III, Charles IV, Ferdinand VI or Ferdinand VII.

And herein lies the key! For some monarchs appear more frequently than others.

Holey Dollars featuring the portrait of Charles IV are the most readily available, followed by Charles III, and Ferdinand VII. A Ferdinand VI Holey Dollar does exist but it is unique and is definitely not for sale.

So the rarest monarch from a collector's perspective is Ferdinand VII with only thirteen Holey Dollars available to private collectors.

A Holey Dollar that has quality, both in the original dollar and the counter-stamps.

The original 1809 Spanish Silver Dollar from which this Holey Dollar was created is graded in the premium quality levels of About Extremely Fine indicating that it underwent slight circulation before the hole was cut into it in 1813.

The surfaces are glossy and highly reflective. Remarkable when you consider that Spanish Silver Dollar was at the time the world’s greatest trading coin.

Whoever was mint master during the Ferdinand VII period certainly had his eye off the ball, for many of the Ferdinand Holey Dollars show a weakness in the striking of the original Spanish Dollar. And the weaknesses are noted in even the best examples. It is important to note that a weakness in the strike is different from wear and tear. It just reflects the skills of the minting staff!

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 also graded in the premium quality levels of Extremely Fine, which indicates that as a Holey Dollar, the coin underwent minimal usage.

In summary, this Holey Dollar was created in 1813 by mint-master William Henshall. Officially demonetised in 1829 when most of the coins were sent to the melting pot. So by some fluke, this Holey Dollar avoided the melting pot and was barely used in the interim.

And doesn't it show? We rate this coin as being in the top five of the thirteen surviving privately owned Ferdinand VII Holey Dollars.

The chart below clearly shows the spread of Holey Dollars based on quality. And the relative ready availability of low-quality examples. The chart also confirms the extreme rarity of high-quality specimens.

The original Spanish Silver Dollar features the legend and portrait of King Ferdinand VII of Spain. The counter-stamps are comprised of 'FIVE SHILLINGS', a double twig of leaves with an 'H' for Henshall at the junction and a fleur de lis. They are all crisp and clear and are graded Extremely Fine.  

The 'M' with a circle above it in the legend identifies the dollar as being issued from the Mexico Mint. The counter-stamps New South Wales, 1813 and Five Shillings are graded Extremely Fine.

A Holey Dollar with a Bonaparte connection.

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 and Spain was an ally of France.

In 1807, Bonaparte’s armies marched through Spain and invaded Portugal.

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.

King Charles IV was pressured into abdicating the Spanish throne in March 1808 to his son Ferdinand VII. The son reigned for less than two months.

Both Charles IV and Ferdinand VII were duped by Napoleon Bonaparte 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. Uprisings broke out throughout the country.

The Mexico Mint refused to acknowledge Bonaparte as the Spanish King and protested by continuing to strike their silver dollars with the legend and portrait of the exiled Ferdinand VII. It’s politics 101. Played out in the nineteenth century.

By 1813 the French position in Spain became untenable and Napoleon withdrew his troops and released Ferdinand VII from Valencay, France, where he had been imprisoned. Ferdinand VII returned triumphantly to Madrid and re-claimed the Spanish crown early in 1814.

The reverse of this 1930 Penny is very impressive. Strong upper and lower scrolls, well defined inner beading and fabulous edges. The toning is a handsome chocolate brown. And there is minimal marks in the fields.

Examining a 1930 Penny is a three-point process.

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

This coin has strong upper and lower scrolls. a prominent date and intact inner beading.

What is particularly noticeable is the state of the fields. They are highly reflective and smooth, quite exceptional for a coin that has circulated. The toning is an even, handsome chocolate brown.

Moving the obverse through the light, the design details of the monarch, his crown and robes are clear.

2. Take up the magnifying glass.

The eye glass re-confirms what we have seen to the naked eye ... and much more.

This coin has a partial central diamond. And the left hand side of the oval, left of the diamond, is still visible. 

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

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

The obverse of this 1930 Penny is equally impressive. There are minimal marks in the fields. They are smooth and reflective. This is a 1930 Penny that you will be proud to show your family and friends.

The reasons why collectors love the 1930 Penny.

One of the prime reasons for the popularity of the 1930 Penny is its financial reliability. It is a solid coin. 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 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. It is an industry phenomenon, for in a market that is quality focused it is interesting to note that 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.

And with a 100th anniversary less than a decade away, the push to acquire Australia’s favourite Penny is really on.

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. High quality, in the top ten per cent

The 1813 Dump circulated widely in the colony, the extreme wear on most Dumps evidence of its extensive use. The average quality Dump is graded Fine to Good Fine, with this coin four grades higher at About Extremely Fine. We rank it in the top ten per cent of surviving examples. The coin has obviously been cherished for it has been brilliantly preserved with beautiful toning and highly reflective fields.

2. A coin to enjoy and show around

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

3. 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 whenever it is appears. This Dump clearly shows the ‘H’ for Henshall between the 'FIFTEEN' and the 'PENCE' on the reverse.

4. 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.)

5. 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 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.

This is a classic Type A/1 Dump with the crown beautifully centred. At About Extremely Fine, the fleur de lis and pearls in the crown are crisp and have not melded into the coin. The legend and date '1813' are strongly three-dimensional. And note the 'dot' above the '3' in the date. This is very rarely seen.

Two extremely important elements are shown on the reverse of this Dump, elements that are not always present in every example. The 'H' for Henshall between the words 'FIFTEEN' and 'PENCE' is three-dimensional. And there is design detail from the original Spanish Dollar from which it was created.

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

Of those, only two pieces are rated highly at About Uncirculated, with none higher. The two pieces are this shilling, formerly owned by barrister Guy Newton-Brown and that of the late Sir Marcus Clark.

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.

Formerly owned by Melbourne barrister Guy Newton-Brown this Macintosh & Degraves Shilling is sold with historical papers including an invoice from Spink & Son London, dated 18 November 1968.

Major Hugh Macintosh
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
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.

A Holey Dollar defined by a rare monarch, remarkable quality, an early date and outstanding credentials.

Charles III Holey Dollars are extremely rare.

Governor Lachlan Macquarie imported 40,000 Spanish Silver Dollars to create the nation's first currency. His order was not date specific. Any year would suffice. Quality was irrelevant. And he didn't care where they were minted, Mexico, Peru, Bolivia or Spain. The reigning monarch at the time was also immaterial, King Charles III, Charles IV, Ferdinand VI or Ferdinand VII.

And it is the interplay of these attributes - date, quality, monarch and mint - that define a Holey Dollar and leads us to say that while all Holey Dollars are rare, some are far rarer than others.

Of the one hundred and ninety privately owned Holey Dollars, twenty-two (or twelve per cent) were created from silver dollars that were struck during the reign of Charles III.

By comparison, at least seventy five per cent of the privately owned Holey Dollars were created from silver dollars depicting the legend and portrait of Charles IV.

In a career that is approaching the half-century mark, this is only the fourth Charles III Holey Dollar we have offered.

Furthermore, with a quality grading of Extremely Fine, this is the finest Charles III Holey Dollar available to collectors.

Remarkable quality and an early date.

This Holey Dollar was struck from a Spanish Silver Dollar that was struck at the Mexico Mint in 1777.

If a Holey Dollar had been struck from a bright and shiny brand-new piece of silver, we would accept that some, maybe many, would survive today relatively unscathed.

The Holey Dollar, however, was struck from a Spanish Silver Dollar, a commodity that was far from shiny and brand-new. The coin was heavily traded worldwide with most well-used and worn.

This Holey Dollar is in a miraculous state when you consider that the original silver dollar circulated for thirty-six years before it was imported into the colony of New South Wales by Governor Lachlan Macquarie and plucked out of the barrel by his cohort William Henshall and defaced by cutting a hole in it.

More than three and a half decades. Plenty of opportunities for wear. And plenty of opportunities for defects. None of which are evident. There is only a hint of wear to the high points.

Now, we have handled a Holey Dollar that was struck from a Potosi Mint 1807 Spanish Silver Dollar. Graded at Extremely Fine, it's an exciting coin because Holey Dollars at this quality level are extremely scarce, in the top seven per cent of known surviving examples.

But which coin is the more remarkable? An Extremely Fine Holey Dollar struck from an 1807 Spanish Silver Dollar that circulated six years before William Henshall got his hands on it. Or an Extremely Fine Holey Dollar struck from a Spanish Silver Dollar that was minted in 1777 and circulated thirty-six years before Henshall punched the hole into it. The answer is obvious.

The earlier the date of the Spanish Silver Dollar, the greater the period of circulation before it came into Henshall’s hands. So, the earlier the date, the more remarkable the occurrence of finding a top-quality Holey Dollar.

The conundrum of this Holey Dollar is how the 1777 Spanish Silver Dollar escaped being used. How did it retain its pristine condition during the thirty-six years before it arrived in the colony and was grabbed out of a barrel by William Henshall?

In the eighteenth-century Spain ruled the world and the Spanish Silver Dollar dominated trade. It was an international currency and medium of exchange the world over. The reason why most Holey Dollars are found today well worn.

But this is not just an 'early date'. This coin is the earliest Charles III Holey Dollar available to collectors.

This Holey Dollar comes to the market with an impeccable record.

The coin's first recorded sighting was in 1914 when it was offered at auction by Jacques Schulman, Amsterdam.

Held in the one family for more than a century it was then offered for sale in 2016 by German Auction House, Künker, the coin attracting worldwide interest and ultimately establishing a record auction price of $410,388.

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

1. Genuine rarity

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

2. Historically important

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

3. A design that resonates with all Australians

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

4. Value and appreciating value

Two things are clear when you analyse auction realisations of the Proof 1927 Canberra Florin over the past forty years. The first thing you notice is that the coin is extremely scarce. On average one pristine Proof Canberra Florin appears at auction every few years. The second thing we noticed was that the coin has enjoyed solid price growth. In the 1980s, a Proof 1927 Canberra Florin was selling for approximately $1000 at auction. By the 1990s, the coin had doubled in price. The turn of the century saw the Proof Canberra Florin move to $6000. Five years into the 21st century, the Proof Canberra Florin was exceeding $20,000. More than a decade later, top quality Proof Canberra Florins are commanding in excess of $30,000.

What makes this Proof Canberra Florin so good?

• Use the naked eye and move the coin through the light and allow the light to reflect off the fields.
• On both obverse and reverse this Proof 1927 Canberra Florin has superb highly reflective fields. It is as though you are looking at a mirror.
• On the reverse, the royal blue peripheral toning on top left and golden peripheral toning on bottom right is magnificent. The golden peripheral toning continues on the obverse and is stunning, highlighting the detailed portrait of King George V.
• The edges are impeccable.
• Under a magnifying glass we note, the striations, between the 'ONE' in the legend and the oval containing the date 1927, are strong. This tells us is that the dies were well prepared, brushed with a wire-brush to ensure they were sharp.
• Vertical striations on the obverse are similarly distinct and strong.
• Heavy striations equates to well brushed dies. Well brushed dies equates to a razor sharp, three dimensional coin design.
• The fields are unblemished. 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 exceptional quality coin.

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 being 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.

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.

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, however, was destined for the mint's own archives with the majority 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.

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. And one as spectacular as this ... perhaps once in a decade, if we are lucky.

Stunning reverse of this Perth Mint Proof 1952 Penny.

Equally stunning obverse of this Perth Mint Proof 1952 Penny.

The 1922/21 overdate threepence is Australia’s rarest circulation coin with only 900 believed minted.

How it was struck and why it was struck is still an enigma to this day.

There is, however, one indisputable fact relating to the striking. Only one reverse die was used. All the known 1922/21 overdate threepences have the same diagnostic 'pimple' of metal at the juncture of the legs of the kangaroo!

It is also a fact that most of the overdate threepences that have come onto the market over the last century have been defined by their short comings, their extensive usage and the resultant obliteration of the design.

Only four examples are noted as being at the higher end of the grading scale, including this coin.

We have ranked the four from highest to lowest and they are:

1. This 1922/21 threepence at Virtually Uncirculated - a problem-free premium quality example that has been well struck and well preserved, underlying brilliance and strong edges.

2. The 'Fenton Collection' 1922/21 threepence. Also Virtually Uncirculated but sadly defined by a large and very obvious scratch on the obverse. It is noted that the Fenton overdate was sold at auction in November 2021 for $52,500. 

3. The 'Carol Jaggard' 1922/21 threepence, at Good Extremely Fine, currently held by a Coinworks client.

4. The 'Benchmark' Collection 1922/21 threepence at Extremely Fine.

We invited leading numismatist and author Greg McDonald to declare his views on the 1922/21 overdate threepence, knowing that the Australian overdate coin series is one of his passions.

His article is re-produced below with permission and our sincere thanks.

Despite its diminutive size, the 1922/21 overdate threepence  punches well above its weight in claiming its rightful place as part of numismatic folklore.

Even in very worn condition, the counter stamp “2” over “1” is obvious. 

It’s the “how “ it exists and the “why” it exists, that has had collectors and mint officials at loggerheads, an argument that has raged for well over 80 years with the same futile result as trying to change someone’s opinion on religion, politics or tea versus coffee.

(Much like the discussions over the origins of the 1930 Penny,  where the controversy has only fueled interest and demand.) 

The outcome of all the research – and speculation – on the overdate threepence has done little to unite the various factions.

Probably the closest we will ever get to forming a consensus is to borrow a quote from British wartime Prime Minister, Sir Winston Churchill. 

In attempting to explain the machinations of the post war Soviet Government, the whimsical MP suggested it was akin to a “riddle, wrapped in a mystery, inside an enigma.”

This tiny lightweight has been the subject of countless club magazines and newsletter articles since the mid-1950’s. In 1971, the Royal Australian Mint tried to end the speculation by issuing a press release claiming the “overdate” was nothing more than a “filled die.”

Wizened dealers and collectors would have none of it!  To them it was a deliberate attempt for the government of the day to save money. 

Probably not the most effective way to introduce a convincing argument; but the fact remains that as 1922 dawned, the Melbourne Mint had a number of unused 1921 dies but no fresh 1922 replacements available until January 29th.

Many numismatic enthusiasts, including myself, believe that one of these superseded dies was, literally, pressed into service by placing a punch with a numeral “2” over the last “1” of the date and giving it a good whack with a suitably blunt instrument.

A close-up of the band in the crown showing a complete central diamond and eight pearls.

The 1922/21 overdate threepence showing the '2' over '1' as the last numeral in the date.

The obverse has underlying brilliance, the coin defined by a full central diamond and eight pearls in the crown.

The rarity of the 1913 Presentation Note.

History records that of the five hundred notes hand numbered at the ceremony, Presentation Notes numbered 1, 2 and 3 were gifted to the Governor General, Lord Denham, and his two children.

The remaining notes numbered 4 to 102 were distributed by ballot to thirty-six VIPs that attended the ceremony. (Several attendees requested and received multiples.)

Author Greg McDonald contends that notes 103 to 500 were either destroyed or went into circulation, the former the most likely scenario thereby maintaining the integrity of the presentation notes.

Seventeen presentation notes have come to the market at auction over the last fifty-plus years.

Our research confirms that most presentation notes show serious signs of mishandling with some accidentally making their way into circulation.

Only three out of the seventeen presentation notes come up for special mention for their exemplary state, with no folds, no tears, no pin holes. And no signs of wear. 

They being notes numbered 4 and 5 (received by Prime Minister Andrew Fisher) and note numbered 91 (this note, received by James Mathews).

The most recent sale of a Presentation Note occurred in October 2020. The note numbered M000076, described as having a light centre fold and six small pin holes, sold at I.A.G. Auction for $109,800.

Our thanks to respected author and numismatist Greg McDonald for his extensive research on the 1913 Presentation Notes.

A defining symbol of Australia’s nationhood.

Andrew Fisher was one of Australia’s longest serving Prime Ministers. He is remembered as one of Australia’s greatest nation-building Prime Ministers. Committed to politics, he was elected to the Queensland Parliament in 1893 and in 1901, following Federation, became an inaugural member of the first Federal Parliament of Australia.

Andrew Fisher served three terms as Prime Minister, 1908 – 1909, 1910 – 1913 and his last term of 1914 - 1915.

Fisher sought to construct a nation from the former colonies and to invest it with new, all embracing symbols. He breathed a national spirit into all facets of his political and his personal life. It was the Fisher Government that radically changed the Australian Coat of Arms to reflect a more nationalistic vision of Australia.

Andrew Fisher’s vision for Australia included a Commonwealth banknote issue that would provide a stable, unified currency to facilitate economic growth and to re-invigorate confidence in a banking sector that had all but collapsed two decades earlier.

He believed the notes would underpin his efforts to unify Australia as a nation.

To promote a greater sense of public involvement in the new note issue, the Government launched a competition, offering a £50 prize for the winning design. A formal announcement of the competition appeared in the Commonwealth of Australia Gazette, 5 November 1910. 

The brief was simple. The note had to be attractive with subdued harmonious colours and it had to baffle the forger. The new Coat of Arms was required to be a prominent part of the successful design for the face of the new Australian currency, while a scene of Australia was required to adorn the back of the note.

Artist Hugh Patterson, who re-designed the Coat of Arms was appointed by Fisher to the committee supervising the design competition. The winning design was however deemed unsuitable by the Committee.

The Government turned to London and engaged the services of Bradbury Wilkinson & Co plate engravers.

The 1923 Halfpenny is a classic Australian rarity with an elite status.

The coin is Australia's rarest halfpenny and enjoys a constant stream of demand. 

Furthermore, the coin is scarce. Only 15,000 are believed to have been struck.

It's also extremely rare in high quality because the halfpenny, as a low denomination coin, was well used.

Our research confirms that a collector that is looking for a high grade 1923 Halfpenny (quality level of Good Extremely Fine or better) will check out at least one hundred coins before he finds one worth considering. And how long will it take for the one hundred coins to come around? Not quickly, that's for sure. 

This 1923 Halfpenny is a stand-out piece. Brilliantly struck and obviously cherished in the ninety-nine years since its striking. Its state of preservation is remarkable.

A stunning reverse, highly reflective surfaces with original lustre. Solid inner beading and date '1923'.

An amazing obverse. The diamond is sharp, complete and three-dimensional. The eight pearls are pristine. Smooth, highly reflective fields.

Australian collectors just love their copper coins.

While not everyone could hold onto (or even gain access to) a gold coin, the nation’s coppers were accessible to the man in the street.

And while there is no doubt that Australia’s 1923 Halfpenny has benefited from the emotional feelings stirred up by its side-kick, the 1930 Penny, the ’23 stands on its own merits as Australia’s rarest halfpenny.

And an Aussie icon.

This coin is one of the finest examples of the nation’s scarcest halfpenny.

It is in a remarkable state of preservation with highly reflective, smooth surfaces.

As a company we appreciate top quality. But more than top quality we love to see the words ‘exceptional quality’ ascribed to a piece. And this coin is exceptional for quality.

A rarity that defied the mintage figures.

That the Sydney Mint in its Annual Report recorded the striking of 1,113,600 halfpennies in 1923 would tend to suggest that it was a common date coin.

For decades collectors challenged the point, drawing on their experience that the 1923 Halfpenny was the least available coin in the halfpenny series.

John Sharples, at the time Curator of Australia’s National Coin Archives set the record straight when he undertook an analysis of die production and die usage at both the Sydney and Melbourne Mints.

His research confirmed that the 1,113,600 halfpennies struck at the Sydney Mint were in fact dated 1922.

The 1923 Halfpenny was in fact struck at the Melbourne Mint in a mintage of approximately 15,000, confirming its status as Australia’s rarest circulating halfpenny.

This 1855 Sydney Mint Sovereign is a stunner in the flesh with a highly lustrous obverse, a strong date and minimal marks in the fields. Note the edges. They are intact and act as the perfect picture frame to the coin.

The 1855 Sydney Mint Sovereign has pride of place in every Australian sovereign collection. It is the nation’s first gold sovereign minted at the Sydney Mint, the nation’s very first mint, and brings to any collection a wonderful and everlasting history.

But, there is so much more to the 1855 Sydney Mint Sovereign than its historical place. In the quality level offered here the coin also offers exceptional rarity.

In the twenty years that Coinworks has been in business, you can count on the fingers of two hands the number of 1855 Sydney Mint Sovereigns that we have sold at Good Extremely Fine.

This is a clear affirmation of the coin’s limited availability in the upper quality echelons.

Every circulated 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 chart below clearly shows that rarity really cuts in at the ‘About Extremely Fine’ quality level.

And that as the quality gets higher, from Good Extremely Fine, About Uncirculated up to Uncirculated (and better), the availability of examples rapidly diminishes.

The 1855 Sydney Mint Sovereign has widespread appeal.

• It is sought by the collector that is targeting key dates. The very first year of our official gold currency is an important date in Australia’s numismatic and financial history.
• The 1855 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.

Very impressive, 1855 Sydney Mint Sovereign with a highly lustrous reverse and amazing strength in the crown and in the word 'AUSTRALIA'. Note the edges. They are intact and act as the perfect picture frame to the coin.

The history of the 1855 Sydney Mint Sovereign

On the 19 August 1853 Queen Victoria gave approval to establish Australia’s very first mint at or near Sydney in New South Wales.

Captain Edward Wolstenholme Ward, a sergeant, three corporals and 12 privates of the Royal Engineers were deposited on Circular Quay with the bales and boxes of Sydney new mint many months later.

Ward and his men brought with them, along with the bits of machinery and pre-fabricated building, the dies of the first Sydney Mint Sovereigns, patterns of which had been struck at the Royal Mint in 1853.

The final blue print was for one coining press, worked by animal power, capable of producing five million sovereigns per year: the whole lot, buildings included, to cost no more than £10,000. But when the Legislative Council learnt about the donkey engine another £10,000 was added to the budget for steam power.

The mint was set up in a building of Sydney’s Rum Hospital taking in its first gold in May 1855 and turning out its first sovereign one month later.

It was decided that, as the coin would only be legal tender in the colonies, a design specifically attributed to the Sydney Mint should be produced. Designs of Australia’s first gold coinage were prepared in 1853 at the Royal Mint London. The Royal Mint also manufactured the dies.

The reverse design incorporated the words Australia and Sydney Mint, the inclusion of the word Australia, a point of 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.

In their infancy the Sydney Mint sovereigns were legal tender only in the colony of New South Wales. In 1857, the legal scope was widened to include all Australian colonies and Mauritius, Ceylon and Hong Kong. In 1868 the Sydney Mint Sovereigns became legal tender throughout the British Empire.

The design of Australia's first sovereigns - referred to as the Sydney Mint design -  lasted until 1870 and was the only time the word Australia appeared on our gold sovereigns.

From 1871, Australia's sovereigns and half sovereigns took on a traditional British design.

The pride and satisfaction associated with owning a special coin is markedly enhanced with knowledge of both the people associated with its production and previous owners through whose hands it has passed.

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

Williams was captivated by the golden-eye appeal achieved by the Melbourne Mint with their proof coppers and ordered 126 pennies and 126 halfpennies.

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

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

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

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

Brilliant Proof 1935 Penny and equally brilliant and matching, Proof 1935 Halfpenny. The Penny has sold. The Halfpenny is available now.

Natural attrition has taken its toll on the original mintage with many of the pairs broken up and individual coins sold-off.

We would expect to sight a Proof 1935 Halfpenny (or 1935 Penny) on the open market, perhaps once every year.

One of the calibre of this Proof 1935 Halfpenny can be a once-in-a-lifetime opportunity for a keen collector.

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.

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 always 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.

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.

Respected author, Greg McDonald, provides us with an insight as to why Coins of Record are so limited in numbers when he shared with us a definition put out by the Royal Mint London of a proof coin.

“Struck on a slow-moving coining press using carefully polished dies which are frequently cleaned during use. The materials from which the coins are made are specially processed and the coin blanks are carefully selected and polished before use. Blanks and minted coins are individually handled to prevent accidental damage.

The essential characteristics of proof coins are highly polished fields, fully reproduced designs free from any flaw, and square edges. Milling where present should be regular and free from any defect.

Because of the very high standard set in manufacture, such coins are slow to make and relatively expensive to produce.”

Coinworks interpretation of a proof coin is as follows.

"When a mint struck a proof coin, its intention was to create a single masterpiece. Coining perfection. 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 canvas."

Complete edge denticles all the way round. And strength in the legend Government Assay Office. This 1852 Adelaide Pound is a stand-out piece. 

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

The coin is a classic Australian numismatic rarity, as is the 1813 Holey Dollar and 1813 Dump.

Its status as Australia’s first gold coin ensures that it will always be sought after and strengthens its investment value. Its investment value is also enhanced by its rarity for we estimate that perhaps 250 examples are available to collectors, across all quality levels, from the worst to the very best.

While there may be a natural assumption that special care and attention would have been applied during the minting process of the Adelaide Pound. This was certainly NOT the case.

The Adelaide Assay Office was opened one hundred and sixty-nine years ago as a refinery to strike gold ingots.

Except for ensuring the accuracy of the weight and purity of gold in the Adelaide Pound, there was minimal care regarding the overall striking and its eye appeal.

The coins were hammered out and hurled down an assembly line, more than likely into a barrel or bucket.

The Adelaide Pounds were to be used as currency, traded in commerce. Not preserved as collectables. And, as gold is a relatively soft metal, the rigours of circulation have treated most Adelaide Pounds harshly.

We also know from historical records, the striking of the Adelaide Pound was fraught with problems. During the first run of coins, the reverse die cracked.

A second die was used, with a different design, and to minimise the risk of further cracking, the pressure was reduced.

While the reduced pressure extended the life of the dies, it created its own set of problems in the execution of the design detail. The very reason why we always consider the strength of the strike as well as the grading level and aesthetics of the 1852 Adelaide Pound when making our assessment.

Knowing the rough and ready way in which the Adelaide Pounds were struck.

And the problems that occurred within the Assay Office during the minting process, we always consider three aspects whenever we are checking out a second die Adelaide Pound.

This 1852 Adelaide Pound has a crenellated inner border abutting a beaded inner circle indicating it came from the second production run of Adelaide Pounds.

The first consideration is the grading level.

Well circulated Adelaide Pounds are reasonably readily available, with expectations that a collector would sight several examples annually.

Once a buyer moves up the quality scale however, the pool of available examples rapidly diminishes.

Uncirculated Adelaide Pounds, such as the coin on offer here,  are extremely rare and would become available perhaps once every few years.

The second aspect we consider is the Adelaide Pound's eye appeal.

For us, irrespective of the quality, the coin has to look good. We don't like heavy knocks. And we don't like gouges.

The photographs clearly demonstrate the eye appeal of this coin. The fields are lustrous. The cross on the orb of the crown and the fleur de lis are complete and untouched.

Thirdly, we look at the strength of the strike.

Disaster struck during the early stages of the minting of the 1852 Adelaide Pound. Joshua Payne confirmed as much in an interview in the 1870s indicating that staff had struggled to find the correct pressure levels to exert on the dies to execute a strong design.

When production commenced, the pressure was applied to the edges (to ensure that the denticles and legend were perfect) and it cracked the reverse die in the DWT section of the legend. (The very reason why the coin is often referred to as the Cracked Die Adelaide Pound.)

When the mishap was discovered, minting was temporarily halted. The cracked reverse die was replaced. The critical point being that the new reverse die had a different design. More intricate, it featured a scalloped inner border abutting a beaded inner circle. (The second die Adelaide Pound.)

Relaxing the pressure in the production of the second run of Adelaide Pounds lengthened the die usage but created its own shortcomings. For once the pressure was reduced, the perfection that was achieved in the edges of the Cracked Die was simply not achievable. Most Type II Adelaide Pounds will have weakness in their edge denticles in the Government Assay Office area. And the legend Government Assay Office will be poorly executed. But nearly always, the crown design is sharp and if there are flattened areas in the crown, it is simply due to wear.

The challenge for collectors is to find an Adelaide Pound Type II that shows maximum strength in the edge denticles and the legend 'GOVERNMENT ASSAY OFFICE ADELAIDE'.

And they do exist! This 1852 Adelaide Pound is evidence of such.

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 always 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.

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.

Respected author, Greg McDonald, provides us with an insight as to why Coins of Record are so limited in numbers when he shared with us a definition put out by the Royal Mint London of a proof coin.

“Struck on a slow-moving coining press using carefully polished dies which are frequently cleaned during use. The materials from which the coins are made are specially processed and the coin blanks are carefully selected and polished before use. Blanks and minted coins are individually handled to prevent accidental damage.

The essential characteristics of proof coins are highly polished fields, fully reproduced designs free from any flaw, and square edges. Milling where present should be regular and free from any defect.

Because of the very high standard set in manufacture, such coins are slow to make and relatively expensive to produce.”

Coinworks interpretation of a proof coin is as follows.

"When a mint struck a proof coin, its intention was to create a single masterpiece. Coining perfection. 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 canvas."

Ask most collectors - or most Australians for that matter - what is Australia's rarest penny and they will respond with the answer, 'the 1930 Penny'.

The correct answer is however the 1945 Penny struck at the Melbourne Mint.

Only four coins were struck to test new master tools before new dies were prepared for the Perth Mint. The Melbourne Mint retained the four prized coins.

In 1978 the Melbourne Mint Collection was transferred to the Museum of Victoria, the collection included the four Proof 1945 Pennies.

Very little was known about Australia's rarest penny until 1988, when the Museum of Victoria decided to sell off one of their coins at auction as part of the nation's Bicentennial celebrations. This coin!

As you would imagine, collectors pounced. The opportunity to acquire Australia's rarest and most prestigious penny too good to resist, the coin selling for $16,100 on an estimate of $8000. (Interestingly a well above average Holey Dollar sold for the same amount in the very same auction)

In 2009, the Museum of Victoria was again tempted to sell off a second example. Again, as you would expect, it fetched a new price record.

It is a fact that Australians love their pennies more than any other coin. Even the zeal for the sovereign (which is very strong) pales into significance when compared to the penny.

Now within the penny series, there are six dates that stand out for their rarity ... 1925, 1930, 1931, 1937, 1945 and 1946.

Of these six dates the 1930, 1937 and 1945 Pennies are regarded as being elite coins.

Elite coins earn their notoriety, partially, through their rarity. A coin does not however achieve an elite (or pinnacle) status on the basis of rarity alone. Those coins that are pinnacles of the industry represent a chapter in Australia's history.

In the case of the 1930 Penny, the era we are talking about is the Great Depression. The 1937 Penny represents the abdication of Edward VIII from the throne. And the 1945 Penny, the cessation of World War II.

Aside from the status of being Australia's rarest penny, this coin, with full brilliant mint red, is simply spectacular.

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 always 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.

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.

Respected author, Greg McDonald, provides us with an insight as to why Coins of Record are so limited in numbers when he shared with us a definition put out by the Royal Mint London of a proof coin.

“Struck on a slow-moving coining press using carefully polished dies which are frequently cleaned during use. The materials from which the coins are made are specially processed and the coin blanks are carefully selected and polished before use. Blanks and minted coins are individually handled to prevent accidental damage.

The essential characteristics of proof coins are highly polished fields, fully reproduced designs free from any flaw, and square edges. Milling where present should be regular and free from any defect.

Because of the very high standard set in manufacture, such coins are slow to make and relatively expensive to produce.”

Coinworks interpretation of a proof coin is as follows.

"When a mint struck a proof coin, its intention was to create a single masterpiece. Coining perfection. 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 canvas."