This is an offer of the utmost importance.

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

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

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

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

Very public commemorations that were recorded on our currency.

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

So, what is a ‘pattern’ coin?

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

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

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

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

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

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

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

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

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

• NOW SOLD •
Price - $165,000

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

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

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

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

Price - $85,000

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

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

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

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

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

FDC, with light toning on the reverse

Price - $75,000

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

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

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

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

About FDC

Price - $75,000

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

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

Obverse - 1852 Adelaide Pound Type II

Reverse - 1852 Adelaide Pound Type II

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

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

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

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

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

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

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

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

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

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

None was found. 

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

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

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

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

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

He found a loophole in the legislation. While the Governors were not allowed to assent in her majesty’s name to any bill affecting the currency of the colony, an accompanying paragraph that stated … “unless urgent necessity exists requiring such to be brought into immediate operation”.

The “urgent necessity” clause paved the way for the South Australian Legislative Council to pass the 1852 Bullion Act. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Government planned to adopt a new silver coinage alloy and in 1918 began a testing period of striking coins with a reduced silver content.

The Melbourne Mint established in 1872.

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

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

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

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

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

While Australia was able to weather the storm concerning the silver crisis of 1920, the nation was not so fortunate in 1945 and 1946 when the price of silver was again booming.

The year 1946 heralded in a new order for Australia. The nation's florins, shillings, sixpence and threepences were issued in a reduced silver quarternary alloy.

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.

When you look at this 1953 Proof Penny you can't help but feel that Holland was spot-on with his assessment.

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.

The rarity of the 1953 Proof 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 twenty proof pennies were struck at the Perth Mint in 1953.

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 1953 Penny on the market every three to four years. One as spectacular as this is a once-in-a-lifetime buying opportunity.

Apart from its extreme rarity, we offer four sound reasons why this 1953 Proof Penny is a must-have for today's collector.

1. Brilliantly preserved proof coins of the Perth Mint are unrivalled for quality.

The coins not only display superb levels of detail in their design, but qualities and colours that are unmatched by those of the Melbourne Mint. Each coin is a work of art, as individual, and as beautiful, as an opal. This 1953 Proof Penny looks like molten copper. It is magnificent.

2. Proof coins have a wonderful connection to the past.

They are the story tellers, defining an era, or a year, like no other coin. Proofs can also define an occasion. And a monarch. And they tend to have a connection to a prominent person, either a dignitary, a Mint Master or an influential collector. The 1953 Proof Penny was the first to depict the effigy of the new Queen Elizabeth II.

3. Collectors are all but guaranteed that the market will never be flooded with examples.

The Perth Mint Proof Record Pieces is a sector of the rare coin market that offers financial stability and has been the hunting ground of investors for decades. The sector also has strength because it has widespread support amongst the Australian dealer market.

4. The Perth Mint is still operating.

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

History of the Perth Mint

The discovery of vast gold fields in Coolgardie in 1892 and Kalgoorlie in 1893 triggered a Gold Rush in Western Australia and convinced the British Government to authorise the opening of a mint in Perth.

It was the third branch of the Royal Mint London opened in Australia following the establishment of the Sydney Mint in 1855 and the Melbourne Mint in 1872.

The Perth Mint was established in 1899 and remained a gold producing mint from the year of its opening until 1931 when Australia struck its last sovereign.

For nine years, the coining presses at the Perth Mint ground to a halt. Then early in November 1940, the Australian Government requested Perth to undertake the coining of Australia’s bronze pennies and halfpennies.

The Melbourne Mint had been called upon to do munitions work during World War II and assistance was sought from the Perth Mint to meet Australia’s currency requirements.

The Perth Mint continued to strike copper coins until 1964, when two years later Australia converted to decimal currency.

Established as a branch of the Royal Mint London, the Perth Mint adopted the practices of its master and struck proofs of those coins being struck for circulation.

In accordance with minting traditions the Perth Mint struck proof record pieces of those coins being struck for circulation. There was no hint of commercialism in the production of these pieces.

Posterity, the preservation of Australia’s coining heritage … that and a passion for numismatics were the driving forces behind their striking. The collector market per se was denied access to the coins.

When the Perth Mint struck a proof penny, its intention was to create a single, copper masterpiece. Coining perfection. Perfection in the dies. Wire brushed so that they were 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 canvas. A proof coin was never intended to be used in every-day use, tucked away in a purse. Or popped into a pocket.

Proof coins were struck to be preserved in the mint's archives as a record of Australia’s coining history, time-capsuled for future generations. Proof coins were also used to showcase a mint’s coining skills, to display at major worldwide Exhibitions or sent to other mint’s and public institutions.

The rarity of the Perth Mint proofs 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 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.

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

How rare is the coin for the rarer the better. The date is critical. The more important the date, the better. And consideration will now be given to the effigy. George V? George VI or Elizabeth II? How popular is this area of the market. In a supply and demand market, popularity is important. And finally, what about its quality?

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

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

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

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

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

An important effigy. The passing of Queen Elizabeth II in 2022 has once again highlighted the role of coinage in charting the course of history.

This Proof 1955 Penny and Proof 1955 Halfpenny were struck with the effigy of the late Queen Elizabeth II.

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

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

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

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

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

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

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

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

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

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

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

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

Also available Vince Verheyen's 1956 Perth Mint Proof Penny

Richard Gavin Gardiner Casey was elected to federal parliament for the United Australia Party in 1931 and served as treasurer from 1935 to 1939.

The notion of a crown sized coin was pushed by Casey and was - and still is - referred to as ‘Casey’s Cartwheel’.

While the size and weight of the crown were issues that made it extremely unpopular with the general public, both facets proved advantageous when the coin was struck to proof quality.

The crown design on the reverse, designed by George Kruger Gray, is imposing offset by brilliant fields. The obverse has a beautiful expanse of fields to offset the portrait of George VI.

This coin is a superb example from the original mintage of one hundred.

The fields are brilliant, the obverse in particular is quite stunning.

There are heavy striations in the fields, reflecting careful die preparation.

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

Consideration was given to introducing a new currency, the Kookaburra Square Penny, a unique Australian coin that featured our native bird. It was one of the instruments the Government believed would give us a greater awareness, and appreciation, of all things Australian.

To maximise impact, a new shape was planned with the move from circular to square. And bronze was to be discarded and a new metal taken up, that of cupro-nickel.

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

Acquiring a single 1919 Kookaburra Square Penny will test a collector's resolve. The waiting time might be several years. A collector will have to stay committed to the task to acquire a 1920 Kookaburra Square Penny for they are extremely rare. The wait may even be longer.

And that's not to make light of the effort required to procure a top quality 1921 Kookaburra Penny.

• 1919 Kookaburra Square Penny Type 3.
• A collector can expect a waiting time of one to two years for a 1919 Kookaburra Penny to come onto the market. 

• 1919 Kookaburra Square Penny Type 3.
• Offered in this set at $45,000.
• Proof-like surfaces and one of the finest we have handled.

• 1920 Kookaburra Square Penny Type 7.
• The year 1920 is regarded as the glamour year of the entire series.

• 1920 Kookaburra Square Penny Type 7.
• Offered in this set at $55,000.
• Brilliant surfaces and a highly detailed design.

• 1921 Kookaburra Square Penny Type 11.
• The Type 11 is the rarer of the two design types dated 1921. Acquiring a top quality Type 11, comparable to this coin, will take several years.

• 1921 Kookaburra Square Penny Type 11.
• Offered in this set at $30,000.
• A simply stunning coins with brilliant surfaces and handsome toning.

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

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

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

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

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

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

The counter-stamps of this Holey Dollar are graded in 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. 

This 1920 Proof Sixpence was not struck for collectors as part of any mass-marketing sales campaign. The coin was struck for the mint's archives and the privileged few. Because it was a specially arranged striking of presentation pieces, only a handful were struck. Technically, we refer to it as a 'Coin of Record'.

The term, COIN OF RECORD, is to a large extent self-explanatory. It is a coin that has been minted to put on record a date. Or to record a design.

What is not self-explanatory is that Coins of Record were struck to PROOF quality as presentation pieces. And were struck in the most minute numbers satisfying the requirements of the mint rather than the wants of collectors.

Forget the notion of striking ten thousand proofs as collectors are accustomed to today. Let's talk about striking a total of ten coins ... or in the case of this coin a lot less!

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

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

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

A proof is an artistic interpretation of a coin that was intended for circulation. A proof coin is meant to be impactful, have the ‘wow’ factor and exhibit qualities that are clearly visible to the naked eye. A proof coin was never intended to be used in every-day use, tucked away in a purse. Or popped into a pocket.

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

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

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

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

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

The Ross Pratley 1858 Sydney Mint Half Sovereign is a brand that promises, and delivers, an experience.

The development of the brand starts with an extraordinary quality coin.

At Gem Uncirculated, this coin is extraordinary, the highest quality level that can be aspired to. And a quality level that is very rarely seen, and unheard of in half sovereigns that were essentially, the workhorse of the colony.

The coin is met with an outstanding performance in the public domain that firms its standing and establishes its reputation.

This coin's first auction appearance was in July 1988 when as lot 2364 it was acquired by Sydney dealer, Ross Pratley, for $10,200 on a pre-auction estimate of $4000.

Its most recent auction appearance was in 2007, when as the front cover item of Nobles Sydney Auction catalogue, the Ross Pratley 1858 Half Sovereign sold for $93,200 on a pre-auction estimate of $50,000.

And then a great collector moves into the picture acquiring the coin, and the demand and the performance self-perpetuates.

The great collector was Ross Pratley, owner of the 'Coin Colony', a Sydney dealer active in the 1970s and 1980s. And on a personal level, a passionate half sovereign collector.

1858 Sydney Mint Half Sovereign - Obverse
The Ross Pratley 1858 Half Sovereign was described by Spink Auctions in 1989 as a superb example, perhaps the best struck specimen of the entire date series with full mint bloom on both sides. Almost free of friction and no surface marks.

1858 Sydney Mint Half Sovereign - Reverse
The Ross Pratley 1858 Half Sovereign was described by Nobles Auction in 2007 as unmarked with full original mint bloom, gem uncirculated or FDC, the finest known for the year and the type. It is noted that in 1989 and again in 2007, the coin was a front cover auction catalogue feature item.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The design of the Sydney Mint Half Sovereign lasted until 1866 and was the only time the word Australia appeared on our gold sovereigns. From 1871, Australia's half sovereigns took on a traditional British design.

1896 Proof Half Sovereign, Melbourne Mint. The Sydney Mint did not strike proofs in 1896. And the Perth Mint had not yet opened.

1896 Proof Half Sovereign, Melbourne Mint, featuring the Veiled Head portrait of Queen Victoria.

There is a 'wish-list' of key indicators that collectors look for in numismatic investment, they being rarity, widespread appeal and supreme proof quality. And this 1896 Proof Half Sovereign has the lot!

The coin is extremely rare.

This 1896 Proof Half Sovereign was acquired by private treaty in 1995 and made its first auction appearance in 2017. Only two other examples are known and both were offered at auction in the 1980s. One of the two re-appeared at auction in 1988: the other in 1998. Neither have been sighted since.

Such sporadic offerings reflect the rarity of Australia’s pre-decimal proof gold half sovereigns; an area of the Australian coin market that is acknowledged as its rarest and its most prestigious.

Widespread appeal.

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

Proof coins are by definition, extremely rare and their scarcity is a natural draw card. In some respect, proof coin collectors are playing it smart because the inherent rarity of proof coinage provides a level of assurance that the market will never be inundated with examples, protecting their investment.

The rarity of Australia's proof sovereigns and half sovereigns is acknowledged worldwide and has instigated a strong reaction from buyers at several recent overseas auctions.

The Sincona Auction held in Zurich, November 2021, was a watershed moment for collectors of Australian proof gold sovereigns and proof gold half sovereigns. Two veiled head proof sovereigns, 1898 and 1901, sold for an equivalent of $100,000 and $190,000, the latter a rarer Perth Mint striking. While some collectors shook their heads in disbelief, we were elated that the coins are now commanding the respect - and the prices - that they deserve.

The momentum continued at Heritage Auctions in April 2022 where an 1855 and an 1856 proof sovereign, sold for record auction prices. And again in Zurich at the Sincona Auction in 2023.

Supreme proof quality.

In 2017, Noble Auctions described this coin as 'Gem Frosted Proof, FDC and excessively rare'. And so have we.

This 1896 Proof Half Sovereign is a masterpiece of coining skills.

The Government Assay Office Adelaide was effectively Australia's first mint, be it unofficial. It was opened in 1852, the original purpose to assay gold nuggets brought from the Victorian goldfields and to re-shape them into ingots.

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

Whereas the casting of ingots required no minting expertise, precision was suddenly required in the striking of currency, minting coins to a defined weight and a uniform design.

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 Adelaide Pounds struck during the first production run have almost picture-perfect edges and beautiful strong denticles.

The downside however was two-fold. With pressure exerted on the edges, the force applied to the central part of the design was reduced, producing coins with weak definition in the crown and in the ONE POUND area of the reverse. And the ultimate disaster, the pressure on the edges cracked the reverse die.

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

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

So in summary ... Adelaide Pounds from the first production run were struck using a reverse die with a beaded inner circle and typically have strong edges but a weakly executed crown. Perhaps forty examples survive today. We refer to the coins as Type I Adelaide Pounds.

Adelaide Pounds from the second production run were struck using a reverse die with a crenelated inner border (thereby differentiating them from those in the first production run) and typically have weak edges, a weak legend but a strong crown. Perhaps two hundred examples survive today. We refer to the coins as Type II Adelaide Pounds.

The photographs of this 1852 Adelaide Pound confirm that the coin has a beautiful balance of strong edge denticles, strong legend and a brilliantly struck crown.

1852 Adelaide Pound Type II Brilliant Uncirculated

The strike has been superbly executed, the coin displaying full design detail with strong edge denticles that are complete, all the way around. The legend 'Government Assay Office Adelaide' also is strong all the way around. The crown is highly detailed, the cross on the orb at the top of the crown is complete, the two fleur-de-lis, the pleats in the cloth all well defined as are the jewels in the band of the crown.

1852 Adelaide Pound Type II Brilliant Uncirculated

The reverse features a crenelated inner border, affirming that this Adelaide Pound was struck using the second reverse die, the first die having cracked. The reverse is superbly struck with rims all the way around and is highly lustrous.

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

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

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

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

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

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

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

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

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

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

None was found. 

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

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

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

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

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

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

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

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

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

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

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

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

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

Thirteen days after the passing of the Act, on 10 February 1852, the Government Assay office was opened. Its activities were supported by a state government initiative to provide armed escorts to bring back the gold from the Victorian diggings. Within a week 600 gold coins (known today as the 1852 Adelaide Pound) had been delivered to the South Australian Banking Company, 100 of which were sent to London. 

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

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

Uncirculated 1852 Adelaide Pound Type I, one of three known at this supreme quality level.  We comment on the strength in the edges and denticles and lettering. And the fabulous fields.

Uncirculated 1852 Adelaide Pound Type I, one of three known at this supreme quality level. Exceptional strength in the edges, legend and the crown. And lustrous fields.

In our experience, there are only three known examples in the upper quality levels.

• The Madrid Collection 1852 Adelaide Pound Type I is an Uncirculated and lustrous example from the Madrid Collection of Australian Rare Coins with strong definition in the edges and the crown (available here).

• The Nobleman 1852 Adelaide Pound Type I exists in a superb mint state.

• The Mortimer Hammel 1852 Adelaide Pound Type I is a lustrous Brilliant Uncirculated example.

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

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

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

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

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

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

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

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

The enormity of this offer cannot be overstated.

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

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

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

1924 Proof Threepence, brilliant reverse fields

1924 Proof Threepence, featuring the portrait of King George V (1910 - 1936).

1926 Proof Threepence, brilliant reverse fields, and magnificent tone. 

1926 Proof Threepence, featuring the portrait of King George V (1910 - 1936).

This 1924 Proof Threepence and 1926 Proof Threepence were not struck for collectors as part of any mass-marketing sales campaign. They were struck for the mint's archives and the privileged few. Because it was a specially arranged striking of presentation pieces, only a handful were struck.

Technically, we refer to them as 'Coins of Record'. Australian Pre-decimal Coins that were struck as proofs - but not destined for collectors.

The term, COIN OF RECORD, is to a large extent self-explanatory. It is a coin that has been minted to put on record a date. Or to record a design.

What is not self-explanatory is that Coins of Record were struck to PROOF quality as presentation pieces. And were struck in the most minute numbers satisfying the requirements of the mint rather than the wants of collectors.

Forget the notion of striking ten thousand proofs as collectors are accustomed to today. Let's talk about striking a total of ten coins ... or in the case of this coin a lot less!

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

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

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

A proof is an artistic interpretation of a coin that was intended for circulation. A proof coin is meant to be impactful, have the ‘wow’ factor and exhibit qualities that are clearly visible to the naked eye. A proof coin was never intended to be used in every-day use, tucked away in a purse. Or popped into a pocket.

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

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

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

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

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

1930 Penny, Very Fine, Reverse 

1930 Penny, Very Fine, Obverse

Examining a 1930 Penny is a three-point process.

Step 1 is to look at the coin in the flesh using just the naked eye.

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

The reverse has strong definition in the upper and lower scrolls. The fields are highly reflective with even, handsome chestnut brown toning. The edges are solid.

The inner beading is intact, the legend 'COMMONWEALTH OF AUSTRALIA' and date '1930' are powerful.

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

Step 2 is to take up a magnifying glass and examine the coin in detail.

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

This coin has four sides of the central diamond and six crisp pearls. The oval to the left of the central diamond is almost intact.

Step 3 is to re-visit the coin 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.

Four reasons why collectors love the 1930 Penny.

Reason 1. One of the prime reasons for the popularity of the 1930 Penny is its financial reliability. It is a solid coin. And this genuinely counts.

Reason 2. 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.

Reason 3. The 1930 Penny is as Australian as you can get. Struck during the Great Depression, the 1930 Penny is the nation’s glamour coin and is unrivalled for popularity, enjoying a constant stream of demand unmatched by any other numismatic rarity.

Reason 4. The coin 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. Twenty years later prices have more than doubled.

And with a 100th anniversary just six years away, the push to acquire Australia’s favourite Penny is really on.

If you want to acquire a 1930 Penny, buy one that stands out from the rest. And this coin certainly does that.

And it stands out not just because of its technical grading which is in the grey section of the pie chart below. But because it has miraculously escaped harsh treatment during its time in circulation. And that’s a total fluke!

The Quartermaster 1855 Sydney Mint Half Sovereign commands attention and commands respect.

It is an elite coin, with the same numismatic clout as the Nobleman 1852 Adelaide One Pound. The Hastings-Deering Type II 1852 Adelaide One Pound. The Gibbs 1813 Holey Dollar and the J J Ford D/2 1813 Dump. (Shown here)

These five grand colonial rarities are showpiece examples of our founding coins and are the best of the best, standing head and shoulders above all others.

They are unchallenged for quality.

(Top left J J Ford D/2 1813 Dump • Top right Hastings-Deering Type II Adelaide One Pound • Bottom left Nobleman Adelaide One Pound • Bottom right Gibbs 1813 Holey Dollar)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The design of the Sydney Mint Half Sovereign lasted until 1866 and was the only time the word Australia appeared on our gold sovereigns. From 1871, Australia's half sovereigns took on a traditional British design.

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. One as spectacular as this is a once-in-a-lifetime buying opportunity.

Apart from its extreme rarity, we offer four sound reasons why this Proof 1952 Penny is a must-have for today's collector.

1. Brilliantly preserved proof coins of the Perth Mint are unrivalled for quality.

The coins not only display superb levels of detail in their design, but qualities and colours that are unmatched by those of the Melbourne Mint. Each coin is a work of art, as individual, and as beautiful, as an opal. This Proof 1952 Penny looks like molten copper. It is magnificent.

2. Proof coins have a wonderful connection to the past.

They are the story tellers, defining an era, or a year, like no other coin. Proofs can also define an occasion. And a monarch. And they tend to have a connection to a prominent person, either a dignitary, a Mint Master or an influential collector. The Proof 1952 Penny is the last proof penny struck with the portrait of George VI.

3. Collectors are all but guaranteed that the market will never be flooded with examples.

The Perth Mint Proof Record Pieces is a sector of the rare coin market that offers financial stability and has been the hunting ground of investors for decades. The sector also has strength because it has widespread support amongst the Australian dealer market.

4. The Perth Mint is still operating.

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

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

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

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

The 1855 Sydney Mint Sovereign is sought by the collector that is targeting important / key dates.

The very first year of our official gold currency is an important date in Australia’s numismatic and financial history.

The 1855 Sydney Mint Sovereign also appeals to the sovereign collector. And given the scarcity of the '55 sovereign in the upper quality levels, it also appeals to the investor.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

By 1857, the legal tender scope was widened to include all Australian colonies and Mauritius, Ceylon and Hong Kong.

In 1868 the Sydney Mint Sovereigns and Half Sovereigns became legal tender throughout the British Empire.

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

The 1855 Sydney Mint Sovereign is an Australian rare coin that has timeless appeal.

It is Australia’s first official gold currency and was produced at the Sydney Mint, the nation's first mint. As it so happens, the Sydney Mint also was the first overseas branch of the Royal Mint London.

The coin is a highlight of our financial history and for collectors, a highlight of our numismatic history.

So why would you buy an 1855 Sovereign?

Gold is Australia’s most popular collecting metal and for collectors looking to obtain just one gold sovereign, the nation’s very first sovereign, the 1855 Sydney Mint Sovereign is the obvious choice.

Our respect for the 1855 Sydney Mint Sovereign is well documented. It is the nation’s first official gold coin and in the upper quality levels is extremely rare, a rarity that far outweighs demand. So, it appeals to the investor. The coin is also held as a family heirloom to pass on to future generations.

This 1855 Sydney Mint Sovereign is a stunner in the flesh with an obverse that reflects the light, a strong date and minimal marks in the fields.

Very impressive, 1855 Sydney Mint Sovereign with a lustrous reverse and strength in the crown and in the word 'AUSTRALIA'.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

By 1857, the legal tender scope was widened to include all Australian colonies and Mauritius, Ceylon and Hong Kong.

In 1868 the Sydney Mint Sovereigns and Half Sovereigns became legal tender throughout the British Empire.

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

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

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

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

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

The fundamentals of this Holey Dollar.

When Mint Master William Henshall created this Holey Dollar, he grabbed a Spanish Silver Dollar that had been struck at the Mexico Mint in 1803. The dollar depicted the legend and portrait of King Charles IV. The coin was one of 40,000 Spanish Silver Dollars imported by Lachlan Macquarie to use as the basis of the colony's first currency.

Armed with a punch, Henshall cut a hole in the dollar. He then placed the holed coin into a simple drop hammer system which held two dies.

One die contained the elements ‘New South Wales’ and ‘1813’. The other die contained the denomination of ‘Five Shillings’, a double twig of leaves and an ‘H’ discretely placed at the juncture of the twigs, Henshall determined to leave his mark. The design elements on the two dies are known as the counter-stamps.

Using gravitational force, the design elements of the dies were stamped onto both sides of the holed silver dollar around the inner circular edge of the hole. And it is at this point – and this point only – that the ‘holed’ silver dollar became the 1813 New South Wales Five Shillings. Better known as the 1813 Holey Dollar.

Original coin a high quality Good Very Fine, toned to a soft gun-metal blue grey, the surfaces lustrous and smooth.

The Mexico Mint mark 'M' and a circle above it, shown clearly in the legend. A lovely coin with high quality Extremely Fine counterstamps.

We like the quality and eye appeal of this Holey Dollar. The design of the original silver dollar is highly detailed. So too, the counter stamps.

The original Spanish silver dollar is uniformly toned a glorious, soft gun-metal  blue grey. The surfaces are smooth. Look closely and you see that the coin has original silver lustre.

With a quality level of Good Very Fine, it is a high calibre Holey Dollar and an exception to those most commonly found. (See chart below.) The extensive use of the Spanish Silver Dollar as an international trading coin meant  that most of the coins imported by Macquarie were well worn.

What we also know about this Holey Dollar is that after it was created by William Henshall it underwent minimal circulation for the counter stamps New South Wales, 1813 and Five Shillings are of an exceptional nature: the lettering highlighted by original lustre and beautiful toning. The technical grading of the counter stamps is Extremely Fine.

Consider that after delivering this Holey Dollar to  the Deputy Commissary Generalʼs Office in 1814 along with the 39,909 other Holey Dollars,  it was barely used. And then, after the Holey Dollars were officially demonitised in 1829, this coin survived the recall, and the eventual melting pot. It is simply miraculous.

The Holey Dollar is one of Australia's most desirable coins. Talk to those fortunate enough to own one and they will tell you that the coin is the jewel in their collection. And that statement is made irrespective of the quality level.

A Holey Dollar can resemble a washer if it is well circulated. Or it can reach the heady quality heights  of the Gibbs Uncirculated Holey Dollar. Or it can be at a quality level somewhere in between. No matter the quality, the pleasure of ownership is immeasurable.

Once you move from the well circulated Fine and Good Fine quality levels up to the Very Fine and Good Very Fine echelons, and then further up again to the Extremely Fine levels the differences in quality at each level are noticeable and are clearly visible to the naked eye. It is the detail in the hair, the robes and the overall state of the fields.

The price of this coin reflects its outstanding quality attributes.

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.

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.

Natural attrition has taken its toll on the original mintage with many of the coins poorly handled or accidentally filtering their way into circulation.

We would expect to sight a Proof 1935 Penny on the open market, perhaps once every year. A coin of this calibre will involve a wait of several years.

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.

Proof coins are prestigious. And proof coins are extremely rare.

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

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

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

Proofs command respect and they command admiration.

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

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

Aussies just love their coppers.

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

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

(To put these numbers into perspective, 5.8 million pennies were struck in 1933 and 9.8 million in 1936.)

A rare date status has a huge impact on the desirability - and the value - of a proof striking. You only have to look at the $1.5 million dollar price tag on the Proof 1930 Penny to appreciate how key dates and high values go hand-in-hand.

And a rare date status for a penny also has an impact on the desirability (and hence the value) of its lower denomination proof halfpenny counterpart.

The popularity and the demand for the Proof 1930 Halfpenny is borne out by its auction results. 

THE PROOF 1930 HALFPENNY ... 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 struck to PROOF quality as presentation pieces. And were struck in the most minute numbers satisfying the requirements of the mint rather than the wants of collectors. Forget the notion of striking ten thousand proofs as collectors are accustomed to today. Let's talk about striking a total of ten coins ... or maybe less!

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

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

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

A proof is an artistic interpretation of a coin that was intended for circulation. A proof coin is meant to be impactful, have the ‘wow’ factor and exhibit qualities that are clearly visible to the naked eye. A proof coin was never intended to be used in every-day use, tucked away in a purse. Or popped into a pocket.

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

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

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

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

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

A limited mintage gold proof coin. One of two sighted at auction.

And while Philip Spalding is remembered for his love of Holey Dollars. It must be said that he was a sophisticated collector on many levels, guided in his selections by Barrie Winsor. And this 1888 Proof Sovereign, featuring the Jubilee portrait of Queen Victoria, was one of his prized possessions.

A reverse of St George & the Dragon and an obverse Jubilee portrait.

Queen Victoria celebrated her Golden Jubilee, the fiftieth anniversary of her accession, on 20 June 1887.

The Young Head portrait of Queen Victoria that was depicted on Australia’s sovereigns between 1871 and 1887 was replaced with a Jubilee portrait designed by Austrian medallist Joseph Edgar Boehm.

The Jubilee portrait continued uninterrupted on Australia's sovereigns from 1887 up to (and including) 1893 when Australia introduced Queen Victoria’s Veiled Head portrait.

Jubilee Proof Sovereigns are extremely rare.

When sizing up a coin and evaluating its potential for growth, a buyer needs to consider two aspects.

1. The rarity of the coin itself.
2. And the rarity of the sector of the market to which it belongs.

The adage, ‘less is best’ holds true in the rare coin industry for you don't want the market to be flooded with examples from the same sector.

The ideal ‘investment’ scenario occurs when the coin is rare. And the sector is occupied by very few other coins. This coin a case in point!

So how does this Proof 1888 Sovereign stack up?

As detailed above, this Proof 1888 Sovereign is rare. One of two sighted at auction. And it is noted that Proof Sovereigns out of Queen Victoria’s Jubilee era (1887 to 1893) are amazingly limited in numbers as the text below reveals.

Sydney Mint Jubilee Proofs

• The Sydney Mint struck proofs in the very first year of the design, 1887. Two examples have been sighted.
• The Sydney Mint did NOT strike any proofs in the years 1888, 1889, 1890, 1891 and 1892.
• The Sydney Mint struck proofs in the last year of the design, 1893. Only one example has been sighted.

Melbourne Mint Jubilee Proofs

• The Melbourne Mint struck proofs in the first year of the design, 1887. The coin has never been sighted.
• The Melbourne Mint struck proofs in 1888. Two examples have been sighted. This coin. And another example that was last sighted at auction in 1994.
• The Melbourne Mint struck proofs in 1889. One example has been sighted, the last auction appearance occurring in 1988.
• The Melbourne Mint is said to have struck proofs in 1890. They have never been sighted.
• The Melbourne Mint did NOT strike any proofs in the years 1891 and 1892.
• The Melbourne Mint struck Jubilee proofs in 1893, none of which have ever been sighted.

Aside from their extreme scarcity, proof gold coins are a delight to the eye, appealing to those who seek perfection in coining.

Remarkable quality and an early date for with a quality grading of Extremely Fine, this is the finest Charles III Holey Dollar available to collectors.

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.

And this Holey Dollar was created from a silver dollar that was issued in 1789.

The coin is in a miraculous state when you consider that the original silver dollar circulated twenty-four 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 two 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 1789 and circulated twenty-four 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 1789 Spanish Silver Dollar escaped being used. How did it retain a 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.

This Holey Dollar was struck in 1813 on a 1790 Mexico Mint Spanish Silver Dollar, pierced from the reverse side with crenellations.

The pierced dollar was then counter stamped on the King’s head and on the reverse with a crowned 16 within a shaped indent. The monetary value was 16 bitts.

The original Spanish Dollar from which it was created features the legend of the reigning monarch Charles IV.

But the twist to this coin is that it features the portrait of the deceased monarch Charles III.

We refer to it as a 'Transitional' Holey Dollar and they are supremely rare.

Transitional Holey Dollars chronicle the limitations of communications in this era. And the challenges of the colonial mints wishing to maintain silver coin production. 

Eager to maintain production of silver coins to flow into Spanish coffers, a Royal decree granted the colonial mints the right to continue striking coins with the portrait of the deceased King Charles III.

The legend was however amended to acknowledge the new monarch Charles IV, thereby observing the currency protocols for the passing of a monarch..

By 1791, the mints had received the portrait of the new king; the official portrait of Charles IV appearing on the Spanish Silver Dollars for the first time in that year.

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.

There is a 'wish-list' of key indicators that collectors look for in numismatic investment, they being rarity, an important date, widespread appeal and supreme proof quality. And this 1887 Proof Half Sovereign has the lot!

An important date.

It is an acknowledged fact that collectors pursue the first year of a series over and above all other years out of an era. The first year is defining. The second is not.

And the year '1887' is the very first year of a new design. The 'Jubilee' portrait of Queen Victoria was introduced in 1887 to mark the monarch's Golden jubilee (1837 - 1887). The design lasted only six years and was replaced with the Veiled Head design, reflecting the monarch's mature years.

The coin is extremely rare.

This coin was first sighted in 1903 in the liquidation of the famous John G Murdoch Collection, Lot 625. No other example has ever been sighted.

Not only is the coin extremely rare, but this area of the market presents very few options for buyers.

While sovereigns were produced at the Melbourne Mint each year and in mammoth numbers, half sovereign production was sporadic, the Mint producing half sovereigns for circulation in only two years, 1887 and 1893. And the mintages were minuscule.

The buyer seeking a proof striking of the Melbourne Mint’s circulating Jubilee Half Sovereigns therefore has only two date options, 1887 or 1893.

Widespread appeal.

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

Proof coins are by definition, extremely rare and their scarcity is a natural draw card. In some respect, proof coin collectors are playing it smart because the inherent rarity of proof coinage provides a level of assurance that the market will never be inundated with examples, protecting their investment.

The rarity of Australia's proof sovereigns and half sovereigns is acknowledged worldwide and has instigated a strong reaction from buyers at several recent overseas auctions.

The Sincona Auction held in Zurich, November 2021, was a watershed moment for collectors of Australian proof gold sovereigns and proof gold half sovereigns. Two veiled head proof sovereigns, 1898 and 1901, sold for an equivalent of $100,000 and $190,000, the latter a rarer Perth Mint striking. While some collectors shook their heads in disbelief, we were elated that the coins are now commanding the respect - and the prices - that they deserve.

The momentum continued at Heritage Auctions in April 2022 where an 1855 Proof Sovereign and 1856 Proof Sovereign sold for record auction prices. And again at Sincona in 2023.

Supreme proof quality.

In 1978 and again in 1981, Spink Auctions described this coin as brilliant and flawless. And so have we. This 1887 Proof Half Sovereign is a masterpiece of coining skills.

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

They can acquire coins that were struck for circulation: coins that were meant to be used. Or they can collect coins that were struck as presentation pieces to PROOF QUALITY.

The coin on offer is one such presentation piece, a Proof 1887 Half Sovereign struck at the Melbourne Mint.

That proof coins were struck in the nineteenth century may surprise some readers. But it has to be said that the striking of proof coins in Australia is not a modern day phenomenon. Nor a product of the decimal era. The nation’s mints were striking proofs of our pre-decimal coinage in the nineteenth and twentieth centuries and the intention was then, as it is today, to create limited mintage coins struck to the highest standards of quality.

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

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

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

Rarity is the key word when discussing proof gold.

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

And the reasons?

• Proof gold coins were NOT struck every year.

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

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

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

This Proof 1887 Half Sovereign is a golden opportunity and for just one buyer. No other proof half sovereigns of this date have appeared over the last century.

This 1887 Sovereign features the Young Head portrait of Queen Victoria. Presented in Brilliant Uncirculated with proof-like mirror surfaces. Under the glass, we observe the kiss-curl in front of the ear.

The mintmark 'M' rests at the base of the shield indicating that the sovereign was struck at the Melbourne Mint. Superb edges and proof-like mirror fields.

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

The date is critical. The more important the date, the better. How rare is the coin for the rarer the better. And finally, what about its quality?

This Brilliant Uncirculated 1887 Sovereign has the lot!

An important date.

The Queen Victoria Young Head portrait appeared on Australia's sovereigns between 1871 and 1887. Likewise the Shield design, 1871 to 1887.

The importance of this coin is clear. It marks the end of the era that produced Australia's Young Head Shield Sovereigns.

It is an acknowledged fact that collectors prefer the first and last year of a series over and above all others. The first year and the last year are defining. Those in between are not.

How rare is the coin?

Throughout Australia’s history, upheavals and extraordinary events have impacted on mintages and created numismatic super-stars. Think 1930 Penny. Think 1920 Florin. And think 1887 Shield Sovereign.

The Melbourne Mint was awash with options in the striking of its sovereigns in 1887 with two reverse designs available to them, that of St George and the Dragon and the Shield. And two obverse designs depicting Queen Victoria, the Young Head portrait and the Jubilee portrait, introduced in mid-1887.

It was inevitable that amidst the chaos a numismatic super-star would emerge.

And it has in the form of this coin, the 1887 Sovereign featuring the Young Head portrait of Queen Victoria and the Shield reverse. it is one of the key dates of the series and a world class rarity.

History confirms the extreme rarity of the Melbourne Mint's 1887 Young Head Shield Sovereign (1887M).

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 three Uncirculated 1887M Young Head Shield Sovereigns have been offered at Nobles over the last ten years!

• The most recent sale was in 2019 for $21,500. The pre-auction estimate was $12,500. And the coin on offer here is the finest and is far superior.

• Confirming the rarity of the 1887M across all quality levels, on average just one 1887 Melbourne Mint Young Head Shield Sovereign is offered at Nobles annually.

Australia’s gold coinage history began in 1855 with the introduction of the Sydney Mint design. It was a style that rejected the protocols of London, imparting a uniquely Australian flavour into the nation’s first official gold coinage.

For the first, and only time, the word AUSTRALIA appeared on the reverse of our sovereigns.

A young portrait of Queen Victoria appeared on the obverse with a braid in her hair. This design, known as the Type I design, appeared in only the years 1855 and 1856.

The Australian flavour of the nation’s gold coinage was strengthened in 1857 when the design was altered to incorporate a sprig of Australia’s native flower, the banksia, in the Queen’s hair. This is referred to as the Type II portrait design and it ran from 1857 until 1870 inclusive.

This 1861 Sydney Mint Sovereign features the Type II portrait design.

If we consider for a moment the Type II design (1857 – 1870) we see that year 1865 is a defining point. Those coins struck between 1857 and 1865 inclusive are extremely rare in choice quality. Those struck in 1866 and after, up until 1870, are relatively readily available, even in choice quality

Our experiences affirm this statement.

We can count on the fingers of two hands the number of Sydney Mint Sovereigns that we have sold that were struck between 1857 and 1865 and that were in Choice Uncirculated, a reflection of their extremely limited availability at this quality level. 

So what is a portrait set? And why would this coin make a good choice for a Portrait Set?

Answer. The quality.

A complete sovereign collection is comprised of nearly 200 coins and that’s overwhelming for even the most financial of collectors. And potentially frustrating given the time that it would take to complete. That’s why so many collectors take the short cut of completing a portrait set. The sense of completeness is definitely there. And the financial burden is substantially reduced.

The Australian Sovereign series ran from 1855 to 1931 and during this time eight different portraits were used, five of Queen Victoria, one of Edward VII and two of George V.

So a complete portrait set of Australian sovereigns involves only eight coins.

1. Queen Victoria Sydney Mint Type 1 (1855 – 1856)

2. Queen Victoria Sydney Mint Type 2 (1857 – 1870)

3. Queen Victoria Young Head (1871 – 1887)

4. Queen Victoria Jubilee (1887 – 1893)

5. Queen Victoria Veiled Head (1893 – 1901)

6. King Edward VII (1902 – 1910)

7. King George V Large Head (1911 – 1928)

8. King George V Small Head (1929 – 1931)

The acquisition of this 1861 Sovereign takes care of the Type II portrait design, crossing one element off the above list, in the superb quality level of Choice Uncirculated.