Sydney Mint Gold Sovereign and Half Sovereign Proof and Specimen Presentation Pieces (1855 - 1926)

When the Royal Mint London or the British Museum requested a sovereign or half sovereign from an Australian Mint, they were never sent a circulation strike. They were sent a specially crafted presentation piece.

Nor would a circulation strike be presented to the monarch, gifted to a dignitary or sent to an influential collector. And a circulation strike would not be displayed at a Colonial Exhibition. Again, an individually crafted presentation piece would be specially created for the occasion.

The technical term for such a piece is 'Coin of Record'. A Coin of Record is an artistic interpretation of coinage, a strikingly beautiful coin beyond ordinary currency. Individually crafted to standards far exceeding that required of a circulating coin, minted with a proof or specimen finish and created using special coining techniques. Whereas production of circulating coinage was dictated by Government, Coins of Record were struck at the discretion of the mint master. 

Coins of Record were not produced every year and, as they were individually crafted, the process was time consuming and the mintages minuscule. For gold proofs, generally ten pieces or less. There were several occasions when only a single coin was struck. 

Coins of Record of Australia's sovereigns and half sovereigns are visually stunning, distinguished by brilliant golden-mirror surfaces. And it is their beauty and their ultra-exclusivity that drives demand.

The market for Australia's gold Coins of Record was effectively established in London, in 1903, and continues to this very day right across the globe. 

Recent international auction results confirm their status as a globally traded commodity. The Coins of Record of Australia's proof sovereigns and proof half sovereigns are the crown jewels of coinage, adding glamour and exceptionality to any collection! 

The Melbourne Mint opened in 1872 as a branch of the Royal Mint London, its main function to produce gold sovereigns and half sovereigns. Its gold coin production ceased in 1931.

Three monarchs reigned between 1872 and 1931, Queen Victoria, King Edward VII and George V.

The Melbourne Mint struck Coins of Record sporadically. Of the record pieces that were produced, those of Edward VII are the least available for collectors. (Refer chart below.) 
 

The Young Head era (1872 - 1887)

The Melbourne Mint struck its first Coin of Record in 1873. A brilliant proof sovereign featuring the St George reverse, it was retained by the mint. Only one coin is believed to have been struck. There are no other known examples in institutions or held by private collectors. 

(On closure, coins from the Melbourne Mint were transferred to the Museum of Victoria.)

In his notes, Barrie Winsor records the existence of an 1874 and 1875 Specimen Sovereign, the former owned by Sydney politician, Henry Cary Dangar. In the years 1876 to 1880, the Melbourne Mint did not strike Coins of Record of its sovereigns or half sovereigns.

There are reports that a pair of 1881 Proof Sovereign and Proof Half Sovereign exists but it has never been recorded in official mint audits or seen in the collector market. It is noted that the mint 'had difficulties with the dies' for the 1881 circulation issue and it is questionable that the mint would strike proofs using dies that were problematic. There were no proof strikings in 1882.  

The mint struck two 1883 Proof Sovereigns, one featuring the Shield reverse, the other St George. The coins were retained within the mint, with no known examples in collector's hands. 

By 1884, the Melbourne Mint had developed a firm relationship with international collectors. An 1884 St George Proof Sovereign was held by British collector Henry Garside, eventually donated to the British Museum (1924). And an 1884 Proof Half Sovereign was held by British collector John G. Murdoch, liquidated by Sotheby Wilkinson & Hodge in London in 1903. For the record, an 1884 Proof Half Sovereign was also struck and retained by the mint. 

British collector John G. Murdoch maintained his influence in 1885 and 1886. He received two Shield 1885 Proof Sovereigns. And two St George 1886 Proof Sovereigns along with four 1886 Proof Half Sovereigns. 

For conciseness, two Coins of Record were struck in 1886 and are today held in institutions, the Manchester Museum holding a Shield reverse Proof Sovereign. And the British Museum a Proof Half Sovereign courtesy of the 1935 Clarke-Thornhill bequest. (More than likely ex Murdoch.) While these coins are housed in museums and are not available to collectors, they are noted here for completion. They reflect the workings and protocols of the mint. And the institutions that became recipients of our coinage. 

The Jubilee era (1887 - 1893)

The policy of striking proofs for John G. Murdoch continued in the Jubilee era. The mintages started to crank up. And so too the regularity of the issues. 

John Sharples, former Curator of Australia's National Coin Collection records that the Melbourne MInt was effectively 'dealing' in proofs, selling to collectors, the profits directed towards a fund aimed at building the mint's own coin collection.

Murdoch held three examples of the 1887 Proof Half Sovereign in his collection. The Henry Cary Dangar collection also held an 1887 Proof Sovereign. 

Production records of half sovereigns have been uncovered and confirm that ten proof half sovereigns of six dates were struck on 10 May 1893 (1888, 1889, 1890, 1891, 1892 and 1893). All dates used the same obverse die. Murdoch was sent two of each half sovereign, 1888, 1889, 1890, 1891, 1892 and 1893. 

Production records of the Jubilee Proof Sovereigns have not been found. Proof sovereigns of the dates 1888 (3), 1889 (2) and 1893 (1) were provided to Murdoch, the numbers enclosed in brackets representing his order. There are no known examples of the 1890, 1891 and 1892 Proof Sovereigns in institutions or private hands suggesting a mintage was not undertaken. 

Records in 1889 reveal that Jubilee Proof Sovereigns were struck with a plain and milled edge, the milled edge examples making their way into the collector market via Murdoch. the plain edged examples retained with the mint.

The limited availablity of the Jubilee proofs in today's market also suggests that the original mintage of ten was created to provide a pool from which perfect examples could be selected to fulfill Murdoch's orders. Proofs surplus to his requirements, and that of the mint, were most likely melted down. 

The Veiled Head era (1893 - 1901)

The Veiled Head era again reflects the influence of British collector John G. Murdoch for with few exceptions, Murdoch held two pairs of proof sovereign and half sovereign of each year during the veiled head era. 

It is noted that the Melbourne Mint only retained two pairs of 1893 Proof Sovereign and Proof Half Sovereign. And did not hold any of the other veiled head years (1894 to 1901). 

The Edward VII era (1902 - 1910)

Circumstances create numismatic superstars and the circumstance of Murdoch's passing in 1902 had a huge impact on proof coining at the Melbourne Mint.

Technically, it fell of a cliff.

One Melbourne MInt 1902 Proof Sovereign is known. Formerly held by the South Africa Mint (a temporary branch of the Royal Mint, 1923 - 1941) it is now held by a private collector. No 1902 Proof Sovereigns are held in institutions including the Melbourne Mint. No 1902 Proof Half Sovereigns are known. 

One example of the 1910 Proof Sovereign is privately held, formerly owned by Ross Pratley and Barrie Winsor, both leading gold coin specialists. For the record, a 1910 Proof Sovereign is held in the Museum of Victoria, the former property of the Melbourne MInt.

The proofs of Edward VII are characterised by extreme scarcity. Proofs were only struck in two years and of each, only one example is known.

The proofs of Edward VII are further characterised by extreme beauty. The Melbourne Mint reached its zenith in proof gold coining during the era of Edward VII, the depth of design of both the 1902 and 1910 Proof Sovereigns is magnificent, sculpted, three dimensional. The fields are like golden mirrors.

George V era (1911 - 1931)

The portrait of George V appeared on Australia’s sovereigns from 1911 to 1931.

The original portrait was modified in 1929 and remained until Australia struck its very last sovereign in 1931. The original design is referred to as the 'large head', the modified design the 'small head' portrait.

There are two known examples of the George V 1911 Proof Sovereign held by collectors, both of which have been offered at Australian auctions, the last sighting in March 1985. No further 'large head' proof sovereigns were struck at the Melbourne Mint.

The 'small head' portreait appeared in 1929, 1930 and 1931. Three examples of the 1929 Proof Sovereign have been offered at auction, the last appearance in 1998. Two examples of the 1930 Proof Sovereign are known and three of the 1931 Proof Sovereign. 

Price Versus Rarity for Melbourne Mint Coins of Record 

Valuing a gold proof coin gives consideration to two factors:

1. The rarity of the coin itself, how many coins of that date are available to collectors. For example the 1910 Proof Sovereign is unique. The 1929 Proof Sovereign is known by three coins. 

2. The exclusivity of the coin, how many coins are available to collectors in that sector of the market. For example there is only two options in the Edward VII sector, 1902 and 1910. There are eighteen options for collectors looking to pursue a Veiled Head Proof Sovereign (1893 - 1901).

Below is simply a guide.

The range affords some flexibility with respect to quality. And acknowledges that some dates are more important than others. 

The relativities are however very telling! You can clearly see which sectors are noted as the rarest. And are highly valued. 

Veiled Head    •    $70,000 to $90,000
Jubilee Head    •    $70,000 to $90,000
Young Head    •    $100,000 - $130,000
Edward VII    •    $120,000 - $140,000
George V Large Head    •    $120,000 - $140,000
George V Small Head    •    $90,000 - $110,000