The gold 'Coins of Record' of the Perth Mint, 1899 to 1931, have influence, power, and a world-wide reputation as the least available sector of the entire Australian rare coin market.
In November 2021, two rare Australian proof sovereigns sold in Zurich, the sale conducted by Sincona Auction. An 1898 Proof Sovereign and the second coin, a 1901 Proof Sovereign.
Both pieces were 'Coins of Record', the first issued by the Melbourne Mint depicting the Veiled Head portrait of Queen Victoria, the second struck at the Perth Mint also featuring the Veiled Head design.
The historical background of these coins is as follows:
Two examples of the 1898 Melbourne Mint Proof Sovereign were held in the collection of renowned British collector John G. Murdoch and were sold in 1903, in London, the auction handled by Sotheby, Wilkinson & Hodge. An example, assumed one of Murdoch's coins, was sold by Spink Auctions, Australia, in 1990. None have appeared since.
Two examples of the 1901 Perth Mint Proof Sovereign were also held in the John G. Murdoch collection and sold in the same London auction. An example, again assumed one of Murdoch's coins, was sold by Spink Auctions, Australia, in 1985. None have appeared since.
On the surface, no great differences here. Similar profile. Both extremely rare, high quality, Australian gold proof coins.
Prices realised tell a different story!
The Melbourne Mint 1898 Proof Sovereign sold for 62,000 Swiss franc. On today's exchange rates approximately $110,000 Australian dollars.
The Perth Mint 1901 Proof Sovereign fetched almost twice that, 95,000 Swiss franc. A converted Australian dollar price of $200,000.
With similar credentials, the obvious question is why the market valued the Perth proof sovereign so highly?
The answer lies in the extreme scarcity of the Perth Mint Coins of Record, the scant number of years in which they were struck. The Perth Mint opened its doors on 20 June 1899 to support Western Australia's gold industry and struck circulating sovereigns every year until 1931 when the Perth Mint, and the rest of the Australia mints, ceased striking gold sovereigns.
Over thirty-three years of gold coining production, the Perth Mint struck Coins of Record in only three years, 1899 (its opening year), 1901 and 1931 (final year of sovereign production).
We have looked at the numbers that are available to collectors in each of these years, 1899, 1901 and 1931 and have come up with a total buying pool of seven coins, the availability noted below after the bullet point.
1899 Proof or Specimen Sovereign • 1
1899 Proof or Specimen Half Sovereign • 1
1901 Proof Sovereign • 2
1901 Proof Half Sovereign • 1
1931 Proof Sovereign • 2 (one impaired through mishandling)
The gold Coins of Record of the Perth Mint have influence, power, and a world-wide reputation as the least available sector of the entire Australian rare coin market.
Each coin is historic. Many are unique. And for collectors, with the exception of the 1901 Proof Sovereign, they are irreplaceable.
On the very few occasions that a Perth Mint gold proof or specimen strike has become available, London 1903, Sydney 1985, Sydney 1989 and Zurich 2021, history shows us that the market the world-over takes a keen interest.
1899 Sovereign
Proof or Specimen strike
Veiled Head Obverse
1899 Half Sovereign
Proof or Specimen strike
Veiled Head Obverse
1901 Sovereign
Proof strike
Veiled Head Obverse
1901 Half Sovereign
Proof strike
Veiled Head Obverse
1931 Sovereign
Proof strike
George V Obverse
A Coin of Record is, as the name suggests, a coin that was minted to put on record a date or a design.
Such coins were especially struck to a proof or specimen finish and were not produced on a commercial scale.
Rather, they were struck to meet the needs of the mint. They were not struck to satisfy any collector interest or demand.
It was traditional for Coins of Record to be forwarded to the monarch at the time and perhaps the Royal Mint. Coins of Record were also, very occasionally, produced for a VIP or a selected museum.
It is noted that proofs were also struck for international manufacturing trade fairs or exhibitions to showcase the mint's coining skills and promote business.
Regardless of the reason, the actual numbers struck in any particular year ranged from just one to four pieces.
A Coin of Record struck to a proof finish - or a specimen finish - is a powerful, artistic interpretation of a coin and was meant to impress, with mirrored fields that bounced the light and a wealth of design depth. The gem frosted finish of the Perth Mint proof coins is today, the delight of the American market.
The message that came out of the Sincona Auction was loud and clear ... Australia's Gold Coins of Record are sought after world-wide.
Local bidders, of which there were many (ourselves included) were completely over-run by international collectors in the pursuit of the coins.
The $100,000 ceiling that the 1898 Proof Sovereign reached at auction reflected its genuine rarity.
That it did not go higher is a recognition of the availability of Melbourne Mint proof coins of other dates.
The Melbourne Mint struck proofs in twenty five of its fifty-nine year gold coining history and was particularly prolific in the Veiled Head era of 1893 to 1901, striking proofs in each year. Thereby offering collectors options on dates other than '1898'.
The 1901 Proof Sovereign rapidly reached the $100,000 level, also because of its genuine rarity, but bidding accelerated beyond the $100,000 mark simply due to the extreme scarcity of the entire Perth Mint Gold Coins of Record sector.
The Perth Mint is so exclusive in numbers, striking proofs in only three years out of thirty-three, there are no easy options for collectors in procuring another date.
From a collector’s perspective it is the coins that remain in private hands that are of prime importance. A collector's prime aspiration is ownership. While it is perhaps interesting to know how many coins are held in museums and public institutions, it is to a degree irrelevant. (It is noted that, in the current market, it is extremely rare for institutions to sell coins held in their archives. )
1899 Proof or Specimen Sovereign, one example believed held by a private collector, whereabouts unknown.
Two proof 1899 sovereigns were held in the Murdoch Collection (lots 645 and 648) and sold in London in 1903 by Sotheby, Wilkinson & Hodge.
One of the coins is now held in the British Museum, an exchange in 1924 between collector Henry Garside and the Museum.
One 1899 Proof Sovereign sold at Spink Auctions Australia in 1985 (lot 1046) and the same coin re-offered in 1989 (lot 1429). As many coins made their way into the Australian coin market from London in the early 1980s via dealers A H Baldwin and Spink London it is assumed that the example offered at Spink Aucti0ns, Australia was ex Murdoch Collection.
Sadly, for today's collectors, its whereabouts is unknown.
From a collector’s perspective it is the coins that remain in private hands that are of prime importance. A collector's prime aspiration is ownership. While it is perhaps interesting to know how many coins are held in museums and public institutions, it is to a degree irrelevant. (It is noted that, in the current market, it is extremely rare for institutions to sell coins held in their archives. )
1899 Proof or Specimen Sovereign, one example believed held by a private collector, whereabouts unknown
Two proof 1899 sovereigns were held in the Murdoch Collection (lots 645 and 648) and sold in London in 1903 by Sotheby, Wilkinson & Hodge.
One of the coins is now held in the British Museum, an exchange in 1924 between collector Henry Garside and the Museum.
One 1899 Proof Sovereign sold at Spink Auctions Australia in 1985 (lot 1046) and the same coin re-offered in 1989 (lot 1429). As many coins made their way into the Australian coin market from London in the early 1980s via dealers A H Baldwin and Spink London it is assumed that the example offered at Spink Aucti0ns, Australia was ex Murdoch Collection.
Sadly, for today's collectors, its whereabouts is unknown.
1899 Proof or Specimen Half Sovereign, struck in a mintage of 1. A unique piece and Australia's rarest pre-decimal coin.
Struck as a Coin of Record to a specimen finish and authenticated by the Royal Mint London, this coin is the only known half sovereign struck using the 1899 dies.
Unique, with no examples held in institutions worldwide, including the Perth Mint, making this Australia's rarest pre-decimal coin.
The industry became aware of its existence in the mid 1940s, veteran collector, Syd Hagley declaring ownership. The coin has subsequently been held by revered collectors Ross Pratley and Mel Gottlieb, of Madrid Collection fame. The coin is currently held by a Melbourne collector.
Historic. Unique. And ultimately, irreplaceable.
1899 Proof or Specimen Half Sovereign, the only known example, struck in a mintage of 1.
Struck as a Coin of Record to a specimen finish and authenticated by the Royal Mint London, this coin is the only known half sovereign struck using the 1899 dies.
Unique, with no examples held in institutions worldwide, including the Perth Mint, making this Australia's rarest pre-decimal coin.
The industry became aware of its existence in the mid 1940s, veteran collector, Syd Hagley declaring ownership. The coin has subsequently been held by revered collectors Ross Pratley and Mel Gottlieb, of Madrid Collection fame. The coin is currently held by a Melbourne collector.
Historic. Unique. And ultimately, irreplaceable.
1901 Proof Sovereign
Two examples are held by private collectors.
Two 1901 Proof Sovereigns were held in the Murdoch Collection and sold in London in 1903 by Sotheby, Wilkinson & Hodge (lots 648 and 650).
A 1901 Proof Sovereign sold at Spink Auctions Australia in 1985 (lot 1047) and is currently held by a Melbourne collector. The other known example was offered at Sincona Auction, Zurich November 2021 (lot 892).
Both coins are assumed to have come from the Murdoch Collection, sold in 1903 in London, Sotheby Wilkinson & Hodge.
1901 Proof Sovereign
One of two examples available for private collectors.
Two 1901 Proof Sovereigns were held in the Murdoch Collection and sold in London in 1903 by Sotheby, Wilkinson & Hodge (lots 648 and 650).
A 1901 Proof Sovereign sold at Spink Auctions Australia in 1985 (lot 1047) and is currently held by a Melbourne collector. The other known example was offered at Sincona Auction, Zurich November 2021 (lot 892).
Both coins are assumed to have come from the Murdoch Collection, sold in 1903 in London, Sotheby Wilkinson & Hodge.
1901 Proof Half Sovereign
One example is held by a private collector.
Two 1901 Proof Half Sovereigns were held in the Murdoch Collection, sold by Sotheby, Wilkinson & Hodge in London, 1903. Acquired by Reginald Huth and later A H Whetmore, the coin eventually sold at Spink Auctions, Australia 1985 (lot 1048) and is currently held by a Melbourne collector.
The other 1901 Proof Half Sovereign ex John G. Murdoch collection is housed in the British Museum, by way of the Clarke-Thornhill bequest of 1935.
The Melbourne Mint holds two examples of the 1901 Proof Half Sovereign. No Perth proofs were in the Sydney Mint Collection and it is believed that the Perth Mint did not retain an example for itself.
1901 Proof Half Sovereign
The only known example held by a private collector
Two 1901 Proof Half Sovereigns were held in the Murdoch Collection, sold by Sotheby, Wilkinson & Hodge in London, 1903. Acquired by Reginald Huth and later A H Whetmore, the coin eventually sold at Spink Auctions, Australia 1985 (lot 1048) and is currently held by a Melbourne collector.
The other 1901 Proof Half Sovereign ex John G. Murdoch collection is housed in the British Museum, by way of the Clarke-Thornhill bequest of 1935.
The Melbourne Mint holds two examples of the 1901 Proof Half Sovereign. No Perth proofs were in the Sydney Mint Collection and it is believed that the Perth Mint did not retain an example for itself.
1931 Proof Sovereign
Two examples are available to collectors, one of which has been impaired through mishandling.
A coin of significance as the last proof sovereign struck for Australia. Currently held by a Melbourne collector.
There have been no known sightings of a Perth Mint 1931 Proof Sovereign at an Australian or international public auction.
1931 Proof Sovereign
Unique for quality, the finest of two available to collectors, the other example impaired through mishandling.
A coin of significance as the last proof sovereign struck for Australia and held by a Melbourne collector.
There have been no known sightings of a Perth Mint 1931 Proof Sovereign at an Australian or international public auction.
Shop Coinworks
© Copyright: Coinworks
