There is nothing quite like gold. Especially when it has been transformed into these exquisite coins, rare and beautiful pieces, with lustre that transcends time.
Australia’s proof gold sovereigns and half sovereigns are impactful. They are prestigious and they exude luxury. Crafted in 22 carat gold, the coins have a refinement and an elegance that is unmatched by Australia’s Commonwealth copper and silver proofs.
They also are supremely rare.
The extreme rarity of the gold proofs pre-1931 is a consequence of their original mintages. One or two examples are known of each year … sometimes three.
Whether it is one, two or three the mintages are minuscule relative to the size of today’s investor/collector market.
And while the natural assumption may be that proofs were struck in every year this is simply not the case.
Collectors seeking to acquire examples of Australia’s proof sovereigns and half sovereigns (pre -1931) are afforded very limited opportunities for acquisition.
The infrequent buying opportunities are well illustrated in the series of gold proofs struck between 1871 and 1887: an era in which a youthful portrait of Queen Victoria was portrayed on our coins.
In the case of the sovereign, only three Younghead St George proof issues have ever been sighted … 1871S, 1880S and 1886M.
For those that are assuming that there are probably quantities of each date available to the market - think again. The nightmare continues when you look at the known sightings. Two examples are known of the 1886M and the 1880S. And the 1871S (photographed here) is unique.
So the reality for collectors is this. If you want a proof example of a St George Young Head Sovereign you have a pool of five examples only.
A similar dire situation faces the collector that is seeking to acquire a Younghead Proof Half Sovereign. There are only six years in which proof half sovereigns have been sighted out of the 33 potential issues … 1871, 1880, 1883, 1884, 1886 and 1887.
These six issues are represented by nine coins only, the maximum number of each proof being two.
The stability of the Australian rare coin market, the financial balance that our industry can offer relative to other more volatile investments, is well illustrated by the record of Australia’s gold proof sovereigns and half sovereigns, in particular the 1871 pair shown here.
The following financial data has been taken from Auction realisations and private sales and details the financial path of the 1871 Proof Sovereign over the last 33 years.
| 1978 |
$2100 |
|
| 1988 |
$10,100 |
(17 per cent per annum compound growth rate between 1978 and 1988) |
| 2003 |
$57,500 |
(12 per cent per annum compound growth rate between 1988 and 2003) |
| 2011 |
$220,000 |
(16 per cent per annum compound growth rate between 2003 and 2011) |
Coins shown
| Coin: |
1871 Proof Sovereign (Younghead portrait, St George Reverse) |
| Quality: |
Brilliant FDC |
| Rarity: |
Unique in private hands |
| Pedigree: |
Publicly sighted in 1888, seventeen years after the coin was struck, when it was sold at auction as part of the Marsham Collection.
From Marsham to Murdoch, then to Sothebys of England (1903) when it sold as lot 620.
Spink Auctions (Australia) November 1978 when it sold for $2100 on an estimate of $1500.
Spink Auctions July 1988 when it sold for $10,100 on a pre-auction estimate of $6000.
Coinworks private treaty 2003, $57,500
|
| Coin: |
1871 Proof Half Sovereign (Younghead portrait, Shield Reverse) |
| Quality: |
Brilliant FDC |
| Rarity: |
Unique in private hands |
| Pedigree: |
Spink Auctions (Australia) November 1978 when it sold for $3200 on an estimate of $1500.
Spink Auctions July 1988 when it sold for $10,500 on a pre-auction estimate of $6000.
Coinworks private treaty 2003, $57,500
|