1879 Sydney "C over O" Shield Reverse Sovereign - PCGS AU50

Australia, 1879 Sydney "C over O" Shield Reverse Sovereign -

Since the so-called 1879-S "C over O" shield sovereign error was publicised after the 2009 Quartermaster auction, I've kept my eyes out for an example. It’s the only major shield sovereign variety mentioned in the McDonald catalogue that I haven’t offered for sale, and one of the most elusive sovereign errors in the book. Unlike the 1880-S shield reverse sovereign with the inverted A in “Australia”, of which dozens have now emerged in the market, the 1879-S “C over O” shield sovereign error is currently known by only five coins. If we assume that collectors and dealers are keen to discover more of these errors and are constantly looking out for them in the market, it stands to reason that the coin must be quite scarce, even in low grade. The example in the Quartermaster sale, which was graded “good Very Fine/about Extremely Fine”, sold for $8,018 in 2009, while a specimen described as “nearly Uncirculated/Uncirculated” sold for almost $14,000 in a Sydney auction a month later. As I write this, there is an example for sale in Europe described as “good Extremely Fine” and priced at USD$27,950. It’s real value is difficult to pin down, but I think my price of $4,950 is fair and not too excessive. PCGS has graded only two examples, one in AU53 and the second, photographed above, in AU50. Very scarce this nice, and one to potentially put away for the long-term. Call +61 421 229 821 to discuss.