1892 Melbourne Sovereign - PCGS MS63

Australia, 1892 Melbourne Sovereign -

McD 185. After collecting for a few years, you’ll start to pick up on the “character” of the different coin types. You’ll know that some series of coins commonly come heavily bagged for some reason, while others appear frequently in higher grade. You’ll get the sense of which dates are difficult and which dates are common. You’ll learn what dates generally have good strikes and eye appeal, and which don’t. When you have a sixth sense about the “character” of certain types of coins, you’ll know value and scarcity when you see it. The coin photographed, an 1892-M sovereign in PCGS MS63, is one of those underrated rarities that flies under the radar of collectors who don’t have this “sixth sense”. For most collectors, particularly if they’re religious followers of the price guides, this coin here is a common date in a low numerical grade. But if you know about the Jubilee head series of sovereigns you’ll know that the 1892-M sovereign is notoriously difficult to source free from bag marks or field imperfections: For some reason or another, the date is simply very baggy. Therefore, to find an example free from detracting marks and other faults is an achievement. If you know about Jubilee head sovereigns, you’ll also know that MS63 is a high grade for a sovereign generally and for a Jubilee head sovereign specifically; indeed, it’s comparable in scarcity to a George VI threepence in MS65 or a 1960s florin in MS66. If you don’t like to act on your “sixth sense”, then look at the numbers: The PCGS Population Report shows that the average grade of 1892-M sovereign is 61.5, so even an MS62 is better-than-average. The coin photographed above is MS63, a full point and a half above average and also the equal-second finest graded by PCGS (12/14). Whichever way you look at it, whether you go by gut instinct or pure numbers, this coin is rare.