1928 Melbourne Sovereign - PCGS MS65

Australia, 1928 Melbourne Sovereign -

The 1920s saw Australians enjoy unprecedented day-to-day prosperity. There was new technology like moving films, radio, and affordable automobiles, new retail concepts like the grocery store, new ways to travel, new ways to eat, and new ways to spend. In fact, in the decade since Australia issued its first banknotes, gold coins had become all but extinct in everyday commerce. Men carried wallets full of paper gold certificates, which were notionally gold certificates, but were not practically exchangeable for precious metal. As a result, the number of gold sovereigns minted each year fell to their lowest point since the 1850s, except at Perth where the coins were generally exported. Half sovereign production had ceased in 1919. In fact, it’s not surprising that the year in which Australia’s most common gold certificate was printed was also the same year that gold sovereign production fell to a multi-year low. As every sovereign collector knows, the result is a string of key date and rare sovereigns. The 1928M sovereign is one of the last of these scarce dates. Although 413,208 pieces were minted, very few coins exist today. Quality examples appear once or twice a year, while high-grade mint state examples are rare. PCGS has graded just 47 pieces. The coin photographed above is one of those 47 coins, but is the equal-finest graded at PCGS MS65. There is just one other example in PCGS MS65, and that coin is impounded in a long-term collection, so is not available to collectors. It was originally in an NGC MS65 holder and last appeared on the market in 2012, when it sold for US$10,925 including auction fees. If you’re seeking to build a superior George V sovereign set, with a high-grade representation of every coin, the coin photographed above is essential.