1931 Dropped 1 Penny with Indian obverse - PCGS XF40

Australia, 1931 Dropped 1 Penny with Indian obverse -

The 1931 Dropped 1 Indian obverse die is one for the true variety collector. Rarer than the 1930 penny, 1922/1 overdate threepence, and the Adelaide Pound, perhaps it should be one for the investor as well. What makes this coin rare is a slight variation in the number of rim denticles on the obverse. While the typical and more common 1931 Dropped 1 penny has 177 rim denticles (the obverse die being described as the “London die”), the coin photographed above has 178 rim denticles, as its obverse was struck from the so-called “Calcutta die” or “Indian die”. This is a well-known variety, one that has been sought by variety collectors for many years. Both London and Indian dies were used across the George V penny series from 1920 to 1931, and collectors often spend many years trying to find all die combinations. The 1931 Dropped 1 Indian die is often one of the last to be acquired, due to its rarity. And its value? That’s a difficult one to pin down. In May 2013, an example described as “aVF/VF”, and having “rim grazes” and “small marks in obverse field” sold for $2,097 in a Sydney auction, while a problem-free example graded as “Fine” sold for $3,612 the month before, also in a Sydney auction. In November 2012, again in Sydney, another specimen that had pitting evident in the obverse fields and described as “Very Fine” with a “slight bend” on the obverse sold for $2,330. Looking at these realisations, it is clear that impaired and low-grade examples are worth from $2,000 to around $3,500, so a superior example, such as the one above, with a near-full centre diamond on the band and no unnatural impairments to the rims, fields, or the design, should be worth more. Looking back into my own sales records, I note that I sold a superior example, graded Very Fine with full centre diamond for $5,750 in July 2008. Therefore, a price somewhere in between these two price points seems reasonable. Please call +61 421 229 821 or 1800 832 328 to discuss.