1922 Sydney Sovereign - PCGS MS62

Australia, 1922 Sydney Sovereign -

The 1922-S sovereign has always been a key rarity in the sovereign series: In fact, such was its rarity that, in 1980, it was valued higher than the famous 1920-S sovereign ($5,000 versus $4,500, according to the 12th edition of the Renniks catalogue). The coin photographed above is only the third that I’ve had in stock since 2008, and one of the nicer examples that I’ve seen on the market in recent years. It has also been a strong performer over the decades, valued at a modest $200 in UNC in 1970. In 1980, the same year that arcade game Pac-Man was released, the coin was worth $5,000, and by the time Prime Minister Paul Keating had won the “unwinnable” 1993 election, the coin was valued at $15,000. Then, in 2009, a 1922-S sovereign sold for over $86,000 in the Quartermaster auction, although that coin was described as a specimen (the Quartermaster auction did not have a currency issue example). The frothiness has come out of the market somewhat since then, and prices have come down to more realistic levels, in my view. The coin photographed above is no specimen, but it’s a fair dinkum, problem-free example with pleasing lustre, and attractive eye appeal. The strike is sharp, fields generally clear, and rims free from unattractive knocks or dents. Overall, it’s a pleasing coin that has returned a not underwhelming 6.3% pa on average compounded annually since 1980, and 12.6% pa since 1970. From the collection of a Singaporean-based collector.