St. James's Auctions
Auction 32 19 May 2015
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1920 Sydney Mint Sovereign Specimen Strike
George V, proof sovereign, 1920S, bare head l., rev. St. George and the dragon, S above date (S.4003; M.280; McD.264; KM.29; Fr.38), a marvellous sovereign, essentially FDC, lustrous and obviously specially struck with an unusual degree of sharpness on King George's portrait, while on the reverse some detail is lacking on St. George's chest but this is mainly die-transfer in nature as the horse and dragon are both boldly rendered, as are the date and mintmark, and the rims and both border ornamentations are especially sharp, the surfaces being choice and possessing a lovely old-gold colour, an extreme Australian rarity and the most boldly detailed specimen known
*ex R. Jaggard Collection, 1989
ex Paul Terry Collection, by private treaty
ex Monetarium, by private treaty
ex Quartermaster Collection, Monetarium (Australia) Pty. Ltd., 4 June 2009, lot 196 realised AU$800,000 hammer price
While the mintage was recorded as 360,000 pieces struck for currency, or commercial use, the rarity of the 1920S sovereign has become legendary. That mintage figure may in fact be a count of sovereigns bearing the date 1919, because the value of gold fluctuated unusually in 1920 following the conclusion of World War I (see the Royal Mint Report dated 31 December 1920, Appendix IX). London had suspended sovereign mintage in 1917, Ottawa in 1919; Bombay struck sovereigns only in 1918; only in South Africa and Australia did the manufacture of new sovereigns continue through the 1920s, likely because of their immediate access to gold ore. Looking at present rarity ratings for many of those issues, however, it would appear that millions of them were included in the massive melt of sovereigns (more than 91,000,000) by the Bank of England in 1930. It is possible that the only other extant 1920S sovereigns were made for a special occasion, as explained below. If that was the source of all other examples presently known, it may well be that no sovereigns dated 1920 were struck at Sydney, or that all were melted and turned into gold bars.
Far more than a choice coin, however, this special strike is without question the finest known example of Australia's rarest gold coin. One glance at it and the viewer will understand its visual appeal. Just four 1920S sovereigns are thought to exist in private hands, but three of them cannot compare to the astounding quality of this specimen coin. All other examples demonstrate a similar looking satiny gold obverse but their reverses are not as clear and brilliant as seen on this specimen, which last appeared in the Quartermaster Collection sale of 2009. The reason for the difference in metal texture was the quality of the dies used. Those other three coins each have a reverse that appears somewhat 'pickled' or slightly rough in texture, caused by residue left on the die after it was shipped by sea and coated most likely in protective grease. On the presently offered coin, the reverse die was cleared entirely of this residue. Every 1920S sovereign is certainly of extraordinary rarity, and therefore is always in demand by top collectors. The present coin, however, is nothing less than a legendary numismatic treasure.
In the Bentley sale, the 1920 Sydney mint sovereign was called the rarest of all issues of the sovereign series, rarer even than the famed 1819 sovereign struck at London, of which some 10-12 examples exist, compared to only 4 known examples of the 1920S issue. The Bentley sale cataloguer concluded by suggesting that this coin's great rarity did not arise from any melting of the reported mintage at Sydney for the year but instead that no pieces were struck during 1920 bearing the date and S mint mark except those minted because of some 'special event' in the year which was unknown at the time of the Bentley sale. In our sale of the George Collection in 2014 we produced evidence that the 'special event' was an order for sovereigns dated 1920 which was placed early in 1920 with the Sydney Mint by Jacob Garrard, in order to present them to his seven children when he and his wife, Rebecca, celebrated their golden wedding anniversary on 15 April. From this we deduced that there could be a maximum of only 9 Sydney mint sovereigns dated 1920 in existence, although to date only 4 examples are known.
As mentioned above, this extreme rarity is probably due to the post-WWI fluctuations in the metals market which rendered a gold coinage impractical. The report of the Royal Mint issued on 31 December 1920 notes that the quoted value of gold per troy ounce, as of 5 February 1920, was 127s 4d per ounce. This meant that the cost of minting a single sovereign with a face value of 20 shillings was 30 shillings. Clearly, the Mint decided to postpone the issue of a gold coinage, but transmission of any such decision was incomplete when Jacob Garrard placed his special order, thereby unknowingly creating the greatest gold rarity of the British Empire.
It should be stressed that of the four examples known, one is in a museum and two have gone into private collections. This is doubtless going to be the last opportunity to acquire a 1920S sovereign for the foreseeable future.
The 3 other known examples of the 1920S sovereign are:
the first:
*ex Jacob Garrard, April 1920. Thence by descent to daughter/granddaughter
ex Noble Numismatics Sydney, Australia, Sale 50, 20-22 March 1996, lot 1470
then sold by private treaty into the George Collection by Monetarium Australia Pty Ltd.
ex St James's Auctions, 5 March 2014, virtually as struck, realised £542,500 inc. b.p.
the second:
*ex Jaggards, Sydney Australia, retail list, February 1979
ex Kurt Jaggard Monetary Auctions, Australia, 11 April 2006, lot 404, realised AU$582,500, purchased by Winsor and Sons, Jamberoo, NSW Australia
ex Bentley Collection, Baldwins, 27 September 2012, lot 736, practically as struck, realised £650,000 hammer price.
the third:
*ex Spink and Son (Australia) Pty Ltd, 2 November 1978, lot 631, nearly extremely fine, ex AHF Baldwin collection, realised AU$3,600 hammer price
ex Spink and Son, London, 15 March 1992, lot 438, good extremely fine, realised £104,000 hammer price
Estimate: £400,000-500,000
George V, proof sovereign, 1920S, bare head l., rev. St. George and the dragon, S above date (S.4003; M.280; McD.264; KM.29; Fr.38), a marvellous sovereign, essentially FDC, lustrous and obviously specially struck with an unusual degree of sharpness on King George's portrait, while on the reverse some detail is lacking on St. George's chest but this is mainly die-transfer in nature as the horse and dragon are both boldly rendered, as are the date and mintmark, and the rims and both border ornamentations are especially sharp, the surfaces being choice and possessing a lovely old-gold colour, an extreme Australian rarity and the most boldly detailed specimen known
*ex R. Jaggard Collection, 1989
ex Paul Terry Collection, by private treaty
ex Monetarium, by private treaty
ex Quartermaster Collection, Monetarium (Australia) Pty. Ltd., 4 June 2009, lot 196 realised AU$800,000 hammer price
While the mintage was recorded as 360,000 pieces struck for currency, or commercial use, the rarity of the 1920S sovereign has become legendary. That mintage figure may in fact be a count of sovereigns bearing the date 1919, because the value of gold fluctuated unusually in 1920 following the conclusion of World War I (see the Royal Mint Report dated 31 December 1920, Appendix IX). London had suspended sovereign mintage in 1917, Ottawa in 1919; Bombay struck sovereigns only in 1918; only in South Africa and Australia did the manufacture of new sovereigns continue through the 1920s, likely because of their immediate access to gold ore. Looking at present rarity ratings for many of those issues, however, it would appear that millions of them were included in the massive melt of sovereigns (more than 91,000,000) by the Bank of England in 1930. It is possible that the only other extant 1920S sovereigns were made for a special occasion, as explained below. If that was the source of all other examples presently known, it may well be that no sovereigns dated 1920 were struck at Sydney, or that all were melted and turned into gold bars.
Far more than a choice coin, however, this special strike is without question the finest known example of Australia's rarest gold coin. One glance at it and the viewer will understand its visual appeal. Just four 1920S sovereigns are thought to exist in private hands, but three of them cannot compare to the astounding quality of this specimen coin. All other examples demonstrate a similar looking satiny gold obverse but their reverses are not as clear and brilliant as seen on this specimen, which last appeared in the Quartermaster Collection sale of 2009. The reason for the difference in metal texture was the quality of the dies used. Those other three coins each have a reverse that appears somewhat 'pickled' or slightly rough in texture, caused by residue left on the die after it was shipped by sea and coated most likely in protective grease. On the presently offered coin, the reverse die was cleared entirely of this residue. Every 1920S sovereign is certainly of extraordinary rarity, and therefore is always in demand by top collectors. The present coin, however, is nothing less than a legendary numismatic treasure.
In the Bentley sale, the 1920 Sydney mint sovereign was called the rarest of all issues of the sovereign series, rarer even than the famed 1819 sovereign struck at London, of which some 10-12 examples exist, compared to only 4 known examples of the 1920S issue. The Bentley sale cataloguer concluded by suggesting that this coin's great rarity did not arise from any melting of the reported mintage at Sydney for the year but instead that no pieces were struck during 1920 bearing the date and S mint mark except those minted because of some 'special event' in the year which was unknown at the time of the Bentley sale. In our sale of the George Collection in 2014 we produced evidence that the 'special event' was an order for sovereigns dated 1920 which was placed early in 1920 with the Sydney Mint by Jacob Garrard, in order to present them to his seven children when he and his wife, Rebecca, celebrated their golden wedding anniversary on 15 April. From this we deduced that there could be a maximum of only 9 Sydney mint sovereigns dated 1920 in existence, although to date only 4 examples are known.
As mentioned above, this extreme rarity is probably due to the post-WWI fluctuations in the metals market which rendered a gold coinage impractical. The report of the Royal Mint issued on 31 December 1920 notes that the quoted value of gold per troy ounce, as of 5 February 1920, was 127s 4d per ounce. This meant that the cost of minting a single sovereign with a face value of 20 shillings was 30 shillings. Clearly, the Mint decided to postpone the issue of a gold coinage, but transmission of any such decision was incomplete when Jacob Garrard placed his special order, thereby unknowingly creating the greatest gold rarity of the British Empire.
It should be stressed that of the four examples known, one is in a museum and two have gone into private collections. This is doubtless going to be the last opportunity to acquire a 1920S sovereign for the foreseeable future.
The 3 other known examples of the 1920S sovereign are:
the first:
*ex Jacob Garrard, April 1920. Thence by descent to daughter/granddaughter
ex Noble Numismatics Sydney, Australia, Sale 50, 20-22 March 1996, lot 1470
then sold by private treaty into the George Collection by Monetarium Australia Pty Ltd.
ex St James's Auctions, 5 March 2014, virtually as struck, realised £542,500 inc. b.p.
the second:
*ex Jaggards, Sydney Australia, retail list, February 1979
ex Kurt Jaggard Monetary Auctions, Australia, 11 April 2006, lot 404, realised AU$582,500, purchased by Winsor and Sons, Jamberoo, NSW Australia
ex Bentley Collection, Baldwins, 27 September 2012, lot 736, practically as struck, realised £650,000 hammer price.
the third:
*ex Spink and Son (Australia) Pty Ltd, 2 November 1978, lot 631, nearly extremely fine, ex AHF Baldwin collection, realised AU$3,600 hammer price
ex Spink and Son, London, 15 March 1992, lot 438, good extremely fine, realised £104,000 hammer price
Estimate: £400,000-500,000