Watch List notes:

BRITISH COINS, George V (1910-1936), 'Jubilee Issue' VIP Frosted Silver Proof Crown, 1935, struck in .500 silver with incuse edge, bare head left, BM on truncation, rev struck en médaille, St George slaying the dragon in modernistic style, PM below, edge inscribed in incuse letters and dated XXV (cf L&S 45; ESC 377A, R6; Davies 1650; Bull 3654). Some crazing in the frosted finish, otherwise as struck, lightly toned and of the highest rarity.
ex A H Baldwin & Sons Ltd, Fixed Price List, Winter 2012, item BM087
Not to be confused with the much more common raised edge issue, these incuse edge proofs were no doubt for special presentation.

Estimate: £5500-6500