Watch List notes:

Five Pounds 1902 Matt Proof, a high relief example giving an almost three-dimensional effect , so much so that the coin rocks when placed on a flat surface. Apparently new dies were swiftly introduced to give a lower relief with consequent savings due to reduced striking pressure and less consequent die wear. nFDC the reverse with some hairlines below the horse's tail. An Extremely Rare and eye-catching piece. We note a similar example sold in London Coins Auction A151 6/12/2015 Lot 2416 for £6000 hammer price

Estimate: 3500-4500 GBP