Watch List notes:

Australia Penny 1931 Normal date alignment KM#23 UNC with around 30%/70% lustre with minor cabinet friction, Very Rare and sought after in high grade, with a mintage of only 494,000, the second lowest mintage in the George V Australian Penny series, our archive database stretching back to 2003 indicates that is the first we have offered

Estimate: 400-600 GBP