Madagascar
Ranavalona III silver Proof Pattern 5 Francs 1895 PR63+ NGC, London mint, KM-XM3, Dav-70, cf. VG-4243D (listed only in platinum), Gad-10, Lec-37. Mintage: 25. A classic Malagasy type produced unofficially by Pinches and Co. for Dr. Reginald Huth of London in a tiny figure of only 25 examples. Of those, this example is the finest of only 3 that NGC has certified, and comes imbued with a charming slate gray patina punctuated by underlying champagne hues. One of fewer than 10 we have been able to trace coming to market in recent years, and an essential African crown-sized issue.
Ex. Schulman Auction 360 (October 2019, Lot 62)
https://coins.ha.com/itm/madagascar/madagascar-ranavalona-iii-silver-proof-pattern-5-francs-1895-pr63-ngc-/a/3091-31168.s?type=CoinArchives3091
HID02906262019
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Estimate: 9000-11000 USD