Watch List notes:

GREAT BRITAIN: George VI, 1936-1952, AE penny, 1951, KM-869, S-4117, Matte Proof struck from sand-blasted dies, reported mintage of only 2 examples! NGC graded Proof 60 RB, RRRR. These exceptionally rare matte proof finish coins were struck especially at the Royal Mint for photographic purposes, from around the mid-1920's until as late as the mid-1970's. As flash photography was used to illustrate promotional material, the brilliant Proofs caused too much reflection in the resulting image at this period of time to be acceptable and it was much easier to literally strike a few examples with a satin matte finish, so as not to reflect the flash in days before digital imaging was possible.

Estimate: 2,500-3,500 USD