Baldwin & Sons
Auction 88 8 May 2014
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BRITISH COINS, MILLED GOLD SOVEREIGNS, George V, Gold Sovereigns (3), 1914, 1915, 1925, bare head left, 1925 with B.M recut on truncation, note lack of last stop, rev St George slaying dragon with sword, raised die flaw in cloak and helmet streamer, date in exergue, 1925 with coarser milling on edge with higher rims (Bentley 360, 361, 364; Marsh 216, 217, 220; MCE 642, 643, 646; S 3996). First two with light surface marks and hairlines, extremely fine, the last with some bagmarks only, good extremely fine. (3)
Calendar year mintages 1914=11,501,117; 1915=20,295,280. Total output dated 1925 = 4,406,431 which breaks down as 1925=3,520,431; 1949=138,000; 1951=318,000; 1952=430,000.
Following the outbreak of WWI the Government issued Treasury banknotes to the value of Sovereigns and Half-Sovereigns which were convertible to gold on demand at the Bank of England. However the public were encouraged not to do this, as the gold was no doubt needed elsewhere for purchases of vital supplies from overseas.
The high mintage of 1915 marks the end of higher production of gold at the mint as Great Britain strengthened its reserves for payments under the duress of war. Most of the Sovereigns will not have been used by the public.
It is very interesting to note in the ten years from 1905 to 1915 mint output was at its highest ever, and this total ten year production was of a similar figure to the total of all the years of output from the Sovereign's inception in 1817 until the previous record production total in 1872, a full 55 years of mintage.
Later when collectors started to seek out the modern gold Sovereign just after WWII, the 1925 Sovereign was always a challenging coin to find as its issue was for Bank of England gold reserves only. This coupled with the Gold Standard Act of 1925 meant that the Treasury banknotes were no longer convertible to gold coin on demand, but the Bank was compelled to sell 400 ounce fine gold bars to any purchaser who asked for it at a price of £3/17/10½d per ounce in legal tender money.
The reissue of 1925 dated Sovereigns in the reign of George VI occurred because of a need for more coins in the gold reserve of the Bank of England, and totalled 886,000 pieces from 1949 to 1952, without any issued in 1950. George VI Sovereign dies could not be used as their Proclamation and issue was only as commemorative patterns with plain edges in 1937, and therefore not authorised for currency, hence the 1925 George V designs being used again. These later coins eventually started to find their way into the hands of collectors and any premium on 1925 dated coins as a great rarity was soon eradicated.
The 1925 Sovereign as we have here has a high rim and recut initials on the truncation. If an original 1925 Sovereign could be found we would expect it to have a less prominent rim and more shallow initials.
Estimate: £550-650
Calendar year mintages 1914=11,501,117; 1915=20,295,280. Total output dated 1925 = 4,406,431 which breaks down as 1925=3,520,431; 1949=138,000; 1951=318,000; 1952=430,000.
Following the outbreak of WWI the Government issued Treasury banknotes to the value of Sovereigns and Half-Sovereigns which were convertible to gold on demand at the Bank of England. However the public were encouraged not to do this, as the gold was no doubt needed elsewhere for purchases of vital supplies from overseas.
The high mintage of 1915 marks the end of higher production of gold at the mint as Great Britain strengthened its reserves for payments under the duress of war. Most of the Sovereigns will not have been used by the public.
It is very interesting to note in the ten years from 1905 to 1915 mint output was at its highest ever, and this total ten year production was of a similar figure to the total of all the years of output from the Sovereign's inception in 1817 until the previous record production total in 1872, a full 55 years of mintage.
Later when collectors started to seek out the modern gold Sovereign just after WWII, the 1925 Sovereign was always a challenging coin to find as its issue was for Bank of England gold reserves only. This coupled with the Gold Standard Act of 1925 meant that the Treasury banknotes were no longer convertible to gold coin on demand, but the Bank was compelled to sell 400 ounce fine gold bars to any purchaser who asked for it at a price of £3/17/10½d per ounce in legal tender money.
The reissue of 1925 dated Sovereigns in the reign of George VI occurred because of a need for more coins in the gold reserve of the Bank of England, and totalled 886,000 pieces from 1949 to 1952, without any issued in 1950. George VI Sovereign dies could not be used as their Proclamation and issue was only as commemorative patterns with plain edges in 1937, and therefore not authorised for currency, hence the 1925 George V designs being used again. These later coins eventually started to find their way into the hands of collectors and any premium on 1925 dated coins as a great rarity was soon eradicated.
The 1925 Sovereign as we have here has a high rim and recut initials on the truncation. If an original 1925 Sovereign could be found we would expect it to have a less prominent rim and more shallow initials.
Estimate: £550-650