Baldwin & Sons
Auction 88 8 May 2014
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BRITISH COINS, MILLED GOLD SOVEREIGNS, Elizabeth II, Gold Proof Sovereigns (3), 1979, 1980, 1981, second crowned and draped bust right, with frosted design elements, rev St George slaying dragon with sword, date in exergue, tiny b.p. to upper right (Bentley -; cf Marsh 310, 311, 312; S 4204). Generally as struck, without certificates or boxes. (3)
Numbers issued 50,000; 81,200; 32,960 respectively
In modern decimal times the mint has released figures of how many examples of a commemorative proof coin are actually "issued" rather than a calendar year output. These figures are useful as often certificates with such coins describe them as a "Limited Edition" figure, giving the maximum number that could exist. The issue figure is often less than the limit of the edition, if an edition of a coin is not sold out. Currency Sovereigns were issued concurrently with the proof issue for 1979 to 1982 inclusive.
It is interesting to note how the number issued of these proof Sovereigns follows the public interest in gold at that time. Gold was approaching an all-time high in real terms of spending power through 1979 to 1980, reaching a peak on the 21 January 1980 at US$850 an ounce, thus explaining the massive demand translated as sales of the Proof Sovereign dated 1980 as well as new four coin gold sets with the component coin of the Sovereign with the Five Pounds, Two Pounds and Half-Sovereign. Gold price then declined throughout that year, at times quite dramatically, with limited recovery, resulting in declining sales for the upcoming 1981 Proof that were less than half the 1980 issue. This then followed on to even lower issue numbers in succeeding years.
Estimate: £550-650
Numbers issued 50,000; 81,200; 32,960 respectively
In modern decimal times the mint has released figures of how many examples of a commemorative proof coin are actually "issued" rather than a calendar year output. These figures are useful as often certificates with such coins describe them as a "Limited Edition" figure, giving the maximum number that could exist. The issue figure is often less than the limit of the edition, if an edition of a coin is not sold out. Currency Sovereigns were issued concurrently with the proof issue for 1979 to 1982 inclusive.
It is interesting to note how the number issued of these proof Sovereigns follows the public interest in gold at that time. Gold was approaching an all-time high in real terms of spending power through 1979 to 1980, reaching a peak on the 21 January 1980 at US$850 an ounce, thus explaining the massive demand translated as sales of the Proof Sovereign dated 1980 as well as new four coin gold sets with the component coin of the Sovereign with the Five Pounds, Two Pounds and Half-Sovereign. Gold price then declined throughout that year, at times quite dramatically, with limited recovery, resulting in declining sales for the upcoming 1981 Proof that were less than half the 1980 issue. This then followed on to even lower issue numbers in succeeding years.
Estimate: £550-650