Watch List notes:

George V, proof 'Wreath' crown, 1932, bare head l., rev. large crown within wreath (S.4036; ESC.372; L&S.41, giving the former ESC rarity estimate of R6, as number 372A), FDC, a superb coin showing the deep strike and reflective fields of a proof, mostly brilliant with delicate toning, a delightful specimen in every way *ex Sotheby, 13 February 1986, lot 245 ex Baldwins Auction 31, lot 296 The scant mintages of the Wreath crown series are suggestive of the hard times out of which they were born, the first date being 1927, minted immediately on the heels of the great labour strike of 1926. This short-lived series in fact had little purpose in its day, and pieces became popular as Christmas stocking gifts among the well-to-do, with little surviving evidence that these crowns were ever commercially viable. This type has never been fully appreciated for its scarcity in better states of preservation, possibly because of earlier catalogue comments that most examples show little if any wear. True that may be, but the vast majority of surviving crowns of this type are far from perfect and even the nicer coins tend to show some slight rubbing on high points. Due to die-transfer, the king's cheek appears to have light abrasions, but these are deceptive: they are not marks caused post striking but are as made. The typical Wreath crown exhibits sharp details, a dull silvery lustre, and surfaces that are slightly grainy and more satiny than reflective. Collectors, however, have long argued over certain specimens, whether they were made as special proofs or just particularly well struck on slightly polished flans, and indeed some of the 1927 proofs support the argument. However, proofs such as this coin do exhibit special fields and slightly more crispness in the strike overall than is seen even on the best-struck normal pieces, and the rims and edge tend to confirm their status. A modern rarity as a Proof of Record.

Estimate: £2500-3000