BRITISH COINS, MILLED GOLD SOVEREIGNS, George V, Gold Sovereign, 1920M, bare head left, engraved by Edgar Bertram MacKennal, b.m. on truncation, legend reads georgivs v d: g: britt: omn: rex f: d: ind: imp:, rev St George slaying dragon with sword, engraved after Benedetto Pistrucci, M mintmark on ground, date in exergue, light die flaw from date figures to ground line, tiny b.p. to upper right (Bentley 833; McD 265; QM 197 R; KM 29; Fr 39; Marsh 238 R2; S 3999). With a hint of ghosting, once cleaned, nick in field under chin, otherwise extremely fine, compares well and perhaps less marked than the recent George Collection example, very rare.
Calendar year mintage 530,266 of which 266 went for pyx trial. The 1920 Melbourne Sovereign was struck in a much smaller quantity than the years in the previous decade. This was because the price of gold bullion rose to a price above the face value of the Sovereign, as high as 127/4d an ounce as of 5 February 1920 which meant at that time it cost 30/- to mint a 20/- gold coin. Therefore mintage was sporadic throughout the year.
Estimate: £3000-3500