BRITISH COINS, MILLED GOLD SOVEREIGNS, George V, Gold Sovereigns (4), 1923M, 1924M, 1925M, 1926M, bare head left, b.m. on truncation, rev St George slaying dragon with sword, M mintmark on ground, date in exergue, tiny b.p. to upper right (Bentley 836, 837, 838, 839; McD 274, 277, 280, 283; QM 206, 209, 212, 215; KM 29; Fr 39; Marsh 241 R, 242 R, 243, 244 R; S 3999). All with light surface marks, the last a little more heavily marked with dig by forehead, first extremely fine, the second about extremely fine, the third good extremely fine, the last very fine. (4)
Calendar year mintages 511,029; 278,140; 3,311,662; 211,107 respectively including those that were sent for pyx trial. The pyx figures were 259; 140; 1662; and 107 respectively.
The 1926M is the lowest calendar year output for the larger bust of George V at the Melbourne mint, however output continued into the calendar year for 1927 to the tune of 310,000 pieces, and as there are no examples known of 1927 dated Sovereigns, these Melbourne mint coins therefore were probably all dated 1926. This explains why the 1926M is not such a rare date as other years with higher calendar year outputs and may have been hoarded in banks. Strangely Marsh lists a 1927M as number 245 rated R2 probably as an assumption of existence as it is certain he never saw an example, and he judged his rarity ratings more on the mintage figures per calendar year rather than truly studying what was in numismatic commerce.
Estimate: £800-1000