1855 Sydney Mint Type I Sovereign PCGS AU 55
| We Last Sold This Item For: | $15,000.00 |
|---|---|
| Last Sold On: | 24/10/2024 |
| # Sold In Past 12 Months: | 1 |
1855 Sydney Mint Type I Sovereign PCGS AU 55
Obverse: Type I bust of Victoria to left, date below and legend around
Reverse: AUSTRALIA within wreath, denomination below and legend around
Diameter: 22.00mm | Weight: 7.99g | Purity: 91.67 | AGW: 0.2354 ozt
Mintage: 502,000
This is a superior example of Australia's first official sovereign, much detail remains in the portrait.
The first sovereigns were struck at the Sydney Mint on June 23rd, 1855, produced to alleviate currency problems following the discovery of gold in Western NSW in 1851.
They were initially declared legal tender only within NSW and were derided in London, Melbourne and Adelaide.
One school of thought at the time was that London did not want to risk the international reputation by permitting possibly inferior coins from Sydney to circulate among the trusted British sovereigns coursing through the world’s commercial centres.
The success of the Sydney Mint sovereigns proved beyond doubt that Australian manufacturing expertise paralleled that of London, and this pride today remains evident in the esteem with which collectors hold the Type I Sydney Mint sovereigns.
Ironically, the intrinsic value of the Type I Sydney Mint sovereigns was higher than that of the sovereigns struck at the Royal Mint in London at the same time.
The home authorities decided to test the quality of the colonial sovereigns in January 1856, and their results showed that they had a higher intrinsic value than the British coins, primarily due to the percentage of silver included in them.
Once these results were known, Australian merchants began melting the Sydney sovereigns to profit from their intrinsic value. Indians also hoarded as many of the coins as were exported to them, and in fact, made special efforts to obtain them.
Due to the different alloy, the Sydney sovereigns had a lighter colour than the British sovereigns. The softer alloy also saw the metal flow through the dies at a slightly higher rate.
Discerning collectors can tell that these coins feature a slightly smoother appearance due to this nuance in their manufacture.
The Type I obverse featured a filleted bust of Victoria and approval for it quickly waned after introduction.
James Wyon was ordered to engrave a new obverse, uniquely Australian and quite different to British sovereigns. It included a Banksia wreath in place of the cloth fillets. In 1862, a Select Committee recommended that new designs be introduced.
Sydney sovereigns were to have the same designs as those struck by the Royal Mint and were to feature a Sydney mintmark. The first "colonial" sovereigns were to be withdrawn from circulation as quickly as possible. These recommendations were covered by an Imperial Proclamation in 1867 and implemented in 1871.
This particular Sydney Mint sovereign has circulated far less than most - there is minimal friction across the high points, and the surfaces retain a great deal of lustre on both sides.
Although the 1855 sovereign in high grade (EF or better), is far, far rarer than the Type II Adelaide Pound, market values don't yet fully reflect that fact.
The PCGS population report shows no less than 93 Type II Adelaide Pounds in AU 55 or better, while there have only been 24 1855 sovereigns graded in the same range.
While the Adelaide Pound unequivocally has a place as Australia's first gold coin, the 1855 Sydney sovereign should have standing as Australia's first sovereign. The current disparity in values will surely even out over time, this is an excellent example to set aside.
Click the PCGS icon below to verify the certificate details for this coin directly on the PCGS website.
SKU: 23174
Browse our catalog of Type I Sydney Mints below:
| Coin Name | Reverse | Obverse | Price | Status | |
|---|---|---|---|---|---|
| 1855 Sydney Mint Type I Sovereign PCGS AU 55 |
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$15,000.00 Last sold for this price on 24/10/2024 |
Sold |
More Details
Looking to sell? |
| 1855 Sydney Mint Type I Sovereign PCGS AU50 |
|
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$8,000.00 Last sold for this price on 28/10/2021 |
Sold |
More Details
Looking to sell? |
| 1856 Sydney Mint Type I Sovereign about EF |
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$7,250.00 Last sold for this price on 25/9/2024 |
Sold |
More Details
Looking to sell? |
| 1856 Sydney Mint Type I Sovereign PCGS AU50 |
|
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$4,800.00 Last sold for this price on 12/10/2019 |
Sold |
More Details
Looking to sell? |
| 1856 Sydney Mint Type I Sovereign PCGS AU50 |
|
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$7,250.00 Last sold for this price on 17/2/2023 |
Sold |
More Details
Looking to sell? |
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