One of Australia’s first gold coin for sale with $750,000 price tag
A 170-year-old coin, said to be part of the first production run of gold coins in Australia, is for sale with a $750,000 price tag
READING LEVEL: ORANGE
A 170-year-old coin, said to be part of Australia’s first production run of gold coins, is for sale with an asking price of $750,000.
The uncirculated* Nobleman Gold One Pound coin was struck* on September 23, 1852, at the Government Assay Office in Adelaide.
The first production run only produced about 50 coins before a crack developed in the die*. As a result, fewer than 40 examples of the so-called Type 1 Pound coins are thought to still exist in the hands of collectors.
The coin, which is being sold by Melbourne’s Coinworks, was once owned by esteemed* French collector Baron Philip Ferrary La Renotiere, whose collection, including what was considered the most complete stamp collection in existence at the time, was sold after World War I as war reparations* by the French Government.
Coinworks managing director Belinda Downie said another 24,000 gold coins were made in a second production run, but they were soon found to be worth more for their gold than their monetary face value. So most were shipped off to London and melted down, with only about 240 of these thought to still exist.
Ms Downie said the coin, which is being offered for sale for the first time since 2009, was “in a virtually mint state*’’.
“Not only the nation’s first gold coin, the reverse design of the Nobleman Gold One Pound
confirms it was minted* in the very first production run of only 50 coins,’’ she said.
“As the coin’s track record shows, it’s proven to be an astute* investment over time.
“Whoever buys the coin is buying a piece of Australian history dating back to 1852, but the coin is most likely to be a rewarding investment moving forward.’’
Ms Downie said records showed the coin sold for seven pounds and five shillings at Sotheby, Wilkinson & Hodge in London on March 27, 1922, as part of the Nobleman collection, named after Baron von Ferrary, who died in 1917.
Ferrary started collecting stamps early in his life and inherited a fortune, which he used to build what is considered by many in the field of philately* as the most comprehensive collection of stamps ever assembled.
While he left his collection to Germany in his will*, it was seized by the French Government and sold off in 14 separate sales as war reparations, according to the Museum of Philately’s website.
The Nobleman pound then turned up in Australia in the late 1970s, selling for $28,000 in 1978, then again in 1980 for $70,000 against a pre-auction estimate of $30,000.
It was bought by its current, anonymous*, owner for $340,000 at an auction in Sydney in mid-2009.
Ms Downie said the coin had been widely exhibited at museums in Australia, including the National Museum in Canberra and at the Royal Australian Mint.
Ms Downie said the coin was never given “kid gloves*” treatment during the production process, but remained in remarkable condition.
“It was struck in what can only be described as a factory, hammered out and hurled down an assembly line, more than likely into a barrel or bucket,” she said.
“How this coin survived the production process, and, more than a century and a half later, still be in its original pristine* condition is impossible to fathom*. It’s the miracle that is numismatics*.”
GLOSSARY
- uncirculated: not been put into circulation, not released for public use
- struck: pressed an image into a blank metal disc to create a coin
- die: metal stamping tool used to create a coin
- esteemed: greatly respected, admired
- reparations: payments made to people who have been wronged
- mint state: perfect condition, looking like it did when it was made
- minted: made
- astute: able to understand a situation quickly and see how to take advantage of it
- philately: the collection and study of stamps
- will: legal instructions that explain what a person wants done with their belongings after they die
- anonymous: someone whose name is not known or made public
- kid gloves: to treat something carefully and gently
- pristine: unspoilt
- fathom: understand
- numismatics: the study or collection of coins, banknotes and medals
EXTRA READING
Can you crack secret code in new 50c coin?
Rare Aussie coins set world record price
Holey moley! Australia’s first minted coins on show
QUICK QUIZ
- When and where was this gold coin struck?
- How many coins were produced in the first run of gold coins?
- Why was the production run stopped?
- When was this coin last sold?
- How much did the anonymous buyer pay last time the coin was sold?
LISTEN TO THIS STORY
CLASSROOM ACTIVITIES
1. Timeline
Represent the history of the Nobleman Gold One Pound coin on a scaled timeline.
Time: allow 25 minutes to complete this activity
Curriculum Links: English; History; Mathematics
2. Extension
Create a graph that shows the increasing value of the Nobleman Gold One Pound coin between 1978 and today. Think about how to present the graph so that it accurately shows the passing of time and the growth in value.
If the coin was sold again in 2030, what do you predict it’s value might be? Justify your answer.
Time: allow 30 minutes to complete this activity
Curriculum Links: English; Mathematics; Economics and Business
VCOP ACTIVITY
Wow word recycle
There are plenty of wow words (ambitious pieces of vocabulary) being used in the article. Some are in the glossary, but there might be extra ones from the article that you think are exceptional as well.
Identify all the words in the article that you think are not common words, and particularly good choices for the writer to have chosen.
Select three words you have highlighted to recycle into your own sentences.
If any of the words you identified are not in the glossary, write up your own glossary for them.