Lot

5

NOT AVAILABLE FOR ONLINE BIDDING. PLEASE CONTACT THE AUCTIONEER IF YOU WANT TO BID ON THIS LOT.G

In St James Auction 25

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St. James, London

NOT AVAILABLE FOR ONLINE BIDDING. PLEASE CONTACT THE AUCTIONEER IF YOU WANT TO BID ON THIS LOT.

G

George V, sovereign, 1920S, bare head l., rev. St. George and the dragon, S raised on ground-line above date, horse with long tail (S.4003; McD.264; KM.29; Fr.38; Marsh 280), some light surface marks, virtually as struck, mint mark bold, with famous die combination featuring a pickled or rusted reverse die

*ex Jacob Garrard, April 1920. Thence by descent to daughter / granddaughter

ex Noble Numismatics Sydney, Australia, Sale 50, 20-22 March 1996, lot 1470

Private treaty into ‘George’ collection by Monetarium Australia Pty Ltd.

This is a legendary offering which includes recently discovered information that may help to solve the ‘enigma’ partially explained in the Bentley sale catalogue’s description of that collection’s 1920 Sydney sovereign. In that sale, the coin was called the rarest of all issues of the sovereign series, rarer even than the famed 1819 sovereign struck at London, of which some 10-12 examples exist compared to perhaps 4-5 (one impounded in the Royal Australian Mint Collection) of the 1920 Sydney issue. Of the 4 pieces for which sales have been traced, apparently the finest known, called a Specimen in the Quartermaster Collection sale of 2009, seems to have been struck at a later date (1926) from a reverse die that was cleared of the residue which protected it during the long sea voyage from England to Australia. This residue accounts for the ‘pickled’ or slightly rough appearance of the reverse, a characteristic of all other known examples. The normal satiny gold texture exists on the obverse of all. The Bentley sale cataloguer concluded by suggesting that this coin’s great rarity did not arise from any melting of the reported mintage at Sydney for the year (which he believed represented coins dated 1919 but struck in January and June 1920 at Sydney) but instead that no pieces were struck during 1920 bearing the date and S mint mark except because of some ‘special event’ in the year which was unknown at the time of the Bentley sale.

The provenance of the presently offered coin dates precisely to April 1920 and may well explain that ‘special event’ and the coin’s great rarity. Researcher Barrie Winsor of Australia has identified the family who placed a special order for sovereigns dated 1920 at the Sydney Mint in 1920. A prominent New South Wales politician and trade unionist. Mr Jacob Garrard (Note 1) ordered and purchased the sovereigns from the Mint in order to present them to his children when he and his wife, Rebecca, celebrated their golden wedding anniversary on 15 April 1920. Barrie Winsor has interviewed some of the Garrard descendants to confirm the facts and has also seen photographs of the family taken during the anniversary meetings (see below). Five sons and two daughters were the subjects of the gifts; the exact number of sovereigns minted for the Garrards remains unknown, nor is it known if each of the sons and daughters received a coin (both daughters but only two sons survived Jacob Garrard when he passed away on 5 November 1931). The mintage presumably could not have been more than 7 sovereigns, or 9 if one each was retained by the parents.

Aside from the wretched condition of the reverse dies received after the long sea voyage, which apparently caused Mint officials to decide against their use, why were fresh dies not ordered? Why is the coin so rare? The answer appears to be that the post-WWI metals market fluctuations rendered coinage of gold impractical. The report of the Royal Mint issued on 31 December 1920 notes that the quoted value of gold per troy ounce as of 5 February 1920 was 127s 4d per ounce (Note 2). This meant that the cost of minting a single gold sovereign with a face value of 20 shillings was over 30 shillings. The Royal Min

Auctioneer:

St. James's Auctions (Knightsbridge Coins)

NOT AVAILABLE FOR ONLINE BIDDING. PLEASE CONTACT THE AUCTIONEER IF YOU WANT TO BID ON THIS LOT.

G

George V, sovereign, 1920S, bare head l., rev. St. George and the dragon, S raised on ground-line above date, horse with long tail (S.4003; McD.264; KM.29; Fr.38; Marsh 280), some light surface marks, virtually as struck, mint mark bold, with famous die combination featuring a pickled or rusted reverse die

*ex Jacob Garrard, April 1920. Thence by descent to daughter / granddaughter

ex Noble Numismatics Sydney, Australia, Sale 50, 20-22 March 1996, lot 1470

Private treaty into ‘George’ collection by Monetarium Australia Pty Ltd.

This is a legendary offering which includes recently discovered information that may help to solve the ‘enigma’ partially explained in the Bentley sale catalogue’s description of that collection’s 1920 Sydney sovereign. In that sale, the coin was called the rarest of all issues of the sovereign series, rarer even than the famed 1819 sovereign struck at London, of which some 10-12 examples exist compared to perhaps 4-5 (one impounded in the Royal Australian Mint Collection) of the 1920 Sydney issue. Of the 4 pieces for which sales have been traced, apparently the finest known, called a Specimen in the Quartermaster Collection sale of 2009, seems to have been struck at a later date (1926) from a reverse die that was cleared of the residue which protected it during the long sea voyage from England to Australia. This residue accounts for the ‘pickled’ or slightly rough appearance of the reverse, a characteristic of all other known examples. The normal satiny gold texture exists on the obverse of all. The Bentley sale cataloguer concluded by suggesting that this coin’s great rarity did not arise from any melting of the reported mintage at Sydney for the year (which he believed represented coins dated 1919 but struck in January and June 1920 at Sydney) but instead that no pieces were struck during 1920 bearing the date and S mint mark except because of some ‘special event’ in the year which was unknown at the time of the Bentley sale.

The provenance of the presently offered coin dates precisely to April 1920 and may well explain that ‘special event’ and the coin’s great rarity. Researcher Barrie Winsor of Australia has identified the family who placed a special order for sovereigns dated 1920 at the Sydney Mint in 1920. A prominent New South Wales politician and trade unionist. Mr Jacob Garrard (Note 1) ordered and purchased the sovereigns from the Mint in order to present them to his children when he and his wife, Rebecca, celebrated their golden wedding anniversary on 15 April 1920. Barrie Winsor has interviewed some of the Garrard descendants to confirm the facts and has also seen photographs of the family taken during the anniversary meetings (see below). Five sons and two daughters were the subjects of the gifts; the exact number of sovereigns minted for the Garrards remains unknown, nor is it known if each of the sons and daughters received a coin (both daughters but only two sons survived Jacob Garrard when he passed away on 5 November 1931). The mintage presumably could not have been more than 7 sovereigns, or 9 if one each was retained by the parents.

Aside from the wretched condition of the reverse dies received after the long sea voyage, which apparently caused Mint officials to decide against their use, why were fresh dies not ordered? Why is the coin so rare? The answer appears to be that the post-WWI metals market fluctuations rendered coinage of gold impractical. The report of the Royal Mint issued on 31 December 1920 notes that the quoted value of gold per troy ounce as of 5 February 1920 was 127s 4d per ounce (Note 2). This meant that the cost of minting a single gold sovereign with a face value of 20 shillings was over 30 shillings. The Royal Min

St James Auction 25

Sale Date(s)
Venue Address
The Cavendish Hotel
81 Jermyn Street
St. James
London
SW1
United Kingdom

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Important Information


FREE LIVE BIDDING is available at this sale

In the case of a lot marked with a dagger (†), import VAT at 5% will be added to the hammer price and will be payable by the buyer if resident in the UK. If the lot is being exported outside the EU, this import VAT can be waived or refunded on proof of export.

The symbol "G" appearing next to a lot in this catalogue denotes the item is "Investment Gold" and, therefore, a VAT-registered trader can submit a claim to H M Revenue and Customs to recover the VAT element of the Buyers Premium

Terms & Conditions


CONDITIONS OF SALE


(1) St. James’s Auctions [the Company] is a division of Knightsbridge Coins. These sales at public auction are undertaken as agent only, acting on behalf of the seller. The contract of sale for any lot will be between the seller and the buyer.

(2) The buyer of any lot will be the highest bidder. In the event of any dispute, the auctioneer shall have absolute discretion to settle the dispute as he thinks best; this may mean re-offering the lot for sale.

(3) The auctioneer shall have absolute discretion to divide any lot, combine two or more lots or withdraw any lot or lots without giving any reason. In the case of a dispute, he may re-offer a lot for sale. The auctioneer also has the right to refuse any bid or bids without giving a reason.

(4) The Company and auctioneer shall have absolute discretion to refuse admission to their premises or attendance at their auction of any person they deem unsuitable, without giving any reason for, or prior notice of, their action.

(5) The minimum increment between bids will normally be 5%. The auctioneer has the right to refuse any bid which is not in line with this increase. He also has absolute discretion to vary this increment as he sees fit.

(6) All lots are subject to a Buyer’s Premium of 24.00%, inclusive of VAT, (20% + VAT), payable by all buyers.
In the case of a lot marked with a dagger (†), import VAT at 5% will be added to the hammer price and will be payable by the buyer if resident in the EU. If the lot is being exported outside the EU, this import VAT can be waived or refunded on proof of export.

(7) Each bidder shall be deemed to act as principal unless the Company acknowledges in writing prior to the auction that he acts as agent for a named third-party principal. For bidders unable to attend the auction in person, commissions will be executed free-of-charge. Such bids must be written and must be received at least 24 hours before the sale begins. The Company cannot guarantee to execute bids received less than 24 hours before the sale. ‘Buy’ bids will not be accepted. The Company shall not be liable for any errors or omissions in executing such commissions.

(8) All buyers must, if requested, notify their name and address to the auctioneer and, if required, provide additional proof of identification, bank references or other credit references. All buyers must pay the full purchase price, at the point of collection of purchases, or a fractional deposit as may be determined at the auctioneer’s discretion, unless the Company has previously arranged credit terms. Seven working days must be allowed for clearance of personal cheques before delivery can be made unless a prior agreement has been reached. A 2% surcharge will be applied to all credit card payments.

(9) Ownership of lots does not pass to the buyer until the Company has received payment in full.

(10) All lots, however, are held to be at the buyer’s risk from the fall of the hammer. All lots shall be removed by the buyer within seven working days after the date of the sale. Any lots not so removed may become liable to removal, insurance and storage charges. Such lots may, at the auctioneer’s discretion, be re-offered for sale at auction or by private treaty without further notice to the buyer.

(11) All lots are offered for sale subject to any reserve price that may be imposed by the seller. The seller may not subsequently change the reserve without the agreement of the Company. Where a reserve has been set, only the auctioneer may bid on behalf of the seller. Lots are normally reserved at 80% of lower estimate, with auctioneer’s discretion. Unless re-offered for sale, the collection of unsold lots shall be the responsibility of the vendor.

(12) (a) Lots are sold as shown with all faults, imperfections and errors of description and lack of authenticity. Neither St James’s Auctions nor the vendor shall give any warranty to any buyer in respect of any lot or be liable for any fault or error of description or lack of genuineness or authenticity of any lot. All statements as to items sold, whether made in catalogues, during the course of the auction or otherwise, are statements of opinion only and are not and shall not be taken to be statements or representations of fact. St James’s Auctions reserve the right in forming their opinion to consult and rely upon any expert or authority considered by them to be reliable. Coins are graded to accepted UK standards to the best ability of our specialists. You acknowledge that the grading of coins is subjective and may vary from specialist to specialist, as the process is by nature an art and not a science. For this reason, we do not automatically accept and are not bound by the opinions of third party coin grading services for any purposes including before and after the sale of a lot.

(b) Notwithstanding the foregoing, if any lot, other than a miscellaneous item not individually described in the catalogue, should be proved by the buyer to be not genuine or authentic, or to have been wrongly described in any material respect, the buyer may reject the same provided that he shall have given notice of his intention so to do and shall have returned the same to St James’s Auctions within one month from, and in the same condition as at, the date of sale. The onus of proving a lot to be not genuine or authentic or to have been so wrongly described shall lie with the buyer. Proof of the inability of any recognised expert or authority to express a definite opinion shall not discharge such onus. If the buyer shall discharge such onus, the auctioneers shall rescind the sale and repay to the buyer the price paid by him. Save as provided herein, St James’s Auctions shall not under any circumstances whatsoever be liable for any costs, expenses or damages (whether direct, indirect, special or consequential) incurred by the buyer in respect of any lot, whether or not as a result of any fault, imperfection, error or description or lack of genuineness or authenticity, including but not limited to loss of any kind of profit whatsoever.

(13) Save as provided in the preceding paragraph of these conditions buyers must satisfy themselves as to the accuracy of their purchases at the time of delivery. St James’s Auctions cannot be held responsible for any discrepancy which might be discovered after the lots have been removed from either the auction room or the auctioneers' premises.

(14) As stated in paragraph (1), the Company acts solely as agent between buyer and seller and shall not be held responsible for any default by either party or for any action or claim that may arise in connection with any lot.

(15) Any part of the purchase price still outstanding after the auction, in line with the terms of paragraph (8), shall be paid in full within thirty days of the date of the auction. Without prejudice to any other rights, the Company reserves the right to charge interest on any overdue payment at a rate of three per cent per month. In the event that the company shall have paid the vendor (normally 35 days after the sale) and part of the purchase price is still outstanding, title to the lot will pass to the Company. The Company shall then have the right to sell any other goods belonging to the buyer and held by the Company for whatever reason at such a price that the company, in its absolute discretion, thinks fit. The buyer shall also reimburse the Company for any additional costs incurred in this process.

(16) Buyers accepting commissions from third parties do so at their own risk. They remain responsible to the Company for full settlement according to these conditions

(17) By making a bid, the buyer acknowledges his acceptance of these conditions and agrees to be bound by them.

(18) If any buyer fails to comply with any of these Conditions, the lot or lots in respect of which the failure is made may at the discretion of St James’s Auctions be put up again and resold. The damages recoverable from the defaulting buyer shall include, but not be limited to, the auctioneers' expenses and commission in respect of the resale and the amount (if any) by which the price obtained on the resale is exceeded by that obtained on the first sale.

(19) A variation of these Conditions shall only be binding on St James’s Auctions and the vendor if it is made in writing and signed by a duly authorised representative of St James’s Auctions.

(20) These Conditions shall take effect and be construed in accordance with the provisions of English law.


See Full Terms And Conditions