Welcome to the third issue of the Australian Coin Internet Magazine. Over the last month I have made a few changes to the appearance of the site. I hope the changes are pleasing to you. As always I am open to suggestions. Please leave your comments on the feedback page of the forum. I am also after articles from the masses. Please feel free to submit articles your have written or ideas for articles that can be included in future editions.
When I was starting out collecting coins I struggled with many of the terms used in Australian numismatics. Firstly there is the words used for grading coins, then there are words to describe how shiny a coin is. Then there are mint marks and varieties. As a collector I find one of the most interesting varieties being overdates. The question a novice collector will ask is what is an overdate?
To put it simply, an overdate is a coin that has been struck using a die where a date has been partially stamped over another date. For example, a die may be prepared using the date 1921. If the 1 in 1921 is over stamped with a 2 to make the date 1922, an overdate may result as the 1 could be still visible "under" the 2. The main reasons for the occurrence of an overdate is the reusing of old dies or errors may occur when working dies are created from the master die. An overdate can be seen as an error in the manufacture of a coin. It was often the case that the error was not detected until a keen coin collector notices the flaw after the coins reached circulation. Nearly all known overdates in Australian coinage occurred in early coin mintage This is most likely due to the technology (or lack of it) at the time and the fact that the skill level of die makers was not up to scratch. I would consider it almost an impossibility to find an overdate in decimal coinage because of the quality assurance process that our coins go through prior to release. This is not to say it will never happen as we all know errors to sometimes slip through. Although master dies and working dies are made using the same principles as yester year, the technology has changed considerably since the 1930's adding to the unlikelihood of an overdate occurring.
Collectors
of Australian coins have a few overdates to choose from. The first one is
the 1933/2 penny overdate. The availability of getting a decent coin for about
$50 means this variety is in the price range of most collectors. This coin has
the last 3 in 1933 stamped over a 2. At a casual glance the overdate is hard to
detect. This is especially the case with worn coins. It is not until you look
closely that you will see a narrowing of and an extension to the top of the 3,
the back of the 2 extending outside the back of the 3 and back of the 2
extending below the middle leg of the 3. All these features are pointed out in
the left hand picture of the overdate.
It has been documented by Greg MacDonald that a 1934/3 overdate variety is in existence. I although I do not doubt the man I must admit I have never seen one, but then again I have not looked too hard for one either.
The
threepence has two overdates of note. The first overdate is the 1922/1 variety.
It is estimated there are only about 1000 in existence. Although rarer than the
1930 penny is does not command the same price. It is however worth a place in
ones investment set as it does command prices of over $1500 for a decent coin.
Greg McDonald reports that the RAM does not support the view that this rare overdate
exists. In fact they deny any overdate exists. McDonald reports that a RAM
inquiry of this particular overdate concluded that this overdate could not exist
as "expert" die makers would not make such a die and that the quality assurance
test on the coins would not allow them to reach circulation if a die error was
made. McDonald speculates
that as a cost cutting measure the 2 was simply stamped over the 1 on the master
die. Before the visible error was discovered a small amount of overdate coins
reached circulation.
The other overdate in the threepence series of coins is the 1934/3 overdate. What makes this coin special is that there were no threepence issued in 1933. Greg MacDonald again speculates this variety, like the 1922/1 overdate, was produced as a result of cost cutting measures where a 4 was stamped over an old (and probably never used) die. This variety is in the affordable range of most collectors. A decent coin can be obtained for about $100.
Greg McDonald reports that the Shilling has its' own overdate, that being a 1925/3 overdate. He even goes as far as saying that all 1925 shillings are in fact a 1925/3 overdates. This is interesting as there were no 1923 shillings produced.
I
speculate there is a Florin overdate variety. This variety is the 1933/23
variety. The 1933 is a scarce coin itself which makes this variety even rarer.
If you look closely at the first 3 you will notice that it is different to the
second 3. It appears to have the same form as shown in the overdate penny depicted
above. I have only seen this variety on high quality coins indicating that wear
will reduce the appearance of this feature. To give a balanced view of
this hypothesis, some collectors I have spoken to think it could be a case of
doubling rather than an overdate. Other collectors have supported the idea of an
overdate as if doubling was the cause there would be evidence of the doubling
elsewhere on the coin.
If anyone has more information they would like to share on this florin please feel free to contact me.
References:
McDonald G, Collecting and Investing in Australian Coins and Banknotes, 2nd Ed. (Sydney: 1991).
Saxton J, http://www.triton.vg
Cruzi, http://users.bigpond.com/cruzi/Coins/index.htm
Like many of us out there I secured my very own
Aluminium/Bronze 50 cent piece from the post office during the last month. This
unique coin is the first ever Aluminium/Bronze 50 cent piece ever produced by
the Royal Australian Mint. It forms part of a First Day Cover produced by
Australia Post to celebrate the Queen's Golden Jubilee. I must admit I do like
the look of the coin, but I was not impressed by the First Day Cover itself or
the card holding the coin. Then again, I am not a stamp collector.
There has been speculation that this coin may reach circulation. My view is that the design might but it will not be circulated in Aluminium/Bronze. The reason for this is two fold. Firstly the Aluminium/Bronze coin has a weight of 14.09 grams. This is lighter than the 15.55 grams of the normal Copper/Nickel 50 cent piece. To add to this the coin is slightly larger than the normal coin measuring at 31.51 mm compared to 31.50mm (I know that is not much in the scheme of things). This will mean that vending machines across the whole of Australia will need to be adjusted to cater for this coin if released in Aluminium/Bronze. The other reason behind not releasing it in Aluminium/Bronze is that the public will need education so they do not treat it as junk instead of currency.
The biggest question I have been asked has been will this coin be a good investment. That will depend on two things. The first thing will be how many coins are made. This release is exclusive to Australia Post. The RAM has assured Australia Post can have as many as they need to meet demand. If Australia Post sell under 30,000 or so there is a good chance value will increase. If more are sold then the value may not be there.
The other factor affecting the future value of this release will be if this design reaches circulation. The reason I say this is that there are coin collectors (little c) and then there are Coin Collectors (big C). Little c's are the general public that collect coins from their spare change. They are the ones who are likely to pull out of circulation large quantities of commemorative coins and stock pile them in the draw in the hope they will be worth something latter on. They are also the ones that if they need money for the kids lunch they will take it from that horded treasure. Big C's are serious collectors that will buy uncirculated coins and spend money on their collections. There are not enough big C's out there to significantly affect the value of this type of issue particularly if say over 30,000 are made. The little c's way out number us and have the power. Now if it is not released into circulation the little c's will be tempted to buy the Aluminium/Bronze coin as is affordable and it will make their collection complete. This will push up the value of our collector coin. If the design reaches circulation the little c's will be happy to horde the circulation coin and will more than likely leave the Aluminium/Bronze coin alone as it costs more to get than the circulation coin and it does not really fit in with their collection as it is Aluminium/Bronze rather than Copper/Nickel.
The bottom line for the coin collector is that we should all hope that only a small number of this coin is produced and that this design is not released into circulation. That will mean for the people like me that bought several of them, a little reward will occur in about 3 to 4 years from now.