AU53 | AUSTRALIA. George V, 1910-36. Gold sovereign, 1923 S. Sydney

AU53 | AUSTRALIA. George V, 1910-36.
Gold sovereign, 1923 S. Sydney.
A low mintage, rare date from Sydney mint. The world discontinued gold convertibility during WWI and the British Empire did not go back to the Gold Standard until 1925. Hence, many extremely rare dates were created in Australia during this period where sovereigns were produced in very small numbers for local use. The inherent problem with sovereigns (which were legal tender for £1) during this period was that the exchange rate of British Pound Sterling in relation to gold made the coin reduntant and gold output in Australia was mainly in bar form. Some mintages of sovereigns were entirely melted (1920 Sydney, for example) and used to pay off war debts, typically to the United States.
Bare head left, B.M. on truncation; GEORGIVS V D. G. BRITT: OMN: REX F. D. IND: IMP:. / St George on horseback slaying the dragon right; mintmark S in groundline; date and B.P. in exergue. Edge milled.
In secure plastic holder, graded PCGS AU53 , certification number 12592000.

PCGS population in this grade: 1.
PCGS population in higher grade: 16.
Reference: S-4003; Marsh-283; McD-273
Mintage: 416,000.
Diameter: 22.05 mm.
Weight: 7.99 g. (AGW=0.2355 oz.)
Composition: 916.7/1000 Gold.

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