G George V, sovereign, 1922S, bare head l., rev. St. George and the dragon, S above date (S.4003; M.282; McD.270), sharply struck with pleasing old-gold colour, uncirculated, choice but for tiny abrasions, one of the key dates of this period and extremely rare Marsh rated this issue R3, or extremely rare, although its relatively low mintage figure was still 578,000 coins. The key to understanding the true rarity of this and the other key dates struck for George V at both Sydney and Melbourne lies in Challis’s statement (p. 576), which bears repeating: ‘At the overseas branches minting had continued, for sovereigns remained in use for international payments after the war and there was a constant ebb and flow between London and other financial centres. Large numbers, however, were converted into bars when in 1930 and 1931 the Mint melted down for the Bank of England no fewer than 90 million sovereigns, including some that had only just been struck in Australia and South Africa’.
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