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Australia 1931 Penny ('Dropped 1' in Date)

Mint:Melbourne Mintage:Part 393,000 Estimate 500 Known < 50 Milling:Plain
Weight:9.45 grams Diameter:30.8 mm Composition:97% Copper, 2.5% Zinc, 0.5% Tin
Click to enlarge
Wear
Obverse 2 - Indian (Calcutta)
Click to enlarge
Wear
Reverse A - London
Designer: Sir (Edgar) Bertram Mackennal (Initials 'B.M.' raised on truncation)
Design:Left facing profile of George V
Legend:GEORGIVS V D. G. BRITT: OMN: REX F. D. IND: IMP: •
Denticle Count:178 teeth
Mint mark: None
Characteristics:
Designer: William Henry James Blakemore (no attribution)
Design:'ONE PENNY' surrounded by 90 beads contained within concentric circles
Legend:• COMMONWEALTH OF AUSTRALIA •
Denticle Count:174 teeth
Mint mark: None
Characteristics:
Click on Wear to show high points first susceptible to wear
Value
BM
Ad
NP
8
Good
VG10
10
VG
F12
12
about F
F15
15
Fine
VF20
20
good F
VF25
25
about VF
VF30
30
Very Fine
VF35
35
good VF
EF40
40
about EF
EF45
45
Ext Fine
AU50
50
good EF
AU53
53
about Unc
AU55
58+
virt Unc
AU58
58-60
Uncirc
MS60
58-61
Uncirc
MS61
58-62
Uncirc
MS62
63-64
Choice Unc
MS63
64-65
near Gem
MS64
65-66
Gem
MS65
66-67
Gem
MS66
67-68
Gem
MS67
68
near Flaw
MS68
69
virt Flaw
MS69
70
Flawless
MS70
Proof
B
$900
+
NGC
 
 
PCGS
 
 
$1500
+
NGC
 
 
PCGS
 
 
$2000
+
NGC
 
 
PCGS
 
 
$3000
+
NGC
 
 
PCGS
 
 
$4000
+
NGC
 
 
PCGS
3
 
$5000
+
NGC
 
 
PCGS
5
 
$7500
+
NGC
 
 
PCGS
3
 
$10000
+
NGC
 
 
PCGS
8
 
$15000
+
NGC
 
 
PCGS
2
 
$17500
+
NGC
 
 
PCGS
 
 
$20000
+
NGC
 
 
PCGS
 
 
$25000
+
NGC
 
 
PCGS
 
 
$35000
+
NGC
 
 
PCGS
1
 
$75000
+
NGC
 
 
PCGS
 
 
$100000
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
N
RB
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
N
R
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
"
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
-
+
NGC
 
 
PCGS
 
 
N
BM
Benchmark
Ad
Adjectival
NP
NGC/PCGS
Collectable grades
Does not exist by definition

Investment grades
-
Unlikely to exist

Aspirational grades
BV
Bullion or metal value

Not known in these grades
''
Value as above
Proof
Y (Yes)
N (Not known)
Last updated March 2024
Notes:
The ‘Indian’ obverse dies used to produce the majority of 1930 pennies were far from exhausted and legend has it that one was coupled with a 193_ ‘London’ reverse die (of a type to which an '0' had previously been added to produce the 1930 penny) resulting in the 1931 ‘Dropped 1 - Indian' obverse Penny. The addition of the '1' to the ‘London’ die was certainly mis-aligned resulting in the 'Dropped 1' variety, but a study of the reverse die shows no connection to the 1930 reverse penny die, which like either variety of the 1929 ‘Melbourne altered’ reverse on which that coin appears to be based, exhibits dramatic serifying on the base of the letters. The 1931 'Dropped 1' reverse on the other hand closely resembles the unaltered ‘London’ reverse with straight based lettering that was re-introduced on the 1923 Penny. The Melbourne Mint had received a new partly dated hub of this type i.e. a 'London' 193_ reverse on November 7th 1930, and in a rush to production mis-aligned the placement of the '1' in the date when adding it to the subsequent master die. This combination of dies was an experimental run and Mint records show "nil thousand production" of the 1931 ‘Dropped 1 - Indian' obverse Penny, i.e. less than 1,000 coins (estimate 500) were originally produced of which no more than 50 have emerged. This coin is usually found in no better than VG - Fine condition and is extremely rare in higher grades. In recent years there has been discussion of a new variety of the 1931 'Dropped 1 - Indian' obverse Penny based on the modified 'London Am' reverse that has been labelled the 'Unicorn' Penny. The chronology suggests that this coin is unlikely to exist and high-resolution photographs of an example sighted by the author suggest that it was not Mint-struck but is an elaborate 'double-digit' forgery based on a 1924 'Indian' obverse die Penny, which like the 1929 'Indian' obverse die Penny also has a 'London Am' reverse. It is noted that the Numismatic Association of Australia has provided imprimatur to the 'Unicorn' Penny by publishing an article in its journal that dismisses among others the reverse of 'a' 1924 'Indian' obverse die Penny as a possible source for any subterfuge. What is lacking in this scholarship is the general observation that the 1924 'Indian' obverse die Penny is only difficult to acquire in high-grade, and with an estimated mintage of 250,000 perhaps 5 - 6 reverse dies were employed in its production. These reverses were not necessarily identical and as only 'one' suspect in the line-up of 1924 reverse dies has been eliminated, any of the others remain 'prime suspects' as the source of the altered die that was used to forge the 'Unicorn' Penny.