The 1930 Penny – the King of Australian Coins
Undoubtedly Australia’s highest profile rarity, with a reputation that stretches well beyond the traditional boundaries of numismatics, the 1930 Penny has rightly been dubbed ‘the King of Australian Coins’.
Although the 1930 Penny is well known, the story of its origin is shrouded in mystery. Issued by the Melbourne Mint during the worst days of the Great Depression, and known by approximately 1,500 examples, Australia’s greatest numismatic icon was ‘the coin not meant to be struck’.
From the worst days of the Great Depression…
Taking place in October 1929, the Wall Street Crash is traditionally identified as the signal for the global economic crisis known as the Great Depression. Caused by a complex combination of contributory factors, the extended decline in general economic activity saw a drop in production, prices, income and employment. This, of course, led to decreased demand, repeating the cycle. Industry, banks and governments collapsed under the weight of the crisis, as the dark hand of unemployment squeezed the life out of a forlorn global populace.
No need for more coins…
Australia was hit particularly hard, with the unemployment rate approximately 30% at the height of the Great Depression. With the economy shrinking, an influx of fresh coinage was deemed inappropriate, and so for periods during the Depression years, the Melbourne Mint lay virtually idle. There were no threepences or sixpences struck from 1929 to 1933, for example, and no florins or shillings in 1929 and 1930. No pennies were struck in 1930 – or so it was thought.
‘The coin not meant to be struck’…
For quite some time, the Royal Mint denied that its Melbourne branch had even struck pennies bearing the date 1930. Indeed, the records of the Melbourne Mint state that no pennies were struck in 1930 – or any other denomination other than the halfpenny for that matter. Evidence that both circulation strikes and Proof examples existed emerged in the late 1930s, early 1940s, and the Royal Mint was ultimately forced to concede that a small number of coins were indeed struck.
How many 1930 Pennies were struck? And why?
Exactly what that number was is still open to speculation, but it has long been thought that perhaps 3,000 pennies were produced. As to why they were produced, the romantic tale that visitors to the Mint had been able to swap a coin from their pockets for a bright, shiny new 1930 Penny has no basis in reality. A far more mundane explanation, it seems certain that these coins were struck in the process of die testing.
With no order for coinage from the Commonwealth Government at the time, these coins would simply have been set aside. When an order for pennies did in fact arrive, in 1931 or 1932, it is likely that the stored 1930 Pennies would have been issued alongside the later dated coins. These coins were, naturally enough, destined to be released into circulation and, as a result, the iconic 1930 Penny is inevitably found in well-worn, heavily circulated condition.
The discovery of a genuine rarity…
Although some knew of the existence of 1930-dated pennies in the 1930s and 1940s, the vast majority of people were unaware of the great rarity of this legendary Australian coin until the end of the predecimal period. It was only in the lead-up to the introduction of decimal currency in 1966 that the difficulty in finding the 1930 Penny became apparent.
Thousands of people were desperate to assemble a complete collection of Australia’s soon-to-be defunct predecimal coins as a memento of our first national currency system. The one coin that was missing from virtually all collections was the 1930 Penny. Very quickly, collectors recognised the rarity of the coin, and with intense competition for the few available examples, the market value of the 1930 Penny began to escalate.
An Australian icon…
Regardless of exactly why the 1930 Penny was struck, the key issue is of course that so few were struck. The theoretical existence of approximately 1,500 examples has ensured that the 1930 Penny is a rarity of world standing.
Apart from the statistical rarity, the 1930 Penny is also underpinned by undeniable romance – in part due to its Great Depression heritage. In addition, as Australia’s second lowest predecimal denomination, struck in base metal, a penny could have been found in any pocket from paperboy to Prime Minister! Anyone could have struck it rich by finding the famed ‘30!
One of the great Australian rarities…
From such humble beginnings, the 1930 Penny has risen to become the King of Australian Coins, standing proudly alongside the 1813 NSW Holey Dollar and 1852 Adelaide Pound as one of the great Australian rarities. It is now considered as much prime investment material as the ultimate collector acquisition.
If you are interested in joining the elite of Australian coin collecting, and become one of the few to own a 1930 Penny, we have this iconic rarity currently available.
