Photo Credit: EnglishCoinCompany
1937 British Proof Set for King George VI’s Coronation
Asking Price: $616 (price as of 2018; item no longer available)
Pros:
-The United Kingdom issued this magnificent 15-coin 1937 British proof set to commemorate the coronation of King George VI.
-This King George VI coronation proof set consists of 15 different coins. Seven coins are regular circulation silver pieces: a crown (5 shillings), 1/2 crown (2 1/2 shillings), florin (2 shillings), 2 different designs of shillings, a sixpence and a threepence. Four coins are silver Maundy issues: a groat (4 pence), threepence, twopence and a silver penny. The remaining four coins are base metal: a brass threepence, bronze penny, half-penny and farthing (1/4 penny).
-This lovely proof set comes with its original silk-lined, red box! Early 20th century British proof sets have some of the best original packaging of any proof sets. They are absolutely classic – just what you would expect from an august institution like the Royal Mint.
– Before decimalization, 1 pound equaled 20 shillings, while 1 shilling equaled 12 pence. This made each pound worth 240 pence. Thankfully, this unwieldy medieval currency system was finally phased out with the arrival of decimalization in 1971.
-This 1937 British proof set is a pre-World War II issue originating from a time when the British Empire was still intact. It is a universal rule that coinage from an empire near its apogee is more desirable than coins minted during its decline.
-The face value of this 1937 British proof set totals 13 shillings and 5 3/4 pence. This would have been equivalent to around $3.37 at prevailing 1937 exchange rates, or just under 1/10th of an ounce of gold.
-This classic British proof set includes Maundy money. Maundy money is special coinage handed out by the monarch every year on Royal Maundy, the Thursday before Good Friday. This uniquely British tradition has persisted since King Charles II first handed out these small silver coins in 1662.
-For much of the 20th century, Great Britain only issued proof sets for special occasions. These included the coronation years of 1902 (King Edward VII), 1911 (King George V), 1937 (King George VI) and 1953 (Queen Elizabeth II). Sets were also issued in 1927 (in honor of a coinage redesign), 1950 (to celebrate the end of WWII austerity) and 1951 (for the Festival of Britain). The British Royal Mint didn’t begin striking proof sets every year until 1970.
-This vintage British proof set contains an impressive number of silver coins – 11 in total. Like circulating British coinage of the time, all of these specimens were struck in 50% silver. Until 1920, all British silver coins had been struck to the higher sterling standard. But the incredible expense of World War I prompted the British government to adopt cost savings measures, including a lower standard for their silver coinage. After World War II nearly bankrupted the U.K., all silver was removed from the country’s coinage in 1947.
-This 1937 British proof set has a mintage of only 26,402 sets. This is relatively low, especially compared to 1950s and 1960s U.S. proof sets, which were generally issued in the hundreds of thousands or millions.
-Given the excellent condition of this vintage proof set and the fact that it is one of the few pre-modern British sets available, I find the $616 asking price to be fair.
Cons:
-In my opinion, the 1902 and 1911 British proof sets from the height of empire are much more desirable. However, they are also significantly more expensive. The 1927, 1937, 1950, 1951 and 1953 proof sets offer much more accessible price points for the aspiring coin collector or investor.
-This 1937 British proof set doesn’t include any gold coins. Instead, there was a separately issued 4-coin gold proof set, which is highly desirable today. Unfortunately, it is also extremely expensive (£9,500 at auction in 2018), with prices having risen considerably over the past 10 to 15 years.
-You can sometimes find these 1937 proof sets for less money, but they often contain coins that have been rubbed, scratched or otherwise compromised. These are known in the field of numismatics as impaired proofs and should generally be avoided.
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