Lot 170
Equal finest known. The 'Benchmark' coin ex Gates Collection. Beautifully toned.
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Notes:
- Since the first coins in the series were struck in 1910, pre-decimal sterling coins have been the major collectable in Australian numismatics. Although there were relatively few serious collectors early on, through the decades the general population would still put away any coins that piqued their interest, especially commemorative issues, so that there is still the odd treasure being discovered today hidden away in the bottom of draws. Things changed in the mid-1960s when regular newspaper articles encouraged an explosion of new collectors enticed with tantalising headlines such as 'What's My Coin Worth'. Even retail outlets such as 'BP servos' got into the action and gave out collector wallets to loyal customers in which to store the soon to be obsolete pre-decimal coins, and it is estimated that up to 500,000 Australians put together at least a rudimentary collection during the decimal changeover. At the time the difference in price between a pristine coin in uncirculated condition and an extremely fine example i.e. lightly circulated was not as dramatic as it is today, and so the vast majority of collectors set out to complete full collections of coins in lesser grades rather than singling out a few choice examples. Even throughout the late 1960s and 1970s there was little competition for exceptional coins as there were enough uncirculated examples around to satisfy the more serious collectors. There was still no concept of chasing the 'finest known', and collectors generally were satisfied with any uncirculated example supplied to them by a 'professional' coin dealer, most of whom were really only cashed-up collectors who had begun trading and who had no greater knowledge. The standards were raised in 1980 when a collector named Frank Gates arrived on the scene. Frank had been introduced to coin collecting with the purchase of a 1980 Royal Australian Mint Two Hundred Dollar coin but quickly dismissed the modern decimal series to pursue a goal to complete the entire Australian Pre-Decimal coin collection in the finest known grade. He cherry-picked coins from the best-known collections to add to his own and used his own astute eye to track down hidden treasures in the windows of unsuspecting coin dealers. Eventually dealers became aware of his wants and if ever a coin turned up that was thought worthy of his collection he would likely field a call. The coins he selected were truly superb and he soon held the mantle of owning the finest known collection of Australian Pre-decimal coins. Frank completed his collection and sold it in 1991 for a then record price. What it would be worth today is anyone's guess, but as a testament to his keen eye, a coin with a 'Gates' provenance will still even today attract the attention of a serious collector. The 'Gates' 1917 Florin latterly the 'Benchmark' coin fittingly still retains the title of equal finest known.
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