By Levi Donohoe for CoinWeek …..
Being the only gold sovereign to feature King George VI, the 1937 gold sovereign is a well-known numismatic rarity. Despite this monarch reigning 15 years, he only appeared on the 1937 gold sovereign following the unexpected abdication of his brother, King Edward VIII.
The 1937 gold sovereign was part of a special Proof Set struck in celebration of George VI’s coronation, the custom at the time. The set was produced in limited numbers and intended as a collector’s item rather than for general circulation. Only 5,501 sets were struck, with the odd set allegedly gifted to the king himself.
No gold sovereigns displaying George VI’s effigy were ever released into circulation as Britain had ceased using them for commerce. Following the 1937 issue, Britain waited exactly 20 years for the next gold sovereign, this time featuring George VI’s daughter Queen Elizabeth II and her youthful portrait by sculptor Mary Gillick.
From Crisis to Coronation
While the 1937 sovereign sets were struck in a brilliant Proof finish, a select few coins were minted in an unconventional Matte Proof finish. The story as to why this was done is an interesting yet simple one.
The Royal Mint needed to innovate the coin’s finish due to challenges with marketing the coin. The Mint relied on printed advertising during the 1930s, so their main objective was to capture the beauty of the coins in a photograph to entice prospective buyers.
The mirror-like fields of the sovereigns were a problem for the flash photography used at the time due to the glare caused by the reflective metal. The solution was to sandblast a small sample of the coins so they would not reflect the camera flash. This gave each coin a light-absorbing texture and allowed the photographer to capture its intricate detail.
Sandblasting the coin’s dies before striking was unconventional at the time and made the 1937 sovereigns with a Matte Proof finish extremely rare. It has attracted the attention of elite British gold coin collectors ever since.
The 1937 Matte Proof Sovereign: Auction History and Collectors’ Appeal
1937 gold sovereigns are a top-tier coin for serious collectors in the UK. A recent study analyzing the sales data of all PR64 1937 gold sovereign Proofs from Heritage Auctions since 2007 shows that the value of 1937 gold sovereigns has largely outperformed gold itself, with returns of an example sold in 2014 outperforming the gold spot price by 25.5% in the space of a decade.
The rarity of the 1937 Matte Proof sovereign means it is difficult to gauge the change in market price overtime, yet these rare coins consistently achieve premium prices when they surface at auction.
One notable example (imaged above) is the 1937 Matte Proof half sovereign graded PR64 by PCGS, which achieved $38,400 at auction in 2024 after selling in New York for $16,800 in 2019. This coin is considered the sole finest-certified example across major grading services and is a prized piece in British gold numismatics.
An even more extraordinary coin is the 1937 Matte Proof full sovereign. Also graded PR64 by PCGS, it achieved $72,000 in May 2024. This specimen is tied as the finest among only three examples recognized by NGC and PCGS. The premium bids the Matte Proof 1937 sovereign achieved is testament to its rarity and status as a significant artifact of British history.
A Legacy of Rarity and Innovation
For many, the 1937 George VI Matte Proof sovereigns are more than just coins. They are symbols of a significant and transformative period in British history. While their very existence was a product of the limitations of advertising in the 1930s, the result is a masterpiece considered one of the most highly sought-after coins struck by The Royal Mint.
The painstaking effort required to produce their matte finish meant that they exist in extremely limited numbers. This will duly solidify their status as an elite British gold rarity. The 1937 Matte Proof sovereigns are a shining example of the intersection of history, artistry, and rarity.
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