1911 Melbourne Sovereign

The 1911-M is a scarcer early George V sovereign that appears to be underrated by the catalogue. Just have a look at the population report: PCGS has only graded 21 examples of the 1911-M sovereign, while they’ve graded 86 x 1912 Melbournes, 68 x 1913 Melbournes, 78 x 1914 Melbournes and so on (November 2013). In fact, of all the early Melbourne George V sovereigns (say from 1911 to 1919), PCGS has graded the fewest 1911-Ms overall. (PCGS has graded fewer 1920-Ms, but, of course, the 1920-M is a key date and worth over $10,000 in Mint State.) The coin photographed above could be a keeper in the medium or long-term. Scarce.