The 1923
proof
penny was originally struck to be part of a 6 coin proof set of the first year in which the
Melbourne mint produced all denominations of Australian coinage to
be presented at the British Empire Exhibition in London in 1924. The quality of the set was critical
as this was the first time the Melbourne mint would have the opportunity
to demonstrate that it could solely supply Australia's circulating coins, as with the imminent closure of the Sydney mint, a successful demonstration would ensure the Melbourne
mint would get the striking contracts rather than the potentially competing Perth
mint. Only a small number of each denomination were to be produced as
proof
strikes, the finest of which would make up the set. It is unknown how far the
mint got with their production of 1923
proof
strikes, but these strikes are known only by the half penny, penny and florin.
Proof-like
pennies, threepence, sixpence and florins are also known which suggests that either the
dies
were later re-used to produce business strikes, or the rejected
proofs
were released into circulation. No 1923 shillings are known in
proof
or otherwise, it appears that any 1923 shilling
dies
produced were re-engraved with the 1925 date in order to produce the 1925/23
overdate
shilling. The Melbourne mint eventually rejected the 1923
proofs
and presented the perfected 1924 proof set as part of their display at the British Empire Exhibition.
