Coins in Set
9 (gold, silver, bronze)
Complete Sets Known
Less than 10
Mint
Royal Prussian Mint, Berlin
Engraver
Otto Schultz
1892 Proof Set
The rarest and most coveted South African numismatic item – less than 10 complete sets are known to exist. Struck at the Berlin Mint, these proofs preserve Otto Schultz's original designs in their pristine state, including the famous "double shaft" error and "OS" initials.
Why So Rare?
- Only small numbers struck for engraver & politicians
- Berlin Mint did not issue them in cases
- Surviving sets are often broken up
- Complete sets: less than 10 known
Overview
In 1892, the Royal Prussian Mint in Berlin struck a small number of proof coins for presentation purposes. The exact number struck is unknown, but research by Brian Hern in Hern's Handbook on South African Coins and Patterns indicates that fewer than 10 complete 1892 Proof sets are known today .
The coins show Paul Kruger on the obverse, with most of the coins depicting the coat of arms on the reverse . The three largest denominations – the Pond, Half Pond and Crown – feature the famous "double shaft" error and Otto Schultz's initials "O.S." on the truncation of Kruger's bust . The remaining six denominations (half crown, florin, shilling, sixpence, threepence and penny) bear the corrected single-shaft design .
The Berlin Mint did not issue the proofs in cases, which accounts for the fact that some of the coins exhibit minor surface blemishes . Examples from the Hohmann Collection (2014) and the 2006 Noonans sale are considered among the finest known.
Set Composition
A complete 1892 Proof set consists of nine coins, spanning three metals:
- Gold (2 coins): Pond (1 Pond), Half Pond (½ Pond) – both with double shaft error and OS initials
- Silver (6 coins): 5 Shillings (Crown, double shaft), 2½ Shillings (Half Crown, single shaft), 2 Shillings (Florin, single shaft), 1 Shilling (single shaft), 6 Pence (single shaft), 3 Pence (single shaft)
- Bronze (1 coin): 1 Penny (single shaft)
The penny is composed of bronze; the remaining eight coins are struck in gold or silver .
Proof Mintage Estimates
The following estimates are based on Hern's research and auction records. These figures represent the number of proof examples believed to have been struck, not survivors.
| Denomination | Metal | Variety | Est. Mintage | Hern Reference |
|---|---|---|---|---|
| Pond | Gold | Double Shaft | ~10 | Hern-Z44 |
| Half Pond | Gold | Double Shaft | ~20 | Hern-Z38 |
| 5 Shillings (Crown) | Silver | Double Shaft | 25-30 | Hern-Z36 |
| 2½ Shillings (Half Crown) | Silver | Single Shaft | ~50 | Hern-Z30 |
| 2 Shillings (Florin) | Silver | Single Shaft | 50-60 | Hern-Z23 |
| 1 Shilling | Silver | Single Shaft | ~45 | Hern-Z17 |
| 6 Pence | Silver | Single Shaft | ~50 | Hern-Z11 |
| 3 Pence | Silver | Single Shaft | ~50 | – |
| Penny | Bronze | Single Shaft | ~20 | Hern-Z1 |
Note: The 5 Shillings double shaft is the only silver coin with the error; all other silver proofs bear the corrected single-shaft design.
Auction Records – Complete Sets
| Date | Auction House | Collection | Grades | Price Realized |
|---|---|---|---|---|
| 28 Sep 2006 | Noonans (DNW) | – | Pond PR64CAM, Half Pond PR63CAM, Crown PR63, Halfcrown PR65, Florin PR64, Shilling PR65CAM, Sixpence PR64, Threepence PR64, Penny PR64RB | £65,000 (approx. $122,000) |
| May 2014 | Stephan Welz & Co. | Erich Albrecht Hohmann | All nine coins "Brilliant Proof" | Estimate 1.6–2.5M rand ($152K–$237K) |
Individual Proof Auction Records (Selected)
Individual proof coins from the set, especially in high grades, command significant premiums. The following records demonstrate the market for these rarities:
| Denomination | Grade | Date | Auction House | Price Realized |
|---|---|---|---|---|
| Pond (double shaft) | PR65 NGC | Jan 2012 | Heritage (Orange River) | $300,000+ (est) |
| Pond (double shaft) | PR64 PCGS | Jan 2018 | David Lawrence | $23,000 |
| Crown (double shaft) | PR64 PCGS | Jan 2022 | Heritage (Cape Coral) | $15,600 |
| Half Crown (2½ Shillings) | PR65 Cameo PCGS | Jan 2025 | Heritage | Est. premium (finest known) |
| Florin (2 Shillings) | PR63 PCGS (Wings) | Jan 2023 | Goldberg | Est. $3,500+ |
| Shilling | PR65 NGC | Jan 2025 | Heritage | Est. premium |
| 6 Pence | PR66 NGC | Jan 2025 | Heritage | Est. premium (highest graded) |
| Penny | PR65 Red NGC | Jan 2025 | Heritage | Est. premium (finest known) |
Why So Few Were Struck
Numismatists can only speculate on why so few proofs of the first year's coinage were struck. The purposes must surely have been to keep a few examples of the coins for the engraver or his employer, and for a mere handful of politicians associated with the coins' creation .
Otto Schultz's skills are most masterfully presented on these rare proofs. Numismatists who study these coins will discover their special crispness of detail and sharpness of rims, compared to what is seen on the issued dates that followed, those of 1893 onward .
Sources
- Hern, Brian. The Standard Catalogue of South African Coins, Medals and Tokens / Hern's Handbook on South African Coins and Patterns .
- Heritage Auctions. "South Africa: Republic gold Proof Pond 1892, PR65 NGC" (The Orange River Collection), Jan 2012 .
- Coin World. "1892 South African Proof set highlights auction in Johannesburg" (Hohmann Collection), Apr 2014 .
- Noonans Mayfair. "Important British and World Coins" (28 Sep 2006, Lot 1313) .
- Heritage Auctions. NYINC Signature Sale 3121 (Jan 2025): Lots 31027 (Penny), 31036 (6 Pence), 31038 (Shilling), 31045 (Half Crown), 31049 (Crown) .
- Goldberg Coins. NY International 2023 (Jan 2023), Lot 1260 (Florin) .
- PCGS Price Guide / CPG Values (1892 Proof Pond) .