Jardines Galleries · Less than ten complete sets known · The rarest South African numismatic item
The 1892 Proof Set.
The holy grail of South African numismatics. Nine coins in three metals — gold, silver, bronze — struck at the Royal Prussian Mint, Berlin as a presentation set for Otto Schultz, his employer, and a handful of politicians associated with the Republic's first coinage. Hern's research indicates fewer than ten complete sets are known today. The set captures both the controversy and the correction in a single Berlin moment: the three largest denominations (the Pond, Half Pond and Crown) carry the famous "double shaft" error and "O.S." initials, while the six smaller denominations bear the corrected single-shaft design. The 2006 Noonans set realised £65,000; the 2014 Hohmann set was estimated at R1.6 – 2.5 million.
The Holy Grail
Berlin 1892 · Presentation strike · Engraver, employer, politiciansThe 1892 Proof Set is, by consensus, the rarest and most coveted item in South African numismatics. Brian Hern's research — the standard reference for ZAR coinage statistics — places the number of known complete sets at fewer than ten worldwide. The Berlin Mint never issued the proofs in cases, which is why surviving sets show occasional surface blemishes and are frequently broken up over time, making the few intact sets ever scarcer.
Surviving examples trace back to a handful of provenances — most notably the 2006 Noonans set and the Hohmann Collection sold by Stephan Welz & Co. in 2014.
— Fewer than 10 known —Three errors, six corrections
9 coins · 3 metals · 2 design statesWhat makes the set structurally distinctive — beyond its scarcity — is that it captures both halves of the 1892 controversy in a single Berlin presentation. The three largest denominations — the gold Pond, gold Half Pond, and silver Crown — carry the original double-shaft error and Schultz's "O.S." initials. The six smaller denominations — half crown, florin, shilling, sixpence, threepence and penny — bear the corrected single-shaft design.
To own a complete set is to own both states of the same coinage at once: the controversy and its resolution, struck for the same engraver in the same year.
Overview
Berlin presentation strike · Hern attribution · Surface-blemish provenanceIn 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 ten complete 1892 Proof sets are known today.
The coins show Paul Kruger on the obverse, with most reverses depicting the Republic's coat of arms. 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 surviving coins exhibit minor surface blemishes — the protective housing modern numismatists take for granted simply wasn't part of the Berlin presentation protocol. Examples from the Hohmann Collection (sold 2014) and the 2006 Noonans sale are considered among the finest known.
"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."
Proof mintage estimates
Hern's research · Per-denomination · Estimates of strikings, not survivorsPer-denomination proof mintage estimates derived from Hern's research and auction records. These figures represent the number of proof examples believed to have been struck — not the number that survive today. Hern catalogue references appear in the right-most column where assigned.
| 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 | — |
| 1 Penny | Bronze | Single Shaft | ~20 | Hern-Z1 |
Complete-set auction records
Two documented complete-set sales · 2006 & 2014Two intact complete sets have changed hands at major auction in the modern era — the 2006 Noonans Hohmann Collection set and the 2014 Stephan Welz Erich Albrecht Hohmann Collection set. Both establish the upper-tier benchmarks for the entire 1892 ZAR series.
The Hohmann set
Lot 1313 · 9 coins · PR63 – PR65 cameos throughout £65,000 ~$122,000 · realised hammer · 2006Grades across the set: Pond PR64CAM, Half Pond PR63CAM, Crown PR63, Half Crown PR65, Florin PR64, Shilling PR65CAM, Sixpence PR64, Threepence PR64, Penny PR64RB. Multiple PR65 cameo grades and PR65 RB on the bronze penny mark the set as among the finest documented. The £65,000 hammer is referenced from this page across the wider library — (Single Shaft Pond, Double Shaft Crown, 1892 Silver Denominations).
The Hohmann Collection
Erich Albrecht Hohmann · all nine "Brilliant Proof" R1.6 – 2.5M ~$152K – $237K · 2014 estimateThe Erich Albrecht Hohmann collection — not the same Hohmann as the 2006 set — sold through Stephan Welz & Co. in May 2014. All nine coins described as "Brilliant Proof". The Rand-denominated estimate range (R1.6 to 2.5 million) reflects the South African collector market's increased prominence by the mid-2010s; the set's role as headline lot for the auction is itself part of the documented provenance.
Individual proof records
When sets are broken up · Per-coin documented sales · 2012 – 2025When complete sets are broken up — as Hern notes happens regularly — individual proof coins enter the market and command significant premiums in their own right. The records below span 2012 to 2025 and demonstrate the per-coin market across the major denominations.
| Denomination | Grade | Date | Auction house | Realised |
|---|---|---|---|---|
| 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 | Premium · finest known |
| Florin · 2 Shillings | PR63 PCGS (Wings) | Jan 2023 | Goldberg | $3,500+ (est.) |
| Shilling | PR65 NGC | Jan 2025 | Heritage | Premium |
| 6 Pence | PR66 NGC | Jan 2025 | Heritage | Premium · highest graded |
| Penny | PR65 Red NGC | Jan 2025 | Heritage | Premium · finest known |
Why so few were struck
Speculation rather than documentation · The presentation purposeNumismatists can only speculate on why so few proofs of the first year's coinage were struck. The Berlin Mint did not document the run; the Republic's records do not survive in the relevant detail. The most defensible reading — preserved across the Hern literature — is that the proofs were intended for specific recipients: a few for Otto Schultz himself as the engraver, a few for the Berlin Mint's senior staff as his employers, and a "mere handful" for politicians associated with the coins' creation.
This explains both the low numbers and the lack of cases. Presentation proofs for institutional and political recipients were a different product from the modern dealer-targeted proof: they didn't need archival housing because they were trophies, not investments. The trophies got admired, then put away in unprotected drawers, then occasionally sold or gifted decades later — which is how surface blemishes accumulated and how complete sets became broken up.
- 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), January 2012.
- Coin World — "1892 South African Proof set highlights auction in Johannesburg" (Hohmann Collection), April 2014.
- Noonans Mayfair — "Important British and World Coins," 28 September 2006, Lot 1313.
- Heritage Auctions — NYINC Signature Sale 3121, January 2025: Lots 31027 (Penny), 31036 (6 Pence), 31038 (Shilling), 31045 (Half Crown), 31049 (Crown).
- Goldberg Coins — NY International 2023 (January 2023), Lot 1260 (Florin).
- PCGS Price Guide / CPG Values, 1892 Proof Pond.
- Cross-references: Single Shaft Pond (the corrected gold standard issue · same Berlin engraver), Double Shaft Crown (the silver crown error in detail), 1892 Silver Denominations (the broader silver context · 50-60 florin proofs noted there match Hern-Z23 here), 1893-1897 Silver Denominations (the workhorse counterpart · the Schultz proof crispness Hern describes is best appreciated against these later circulating issues), Berlin Mint Connection (Royal Prussian Mint context · why no cases were issued), People Behind the Coins (Otto Schultz biography).