Jardines Galleries · Pretoria-struck silver · The collector's paradox · 1893 Florin key date
1893 – 1897 Silver Denominations.
The everyday silver currency of the Zuid-Afrikaansche Republiek — five denominations struck at the Pretoria Mint from 1893 onward, after the Berlin-struck 1892 issues. All carry the corrected design: no "O.S." initials, the half crown's wagon now showing the proper single-shaft disselboom. Total run 5,286,869 coins across five years. Yet the page's editorial centre is a paradox: these are the workhorse coins, not the rarities — they were saved less, circulated heavier, and worn down by decades in active use until Union coinage replaced them in 1923. The 1893 Florin is the result: the true key date of the entire ZAR series, with a finest-known PCGS MS64 valued at R650,000, despite a higher mintage than its 1892 counterpart.
The workhorse currency
Pretoria Mint · 1893 – 1897 · Five denominations · 5,286,869 totalFrom 1893 onward, the new Pretoria Mint took over silver production from Berlin. Five denominations across five years — 3d, 6d, 1/-, 2/-, 2/6 — totalling 5,286,869 coins per Becklake. The crown (5/-) was discontinued after 1892. All coins carry the corrected design: no "O.S." initials on the obverse, and on the half crown specifically, the wagon's single-shaft disselboom properly drawn.
This is the everyday currency of the Republic — the silver that actually changed hands in shops and saloons in Pretoria, Johannesburg, and Bloemfontein. (Companion to the 1892 Silver Denominations.)
The collector's paradox
1892 saved from new · 1893 – 1897 circulated until 1923The 1892 issues were saved by collectors from the moment they were issued — the political weight of the Republic's first coinage made every variety a memento. The 1893 – 1897 issues were not saved; they were circulated heavily as the Republic's actual money until Union coinage replaced them in 1923 — three decades of pocket-wear.
The result inverts the obvious mintage-based intuition: 1893 – 1897 high-grade survivors are far rarer than 1892 high-grade survivors, despite higher mintages. A common-date 1893 silver in MS condition can fetch more than a scarcer 1892 issue.
Why 1893 is the true key date
The survival-rate inversion · Mintage isn't the only scarcity driverThe separation between 1892 and 1893 – 1897 silver is one of the most consequential distinctions in ZAR numismatics — driven by where the coins were minted, the famous design errors that inflated 1892's collector profile, and the resulting survival-rate inversion that makes 1893 – 1897 high-grade examples genuinely scarcer despite higher mintages. The 1893 Florin sits at the apex of that inversion.
The conventional reading — lower mintage means rarer coin — is the right starting point but the wrong ending point for ZAR silver. Mintage is a supply input; survival rate is what determines current scarcity, and the survival rates of 1892 vs 1893 – 1897 went in opposite directions for very different reasons.
The 1892 issues arrived as the Republic's first coinage. Every collector in the country wanted a set; every Burgher with means tucked one or two away as souvenirs of the new coinage and reminders of Kruger's project. The OS controversy and the double-shaft error made the entire 1892 silver run a numismatic event — and numismatic events get saved.
The 1893 – 1897 issues arrived as everyday money. The novelty had worn off; the design errors were corrected; nothing about these coins demanded preservation. They circulated — through the Witwatersrand goldfields, through Pretoria's traders, through the daily commerce of the Republic — and they kept circulating after the Republic ended. Union coinage didn't fully replace them until 1923: thirty years of pocket-wear that ground down most surviving specimens to VG and Fine grades, with high-grade examples a small fraction of the original mintage.
The result is the collector's paradox. A common-date 1893 silver in MS condition can fetch substantially more than a scarcer 1892 issue in the same grade — not because more were struck (often fewer were), but because far fewer survived in collectable condition. The clearest expression of this is the 1893 Florin.
"The 1893 Florin is considered the key date of the entire ZAR series — not because of low mintage (107,000, higher than 1892), but because almost all circulated and were worn down, making problem-free examples, especially in Mint State, incredibly rare."
The 1893 Florin
Finest known PCGS MS64 · R650,000 · NGC pop 6 in MS1893 · 2 Shillings · Florin
KM#6 · 11.31 g · Mintage 106,951 · The series' workhorse florin, ground down by circulationA single coin at MS64; the entire surviving Mint State population sits at seven specimens combined across both grading services.
The 1893 Florin's mintage of 106,951 is actually higher than the 1892 Florin's 55,000. Yet the 1893 trades at multiples of the 1892 in equivalent grades — a clean expression of the survival-rate inversion. The 1892 was saved from new; the 1893 was spent.
The NGC and PCGS combined Mint State population tells the story: only seven specimens certified in MS condition across both services. For comparison, well-saved 1892 issues routinely show double-digit MS populations.
In VF condition, an 1893 Florin trades for $100 – 150 — accessible to most ZAR collectors. The leap from VF to MS is what produces the headline R650,000 figure: it's a condition-rarity premium, not a circulation-rarity premium.
1897 · 2½ Shillings · Half Crown
Mintage 52,404 · lowest of the half crown seriesThe 1897 half crown sits as the secondary key date — its 52,404 mintage is the lowest of the half crown series across all five years. Less ground down than the 1893 Florin (it appeared late in the run, with fewer years of circulation before Union replacement), but materially scarcer than the 1893 – 1896 half crowns.
VF condition: $150 – 200. EF condition: $300 – 400. The half crown's smaller circulating role meant high-grade survivors are easier to find than the florin equivalent — but the 1897 itself remains the standout year within the denomination.
Series overview
Five denominations · Five years · Pretoria productionFrom 1893 to 1897, the Pretoria Mint struck silver for circulation. The crown (5 shillings) was discontinued after 1892 — leaving five working denominations: 3 Pence, 6 Pence, 1 Shilling, 2 Shillings (Florin), 2½ Shillings (Half Crown). All carry the corrected design: the half crown's wagon now displays the proper single-shaft disselboom, and "O.S." initials are absent from every obverse.
Per J.T. Becklake's mintage research — the most reliable source for ZAR coinage statistics — the total silver output from 1893 – 1897 was 5,286,869 coins across all five denominations. That's a substantial currency: the Republic's silver work in real volume, supporting the daily commerce of the Witwatersrand boom years.
The obverse of every denomination features the bust of President Paul Kruger, designed by Otto Schultz. Reverse designs incorporate the ZAR coat of arms and oak wreaths; the half crown is the only silver denomination to feature the ox-wagon — now corrected to the proper single-shaft disselboom.
Mintages & specifications
Becklake totals · 1893 – 1897 · Five denominationsTotal mintage figures across the full Pretoria run, derived from J.T. Becklake's "The Coinage of the South African Republic" (1965) — the standard reference for ZAR mintage statistics.
| Denomination | KM# | Years | Total Mintage | Weight | Diameter | ASW |
|---|---|---|---|---|---|---|
| 3 Pence · 3d | KM#3 | 1893 – 1897 | 743,814 | 1.41 g | 16.0 mm | 0.042 oz |
| 6 Pence · 6d | KM#4 | 1893 – 1897 | 896,001 | 2.83 g | 19.35 mm | 0.084 oz |
| 1 Shilling · 1/– | KM#5 | 1893 – 1897 | 1,794,604 | 5.66 g | 23.7 mm | 0.168 oz |
| 2 Shillings · Florin | KM#6 | 1893 – 1897 | 950,032 | 11.31 g | 28.5 mm | 0.336 oz |
| 2½ Shillings · Half Crown | KM#7 | 1893 – 1897 | 902,418 | 14.14 g | 32.3 mm | 0.420 oz |
Annual mintages
Year-by-year breakdown · All five denominations| Year | 3 Pence | 6 Pence | 1 Shilling | 2 Shillings | 2½ Shillings |
|---|---|---|---|---|---|
| 1893 | 183,895 | 195,894 | 347,582 | 106,951 | 218,288 |
| 1894 | 177,458 | 239,579 | 330,500 | 150,000 | 138,224 |
| 1895 | 109,741 | 208,246 | 451,319 | 298,081 | 267,240 |
| 1896 | 130,220 | 120,880 | 374,203 | 240,000 | 226,262 |
| 1897 | 142,500 | 131,402 | 291,000 | 155,000 | 52,404 |
Common-date values
VF / EF / Unc · Excluding key dates aboveIndicative value ranges for common dates across the 1893 – 1897 series. 1893 Florin and 1897 Half Crown command significant premiums over these baselines (see the legend cards above). Mint State examples in particular show the survival-rate inversion: even common dates can fetch multiples of equivalent 1892 prices.
| Denomination | VF | EF | Unc |
|---|---|---|---|
| 3 Pence | $20 – 30 | $40 – 60 | $100 – 150 |
| 6 Pence | $25 – 35 | $50 – 70 | $120 – 180 |
| 1 Shilling | $30 – 40 | $60 – 80 | $150 – 200 |
| 2 Shillings · Florin | $35 – 50 | $80 – 120 | $250 – 400 |
| 2½ Shillings · Half Crown | $40 – 60 | $100 – 150 | $300 – 500 |
Auction records
Recent activity · Including the R650,000 finest-known offering| Lot | Date | Realised | Notes |
|---|---|---|---|
| 1893 sixpence + 1893 shilling + 1897 half crown | Nov 2016 | $200 (est.) | PCGS VF35, AU50; NGC XF45 |
| Lot of 16 mixed silver · Mayor's Hoard | Apr 2024 | $220 | Mostly VG-VF |
| 1893 Florin · PCGS MS64 · finest known | Current | R650,000 | 1 in MS64 · none finer |
Collector notes
Design · Survival paradox · Hoard provenance- Design. The half crown (2½ shillings) is the only silver denomination in the series to include the ox wagon on the reverse — after the 1892 controversy, the design now correctly shows the single-shaft disselboom.
- Condition. The 1893 Florin is virtually unobtainable in Mint State, with only 7 certified examples across both NGC and PCGS combined. Lower grades (VF, EF) are accessible at $100 – 250.
- The survival paradox. Unlike the 1892 issues — which were saved by collectors immediately — the 1893 – 1897 coins were heavily circulated until 1923, making high-grade examples significantly rarer, and often more valuable, than their 1892 counterparts. Mintage figures alone don't predict scarcity.
- Provenance. Some coins from this period come from documented hoards and old-collector cabinets — most notably the "Mayor's Hoard" and the Stanley Lipscombe collection, both of which add historical-provenance value when documented.
- Becklake, J.T. — The Coinage of the South African Republic, 1965 (standard reference for ZAR mintage statistics).
- Western Cape Numismatic Society — Pierre H. Nortje, "The ZAR Coinage of 1892," December 2023.
- Spink & Son — Auction 23107, Lot 7512.
- Noble Numismatics — Auction Sales 368 (November 2016) and 408 (April 2024).
- Bob Shop — "S. Africa: 1893 ZAR 2 Shillings (Florin) PCGS Certified MS64."
- Colnect — "Coin catalog · South Africa (1874 – 1900 South African Republic)."
- Numismatic forum discussions on ZAR survival rates.
- Cross-references: 1892 Silver Denominations (the Berlin-struck companion · saved-from-new contrast), Single Shaft Pond (the gold corrected-dies parallel), Double Shaft Crown (the OS controversy in detail), Pretoria Mint (the production transition from Berlin), People Behind the Coins (Otto Schultz biography).