Catalog
KM#10.1, Hern Z44, Fr-2
Mintage
~16,000
Mint
Royal Prussian Mint, Berlin
Engraver
Otto Schultz
Weight
7.988g
Proof Mintage
~10 pieces
1892 Double Shaft Pond
The original 1892 issue with two critical errors: the "OS" initials (ox) and the double‑shafted wagon. These errors nearly cost President Paul Kruger the 1893 election.
The Errors
- "O.S." – Otto Schultz's initials = "ox" in Afrikaans
- Double shaft – wagon with two shafts (correct is one)
- Equal wheels – front/rear same size (correct is smaller front)
History
In 1890/91, a lease was granted to the Nationale Bank of the ZAR to establish a State Mint in Pretoria, but the SA mint was far from ready to start minting gold coins. President Kruger, anxious to get the new coins circulated, depicting him on the obverse side, before the next election, placed orders for coins dated 1892 with the Berlin Imperial Mint. The first consignment of pounds, half pounds and crowns arrived with two shafts on the wagon and similar sized wheels as can be seen in the coat of arms on the reverse of the coins. This caused quite a stir and subsequently the 1892 pounds and crowns were minted and issued with correct single shaft wagons and the correct size of wheels, small in the front and larger wheels at the back.
To make matters worse, the designer, Otto Schultz, had placed his initials "O.S." below Kruger's bust – an unfortunate choice since "O.S." in Afrikaans means "ox". This blunder nearly cost Kruger the election; he won the 1893 election by a narrow margin. The double shaft version was quickly stopped from circulation to avoid uproar of the people, which makes the double shaft a scarcer version.
Traditionally, the Voortrekker wagon had a single shaft and larger rear wheels. Never having seen a veldt wagon, Schultz erred by making the wheels the same size but more egregiously by placing two shafts at its front, whereas the authentic wagon was a Dutch voortrekker or disselboom having a single pole, not a van-wagon with two.
Technical Specifications
Coin Details
- Denomination: 1 Pond
- Year: 1892
- Mint: Royal Prussian Mint, Berlin
- Engraver: Otto Schultz
- Mintage: ~16,000
- Proof mintage: ~10 pieces
Physical Specifications
- Weight: 7.988g
- Diameter: 22.00mm
- Thickness: 1.56mm
- Composition: .9167 Gold (22 carat) + Copper
- AGW: 0.2352 oz
- Edge: Reeded
Obverse
Bearded bust of President Kruger facing left, "O.S." artist initials raised on truncation. Legend: ZUID AFRIKAANSCHE REPUBLIEK.
Reverse
Struck en médaille, oval shield of arms divided in three, lion passant to upper left, Boer with rifle to upper right, ox wagon at bottom with two shafts and wheels of same size, with an escutcheon of an upright anchor, all upon frame surmounted by large eagle, overlapping three "vierkleur" flags either side, motto on scroll below EENDRAGT MAAKT MAGT, floral emblems below, 1 POND * 1892 * surrounds upper portion, stops are mullets.
Authentication Guide
Die Markers
- Obverse: "OS" initials on truncation of Kruger's bust (raised, not incuse)
- Reverse: Wagon with two shafts (correct single shaft has one)
- Reverse: Front and rear wheels of equal size (correct single shaft has smaller front wheels)
Proof Characteristics
Proof examples have deeply mirrored fields, crisp impression of the proofing dies, squared-off rims with wire edges, and a delicate orange-peel texture. The surfaces often have a slight haze, which may denote a "fresh" or original coin.
Counterfeit Detection
NGC has documented repeating depression locations on counterfeit examples:
- Obverse: Kruger's mouth, ear, hair, bottom of coat
- Reverse: The "8" of the date, ribbon above "A" of "MAAKT"
The 1892 Proof Pond
In addition to the circulation strikes, approximately 10 proof examples were struck. These were likely kept for the engraver or his employer, and for a mere handful of politicians associated with the coins' creation. A PR65 NGC example from The Orange River Collection was described by Heritage Auctions as "a gorgeous example of this fabled rarity, its surfaces brilliant, deeply mirrored, and possessing the delicate orange-peel texture seen only on proofs, the impression of the proofing dies nothing less than perfect."
Auction Records
| Date | Auction House | Grade | Price Realized |
|---|---|---|---|
| Jan 2026 | Heritage | MS63 PCGS | Estimate high (upcoming) |
| Sep 2025 | Heritage (Gatsby Collection) | MS62 NGC | $2,000 |
| Aug 2025 | Heritage | MS63 PCGS | $1,850 |
| 2025 (Current) | Wessex Coins (dealer) | MS63 NGC | £5,500 (approx. $6,900) |
| Aug 2024 | Heritage ANA | MS62+ NGC | Not disclosed (est. $2,500–3,500) |
| 2022 | Randburg Coin | AU58 NGC (set with half pond) | R75,000 (approx. $4,000) |
| 2012 | Heritage (Orange River Coll.) | PR65 NGC | Realized premium (one of ~10 proofs) |
| 2011 | London Coins | Sharp Unc/near so | £2,000 |
Sources
- Hern, Brian. The Standard Catalogue of South African Coins, Medals and Tokens.
- NGC Registry. "ZAR POND 1874-1902, Circulation issue" (2025).
- NGC counterfeit detection articles (2013).
- Heritage Auctions: 2012 Orange River Collection (PR65), 2024 ANA (MS62+), 2025 Gatsby Collection (MS62).
- London Coins auction archives (2011, 2022, 2024).
- Wessex Coins dealer listing (2025).
- Randburg Coin "Fantastic Friday" offer (2022).
- Western Cape Numismatic Society (Dec 2023).