1931 Dropped 1 Penny with Indian obverse PCGS VF35

Like the 1924 penny with Indian obverse I listed earlier today, the 1931 “dropped 1” penny with Indian obverse is a popular variety. The type, characterised by a lower or misaligned second figure “1” in the date and an obverse struck by the Indian die, turns up from time-to-time in circulated grade, and is generally well-contested at auction. They are described as “extremely rare” in Ian McConnelly’s *Australian Pre-Decimal Coin Varieties*, and tend to appear on the market once or twice a year, always in circulated grade. Going by market appearances, the type is rarer than the 1930 penny, the 1923 halfpenny, 1852 Adelaide Pound, 1922/1 overdate threepence, and 2000 one dollar mule, although it trades at only a fraction of the price of the 1930 penny and 1852 pound in comparable grade. Meanwhile, mint records at the Melbourne Mint indicate that fewer than 1,000 pieces were minted. I have had this rare variety in stock on only four separate occasions since 2008, and this coin here, photographed above and graded PCGS VF35, is the second-best of them. The last example I had in stock graded PCGS XF40 and sold for $3,900 last November, and I expect the coin on offer here to trade at a similar level, at $3,250. A very difficult coin that will perform strongly, in my view, should mainstream collectors decide to collect it. Professional Coin Grading Service is the global leader in coin authentication and grading. With over 60 million coins graded and counting, PCGS is trusted by collectors, dealers, and investors to certify authenticity, protect value, and elevate market confidence. This is a direct conversion of the 70-point PCGS grade to a 10-point scale, intended to present the grade in a more intuitive format for newer collectors. It is not our personal opinion or an attempt at regrading the coin to a different standard. To understand how the 70-point scale converts to a 10-point scale, [click here](https://drakesterling.com/en/page/the-ten-point-coin-grading-scale). Like the 1924 penny with Indian obverse I listed earlier today, the 1931 “dropped 1” penny with Indian obverse is a popular variety. The type, characterised by a lower or misaligned second figure “1” in the date and an obverse struck by the Indian die, turns up from time-to-time in circulated grade, and is generally well-contested at auction. They are described as “extremely rare” in Ian McConnelly’s *Australian Pre-Decimal Coin Varieties*, and tend to appear on the market once or twice a year, always in circulated grade. Going by market appearances, the type is rarer than the 1930 penny, the 1923 halfpenny, 1852 Adelaide Pound, 1922/1 overdate threepence, and 2000 one dollar mule, although it trades at only a fraction of the price of the 1930 penny and 1852 pound in comparable grade. Meanwhile, mint records at the Melbourne Mint indicate that fewer than 1,000 pieces were minted. I have had this rare variety in stock on only four separate occasions since 2008, and this coin here, photographed above and graded PCGS VF35, is the second-best of them. The last example I had in stock graded PCGS XF40 and sold for $3,900 last November, and I expect the coin on offer here to trade at a similar level, at $3,250. A very difficult coin that will perform strongly, in my view, should mainstream collectors decide to collect it.