Ultra-rare gold coin from King Edward VIII’s short-lived reign sells for a world record £1.65million

A £5 coin to commemorate King Edward VIII’s short-lived reign has sold for a world record £1.65m ($2.28m).

The gold coin with the controversial monarch’s bust on one side was struck but never put into circulation as he abdicated after just 11 months.

It is one of only three Edward VIII five pounds coins known to exist, with the other two belonging to the Royal Mint and a private collector in America.

The gold coin with the controversial monarch’s bust on one side was struck but never put into circulation as he abdicated after just 11 months

Edward VIII coins are so scarce that it even the Duke of Windsor had a request to obtain a set of his own coinage turned down by his brother

The trial coin, which was designed by Humphrey Paget, sparked a bidding war when it went under the hammer with Heritage Auctions, of Dallas, US.

It is the most expensive British coin ever sold, smashing the £1m private sale of an Edward VIII Pattern Sovereign coin (with a face value of £1) brokered by the Royal Mint in January 2020.

The previous record for the most expensive British coin sold at auction was for a king William IV proof five pounds from 1831, which sold in Monaco last October for £703,000.

Edward VIII coins are so scarce that it even the Duke of Windsor had a request to obtain a set of his own coinage turned down by his brother.

King George VI believed that because the coins had never been issued and not passed through the Royal Proclamation process, they were not deemed to be official.

The Royal Mint had been due to begin production of Edward VIII coinage on January 1, 1937.

Pattern coins had been prepared in readiness before the monarch gave up the throne on December 11, 1936, in order to marry American divorcee Wallis Simpson.

The front of the 1.4ins diameter coin carries a left facing bust of Edward, with St George on horseback slaying a dragon on its reverse.

The coin was controversial even before his abdication as he chose to show his left side, breaking with centuries-old tradition.

His father, George V, had also been captured from his left, so it was expected he would be shown from his right side as monarchs were supposed to alternate. However, this he declined.

The front of the 1.4ins diameter coin carries a left facing bust of Edward, with St George on horseback slaying a dragon on its reverse

It is one of only three Edward VIII five pounds coins known to exist, with the other two belonging to the Royal Mint and a private collector in America

The coin was consigned for sale from an Asian collector who had owned it since about 2002. Its earlier provenance is not known.

Cristiano Bierrenbach, executive vice president of international numismatics at Heritage, said: ‘Since the transition of power from Oliver Cromwell to Charles II, the kings of England had adopted a style of alternating the direction of their busts with each change of monarch.

‘This coin was breaking with centuries of British numismatic tradition.

‘It is one of the greatest prizes in British numismatics. Uncompromising in terms of its beauty and quality, this coin is one of less than a half dozen believed to be in private hands.

‘A surviving letter exchanged between the Duke of Windsor and his brother, George VI, reveals that even Edward himself was refused his request to obtain a set (of Edward VIII coins) for himself.

‘This is the coin that even a ‘king’ couldn’t have.

‘Its sale was truly a once-in-a-lifetime opportunity for bidders.’