I just picked this coin up, it strongly reminds me of some 1902 matte proofs I handled recently. No idea what it is. It's a flat white/grey colour, beautifully struck up and apart from a bag mark or two on the Queen's cheek virtually clear of bagging. Anyone got any ideas?
My guess is that it has been in a timber drawer, but without anything lying on top of it. The species of timber would have to be important, such as red cedar which can over a long time produce acidic vapour from the resin which found naturally in this species of timber.
Red cedar, (not western red cedar), was commonly used for cabinet making at the time this coin was struck, but is rare as hen's teeth now, and is extremely valuable.
When I am referring to timber species here, the red cedar is Australian only, (toona australis). There are quite a number of species of timber around the world that are known as 'cedar'.
Your coin is a fantastic example of milled British coinage.My opinion is to send to TPG for grading.High quality British coins are quite rare.You can''t find coins above MS62-MS63
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