Record! South African Rarity Leaves All Previous Top Prices Far Behind

The offering at hand holds an informed history, having been struck at precisely 10:30am on the 2nd of November, 1898. Notably absent were the reverse dies assigned with the forthcoming date of 1899; they had been misappropriated at Delagoa (Maputo) Bay by the British forces, thus impeding the vital task of producing currency for the impending year. Consequently, the Mint Master of Pretoria was prompted to impose an overstamp on the 1898 Ponde using a manual date punch. The very coin in question bears the honor of being the inaugural overstamp of this series. However, an obstacle immediately arose: the lone ‘9’ punch was simply too large, inconveniently intersecting with the truncation of the President’s effigy. In response to this dilemma, the mint’s resourceful staff quickly recalibrated their approach and determined a smaller ‘9’ punch to be more appropriate, leading to the remaining coins being struck with ‘Double 99’, and the sole ‘Single 9’ 1898 Pond’s legend was born.

The United States Consul General at Pretoria, Mr. C.E. Macrum, was promptly presented with the coin as a symbol of the South African Republic’s independence and its unique currency. Included in the Collection are two pieces of correspondence that document this event: one from the government assayer at the time, J. Perrin, and another penned by Macrum himself. Notably, Macrum had a small letter “M” inscribed on the coin, specifically on the truncation of Kruger’s bust, to serve as a lasting mark of its origin.

Evidence from various sources, including confirmation from Sir Winston Churchill, indicates that Macrum harbored sympathies towards the Boer cause. Winston Churchill, describing his time being held by the Boers (W. Churchill: London to Ladysmith via Pretoria) notes:

“About ten days after my arrival at Pretoria I received a visit from the American Consul, Mr. Macrum. It seems that some uncertainty prevailed at home as to whether I was alive, wounded or unwounded, and in what light I was regarded by the Transvaal authorities. Mr. Bourke Cockran, an American Senator who had long been a friend of mine, telegraphed from New York to the United States representative in Pretoria, hoping by this neutral channel to learn how the case stood. I had not, however, talked with Mr. Macrum for very long before I realised that neither I nor any other British prisoner was likely to be the better for any efforts which he might make on our behalf. His sympathies were plainly so much with the Transvaal Government that he even found it difficult to discharge his diplomatic duties. However, he so far sank his political opinions as to telegraph to Mr. Bourke Cockran, and the anxiety which my relations were suffering on my account was thereby terminated.”

Given this context, it seems fitting that the ZAR authorities chose to present Macrum with the unique Single “9” overstamp Pond. However, shortly after this notable event, Macrum’s tenure as Consul General came to an end, with Mr. Adelbert Hay succeeding him in the position.

The coin’s journey further enriches its historical importance. After leaving Macrum’s possession, its whereabouts remained a mystery until it resurfaced in 1954 at the auction of King Farouk of Egypt’s collection.

King Farouk, notorious for his extravagant lifestyle during his troubled rule, amassed an eclectic and vast array of collectibles, including diamonds, walking sticks, stamps, and notably, coins. His coin collection was remarkable, spanning ancient to modern times, with a special emphasis on 19th and 20th-century pieces, including an impressive array of U.S. coins. A highlight was his complete set of 1907-1933 Saint Gaudens Double Eagles.

Following King Farouk’s forced abdication in 1952, the Egyptian Government decided to auction his collections, including his coins. Baldwins of London took on the task of cataloging the collection, but due to limited resources, the catalog featured few photographs and grouped lots haphazardly, often mixing rare and common coins with scant descriptions. The 1954 Sotheby’s auction of the “Palace Collections of Egypt” at the Koubbeh Palace was noteworthy, not just for the items on sale but also for the unique circumstances surrounding it. Abe Kosoff, a U.S. coin dealer who attended, remarked on the peculiar nature of the auction. He believed that had the auction been held in the U.S. or another major hub, with a more accessible format, better cataloging, and options like telephone bidding, the items, including the coin in question, might have fetched significantly higher prices.

The “Single 9” overstamp, reportedly acquired by Farouk in Paris, was part of an auction lot that included 18 other South African coins. This particular group, lot 902, was purchased by Baldwin’s of London for Dr. Froelich of Port Elizabeth, South Africa, at a cost of 655 Egyptian pounds (c. $1,880). The Gatsby Collection currently holds a copy of the auction catalogue as well as the telegram that informed Dr. Froelich about this acquisition.

The coin remained in South Africa after its purchase by Dr. Froelich. It resurfaced in the public market during the Days Postal Auction No. 9 in 1969, fetching R2,530 (c. $3,550). Later, in 1983, it was featured again in the Phoenix Postal Auction No. 30, where it sold for R132,000 (c. $123,000). Marking the centenary of the Anglo-Boer War in 1999, the coin changed hands in a private sale, conducted by dealer Walter Fivaz, who represented Mr. Kraay, for R4.65 million (c. $790,000). The coin was sold once more in 2001 through a private transaction, this time for R9.8 million (c. $1.3 million). The prices achieved in its subsequent sales have been a topic of much speculation.

The 1898 Kruger Pond, distinguished by its unique “9” overstamp, is considered a singular treasure within the realm of ZAR coins and is widely regarded as the most prestigious piece in South African numismatics. Had war not broken out between Britain and the ZAR and the dies seized by British agents, there would of course have been no overstamping of Ponde.

The “Single 9” overstamp is thus a tangible, unique and moving reminder of a singular historical event. The bust of Kruger used for bullion Kruger Rands minted from 1967 to 2016 is perhaps fittingly a copy of his image on the “Single 9”.