The 1916-I Penny was struck at the Calcutta Mint in India with a total mintage of 3,324,000. The variety features a small 'I' mint-mark located beneath the lower scroll on the reverse (see image below). Collectors seeking an example of this year will find it is far more affordable than comparable earlier grades, with lower mint-state prices (~MS62) remaining reasonably affordable.
Following the introduction of Australia's first coinage in 1911 a shortage emerged. This shortage was further aggravated in 1914 when the Royal Mint in London was tasked with manufacturing military materials to assist the war effort. With a reduced ability to supply coins from London, the private mints of Heaton and Sons in Birmingham and the Calcutta branch of the Royal Mint were tasked with producing additional coins for Australia. From 1916 the production of silver coins was shifted to Melbourne and it was organised for copper pieces to be struck at the Indian branch of the Royal Mint in Calcutta. Calcutta continued to produce Australia's pennies until 1918. From 1919 production of copper pieces was also shifted to Australia.(John Sharples, 1985)
MintageMintageMintageValues are in AUD and are retail price estimations based on past sales of coins certified by PCGS or NGC and as such values only related to such graded coins. Uncertified coins or coins graded by other services would likely be worth significantly less. For wholesale pricing please refer to the Red Sheet. While all attempts to ensure accurate pricing, data entry errors can occur and as such no warranty is expressed or implied as to the accuracy of any information published on this website. It is important to verify all published sales to ensure the accuracy of the pricing when making any purchase decision. Any personal information provided to us is protected by the Privacy Act 1988.