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While standard 1965 Winston Churchill Crowns are very common, with some nineteen million struck by the Royal Mint, a very small number, perhaps 20 or so, appear to have been issued with this distinct satin finish.
Oscar Nemon's distinctive portrait of Sir Winston Churchill is shown on the reverse of this satin finish coin with 'CHURCHILL' to the right. This example does not feature the 'ON' initials seen on a couple of known specimens.
Like the standard type, the obverse of this Churchill coin features the youthful portrait of Queen Elizabeth II by Mary Gillick with the date (1965) below and an inscription that reads 'ELIZABETH II DEI GRATIA REGINA F · D ·'.
It's unclear exactly why these Crown coins were issued, but it is assumed they were intended for important people. One example is currently held in the Royal Collection, while a handful have been offered for sale.
Very few of these satin-finish Churchill Crowns have been authenticated by independent grading services, with this PCGS slabbed coin being one of only five in the population at the time of writing and currently the Top Pop example.