Victorian Farthings: Small Coins, Big Appeal, Great Investment?

Victorian Farthings: Small Coins, Big Appeal, Great Investment?

Introduction

The humble farthing may seem an unlikely star for collectors—but the bronze farthings of the reign of Queen Victoria (1837–1901) punch above their weight in history, design intrigue and market appeal. From the transition from copper to bronze, to portrait variations by leading engravers, to rare proofs and die-varieties, these coins offer a rich playground for keen collectors and advanced beginners. In this article we explore why Victorian farthings matter, the key designers involved, the most desirable issues, some collector anecdotes and a snapshot of recent auction trends—before concluding with a practical buyer’s checklist you can use as a reference in your cabinet.

From Copper to Bronze: Technology, Hygiene & The 1860 Reform

In the mid-19th century the state of Britain’s lower-denomination copper coinage (including the farthing) had become unsatisfactory: oversized blanks, heavy weight, rapid wear and even circulation abuse were all issues. A major reform loomed. Under legislation passed in 1859 and implemented from 1860, the old pure copper issues were replaced by lighter, smaller bronze coins (95 % copper, 4 % tin and 1 % zinc) for pennies, halfpennies and farthings. (Wikipedia)
For the farthing the change meant that the coin of 1860 was the first bronze farthing, weighing about 2.83 g and diameter ~20 mm. (Wikipedia)
The switch to bronze offered better durability and reduced metal cost, but the Royal Mint encountered significant die-wear and production challenges because bronze is harder to strike than the older copper. (oldcurrencyexchange.com)
Besides the alloy change, the reform provided an opportunity for updated portraiture and reverse design—a theme we will explore in the next section.

Portraits & Designers

William Wyon – “Young Head” Obverse

William Wyon (1795-1851) had designed the “Young Head” portrait of Victoria used on earlier copper farthings (and other denominations). The graceful renderings, typically on those copper issues (1838-60 period) show the Queen’s bust left, young and unadorned. Although his work predates the bronze farthings, his lineage influences what follows.

Leonard Charles Wyon – “Bun Head” & Britannia Reverse

His son, Leonard Charles Wyon (1826-1891), succeeded William at the Royal Mint and was responsible for the new bronze coinage designs from 1860 onwards. (Wikipedia)
On the farthing obverse we see the so-called “bun head” portrait (Queen Victoria with hair in a bun), draped bust left, inscribed VICTORIA D : G : BRITT : REG : F : D. On the reverse he redesigned Britannia, reintroducing a ship and lighthouse to reflect Britain’s maritime imperial identity. (Numismatic News)
Stylistically Wyon’s bun-head bust is quite refined for a low-denomination coin—clean lines, a clear drapery and a wreath detail—while his Britannia is robust and bold albeit criticised by contemporary press as “feebler” than older coins. (Wikipedia)

Thomas Brock – “Veiled Head” Obverse (Late Victorian)

In 1895 the farthing (and other bronze minor coins) received a new obverse portrait: the “veiled head” of Victoria, executed by Thomas Brock (1847-1922). This more mature bust presents the Queen wearing a veil and crown, inscribed VICTORIA DEI GRA BRITT REGINA FID DEF IND IMP. The design signals the late Victorian imperial phase.
While the reverse retained Wyon’s Britannia (with minor modifications), Brock’s veiled head offers a distinct stylistic shift—more authoritative, less youthful. Collectors often treat the bun-head and veiled-head farthings as separate “series” for portraitology.

Rarities & Desirable Varieties

Below is a compact table of some of the most sought-after Victorian farthings, with reasons for their appeal.

Date/Type

Designer/Obv.

Variety notes

Why it’s desirable

Typical grade premium (qualitative)

Recent result example (auction & date)

1860 bronze farthing (Beaded border)

L.C. Wyon

Beaded border on obverse and reverse (KM 747.1)

First year of bronze; lower mintage for beaded variety; collector base high

High

See market snapshot*

1860 bronze farthing (Toothed border)

L.C. Wyon

Toothed border (KM 747.2) and mule with OB toothed / RV beaded exists (Numista)

Scarce border variety + mule adds intrigue

Very high

—

1875H farthing (Heaton Mint, H-mint mark under date)

L.C. Wyon

Mint mark ‘H’ under date (Heaton, Birmingham) (World of Coins)

Heaton-struck issues often scarcer and more desirable

Medium-high

—

1895 farthing “Veiled Head”

T. Brock

First year of veiled head bronze farthing

Transition type; demand among portrait series collectors

Medium

See market snapshot*

Proof farthing, 1860 (bronze)

L.C. Wyon

Very few proofs struck (pattern/finest state). (londoncoins.co.uk)

Ultra-scarce; compelling for advanced collector

Premium-very high

—

*Note: recent results listed in market snapshot below.

Why these are emphasised:

  • The 1860 first-bronze year is pivotal.
  • Border varieties (beaded vs toothed) generate collector interest (a consensus view in reference works). (ngccoin.com)
  • Heaton-mint ‘H’ marks – though more common for pennies/halfpennies – also apply to farthings in certain years and carry extra interest.
  • The 1895 veiled-head issue marks the end of the bun-head run and therefore holds “type-collector” appeal.
  • Proofs of farthings, particularly early ones, remain under-represented in auction listings and are thus highly desirable.
    For some of these items “scarcity” is more a matter of condition survival than extremely low mintage; as always, research and condition matter.

Collector Curios

  1. The public reaction to the bronze farthing (circa 1860). On 8 December 1860 The Mechanics’ Magazine observed that although the bronze reform offered “many advantages … as a work of art it hardly comes up to what might have been expected at the present day”. (Wikipedia) The newspaper commentary reveals that even though the public welcomed the lighter coinage (and the explicit denomination on the reverse), some critics were uneasy about the execution of the art.
    2. A die-mule oddity: 1860 farthing Toothed/Beaded A known rarity is the 1860 bronze farthing mule: toothed border obverse (from KM 747.2 die) paired with a beaded border reverse (KM 747.1). Collectors prize this for its accidental die-mix. (Numista)
    3. Hoard/Provenance anecdote. One small but instructive story: a collection reported in the 1930s found several 1860 bronze farthings tucked away in a post-office change box that had never been spent; when presented to a numismatist the coins were in near-mint condition and exhibited gorgeous original brown‐red tone. The collector turned them into one of his “type” sets and remarked that lower-denomination Victorian coins often survive in better state than one expects, tucked away and forgotten.

Market Snapshot: Recent Results ≥ £/$1,000 (2022–2025)

Here are selected recent auction results, illustrating the premium for choice Victorian farthing issues:

  • London Coins Auctions, Mar 2023 – Lot 2255, Great Britain 1860 bronze farthing (Beaded border) Proof, NGC PF 65 RB, realised £1,250 hammer (≈ US$1,550) – confirms premium for Bronze proof in top grade. (Source: London Coins lots archive)
  • Heritage Auctions, Nov 2024 – Lot 63232, Great Britain 1895 farthing (Veiled Head) MS63 Red NGC, realised US$1,100 (≈ £880) – under-£1k but noteworthy for MS in classic demand year. (Heritage Auctions)
  • London Coins Auctions, Feb 2024 – Lot A152, Great Britain 1860 bronze farthing (Toothed border) Circulation strike AU57, realised £1,050 hammer – signals interest even for high-grade circulation strikes of key date. (Source: London Coins archive)
  • Heritage Auctions, Aug 2022 – Lot 271830, Great Britain 1895 farthing MS64 Red & Brown NGC, realised US$1,200 (≈£950) – demonstrates type-collector demand of veiled-head date. (Heritage Auctions)

Interpretation: These results suggest that while most Victorian farthings trade at modest levels, rarities (first-year bronze, border varieties, mule issues, proofs) and high-grade condition strikes can break through the £1,000 / US$1,000 threshold. Particularly, proof or top-MS coins of 1860 stand out; the veiled-head 1895 is emerging in interest for type collectors.

Buyer’s Checklist (Practical)

Authentication & grading pointers:

  • Verify date and legend clearly. The bronze 1860 farthing should show “VICTORIA D : G : BRITT : REG : F : D.” on the obverse.
  • Border variety: distinguish beaded vs toothed border (especially 1860 coins) – check for small beads around the rim vs fine tooth-marks. (ngccoin.com)
  • For ‘H’ mint-mark issues, look carefully under the date for a small “H” (Heaton Mint). These are scarcer and worth premium.
  • Proof vs Circulation: Proofs tend to have mirror fields, sharp devices, and are often slabbed and explicitly labelled. A “circulated strike” will show typical wear and maybe toned surfaces.
  • Cleaning and corrosion: Bronze coins are vulnerable to “bronze disease” (green powdery corrosion) and to over-cleaning (which removes original patina). Avoid coins with bright shiny unnatural surfaces unless verified by grading house.
  • Strike and planchet quirks: early bronze issues (especially 1860-61) may show die-cracks, flan fractures or off-centre strikes owing to the harder metal and evolving production process. While some of these quirks are collectible, ensure they aren’t simply damage. (oldcurrencyexchange.com)
  • Grading notes: For bronze minor coins, original red or red-brown tone commands premium. Look for “MS / Mint State” grades if slabbed; in circulation “EF-” or “About Unc” coins may still be desirable for key dates.
  • Storage tips: Store bronze farthings in inert holders (mylar flips, coin capsules) in cool dry environment. Avoid PVC-containing plastics. Keep separate from silver coins (which may tarnish) and avoid stack contact with alkaline materials.
  • Provenance: For rarities (mules, proofs, border-variety coins) provenance and full grading annotation add confidence and value.

Investment View: Victorian Farthings as a Case Study in Slow-Burn Growth

Extremely Fine (EF) Victorian farthings — especially well-struck 1860s bronzes — have appreciated meaningfully over the past decade at UK auction. While proofs and top-pop bronzed examples command the sharpest premiums, even solid EF circulation strikes have shown a steady upward drift. The data from Spink catalogues and real-world auctions paint a consistent picture: rarity, originality, and eye appeal drive long-term compounding returns.

A. Real Market Performance — Noonans & London Coins

Earlier EF levels (5–10 years ago):

  • Farthing 1856 (William Wyon; copper) — Extremely Fine — £80 hammer
    (Noonans, “A Collection of British Milled Coins…”, 8–9 June 2016, Lot 477)
    👉 Lot reference

Recent EF levels (2024):

  • Farthing 1863 (L.C. Wyon; bronze) — Extremely Fine — £240 hammer
    (Noonans, 19 Sept 2024, Lot 308)
    👉 Lot reference

Though not the same date, these bookend examples are directly comparable EF currency strikes. The rise from £80 → £240 across eight years implies a compound annual growth rate (CAGR) of roughly +14.7 % p.a., excluding buyer’s premium.

For context, less commercial dates such as Farthing 1868 (EF £50 hammer, Noonans 12 Oct 2021, Lot 186) underperformed, proving that the market rewards quality, eye appeal, and well-lit photography as much as rarity.

Cross-check: London Coins Auctions (LCA)

  • Farthing 1875H (Heaton) — EF with lustre — £120 hammer (LCA A167, 2 Dec 2019, Lot 535)
    👉 Lot line
    👉 Sale date confirm

Direct 2024–25 EF 1875H comps are rare, but extrapolating from Noonans 2024’s £240 EF 1863 suggests that EF farthings fetching £80–£120 in 2016–2019 now commonly reach £200–£250 in current auctions. That equates to a 12–14 % annualised gain — a striking result for “pocket-change” numismatics.

B. The Long View — Spink Catalogue Values (1999–2025)

A broader perspective from Spink – Coins of England and the United Kingdom (link) shows how Victorian farthings have appreciated over a quarter-century in catalogue valuations for EF examples:

Date Rarity / Note 1999 (£) 2001 (£) 2007 (£) 2019 (£) 2025 (£) Gross Growth (%) Annual Growth (%)
1844 Rare early copper 250 250 475 825 750 +200 % +4.3 % p.a.
1859 Mid-range copper 45 45 65 90 80 +77.8 % +2.2 % p.a.
1875 (small date) Scarce variety 50 80 95 150 150 +200 % +4.3 % p.a.
1892 Mid-range bronze 30 30 40 55 60 +100 % +2.7 % p.a.
1897 Common “normal tide” 5 5 5 12 12 +140 % +3.4 % p.a.

Average CAGR: ≈ 3.4 % p.a. across the sample (1999–2025)
Average Gross Growth: +143 % nominal

The stand-out performer, the 1844 farthing, trebled in value and still commands collector attention for its rarity and elegant early-Wyon portrait. The 1875 small-date mirrors that rise, underlining how die varieties sustain premium demand. More common late bronzes, like 1892 and 1897, roughly doubled — modest but inflation-beating appreciation, highlighting the stability of the lower end of the market.

C. Synthesis — What the Two Datasets Tell Us

Data Source Period Growth Range Drivers
Auction evidence (Noonans/LCA) 2016 – 2024/25 +12–15 % p.a. Market liquidity, grading awareness, online photography, eye-appeal premiums
Spink catalogue (EF values) 1999 – 2025 ≈ +3–4 % p.a. Long-run collector re-rating, rarity differentials, inflation & reference-book lag

Combined, these data points suggest two growth tiers:

  • Reference-book trend: steady revaluation around 3–4 % per year, consistent with numismatic inflation.

  • Active market realisation: high-grade, photogenic EF bronzes currently trade at 10–15 % annualised increases in auction settings, reflecting modern bidder competition and grading transparency.

Put simply, the Spink line shows the slow tide; live auctions show the waves on top of it.

D. Drivers & Cautions

  • Grade tightening & third-party grading have re-priced clean EF coins upward.

  • Story premium: collectors prize “first bronze” (1860s) and Heaton “H” issues.

  • Finite supply: most attractive EF bronzes are already in collections.

  • Risks: bronze disease, cleaning, or poor colour can erase value gains; low-grade pieces remain sluggish.

E. Bottom Line

From £80 EF coppers in 2016 to £240 bronzes by 2024, and from £250 catalogue entries in 1999 to £750 today, Victorian farthings have quietly compounded. A fair working range is 3–4 % p.a. long term, with 10–15 % p.a. short-term acceleration in the active EF auction segment. As knowledge deepens and top-tier coins migrate into slabs and permanent collections, the scope for further appreciation — particularly in problem-free early bronzes and defined die varieties — remains strong.

Disclaimer:
Imperial Hoard accepts no responsibility for the content of this article. All information is provided for educational and discussion purposes only and should not be regarded as financial or investment advice.


Conclusion

Victorian farthings may be small in denomination, but they offer outsized appeal: the story of Britain’s metal-reform, the artistry of sculptors like William Wyon, Leonard Charles Wyon and Thomas Brock, plus a surprising number of collectible rarities and interesting market behaviours. For collectors prepared to focus on condition, variety and provenance, these coins remain undervalued relative to their story. Armed with the historical background, rarity table and a buyer’s checklist, you can approach the cabinet or auction room with confidence and discernment. Happy hunting! 

Sources & Further Reading

  1. “1860s replacement of the British copper coinage”, Wikipedia. https://en.wikipedia.org/wiki/1860s_replacement_of_the_British_copper_coinage (Wikipedia)
  2. O’Brien Coin Guide: GB & Ireland Bronze Farthings (Victoria) by OldCurrencyExchange. https://oldcurrencyexchange.com/2018/01/27/obrien-coin-guide-gb-ireland-bronze-farthings-victoria/ (oldcurrencyexchange.com)
  3. Leonard Charles Wyon – Wikipedia. https://en.wikipedia.org/wiki/Leonard_Charles_Wyon (Wikipedia)
  4. “Britannia for Victoria and her son”, NumismaticNews.net. https://www.numismaticnews.net/archive/britannia-victoria-son (Numismatic News)
  5. Numista catalogue entry: 1 Farthing Victoria (1860-73) – beaded/toothed border discussion. https://en.numista.com/5500 (Numista)
  6. NGC Price Guide: Great Britain Farthing KM 747.2 (1860-1873). https://www.ngccoin.com/price-guide/world/great-britain-farthing-km-7472-1860-1873-cuid-122764-duid-313506 (ngccoin.com)
  7. PCGS Auction Prices: Great Britain Farthing 1895 MS65BN. https://www.pcgs.com/auctionprices/item/great-britain-queen-victoria-farthing-1895-ngc-ms65-bn/200687/-2290839967276625478 (pcgs.com)
  8. London Coins past-results pages. https://www.londoncoins.co.uk/?category=9&page=Pastresults&searchterm=Farthing+1860&searchtype=1 (londoncoins.co.uk)
  9. Freeman & others: commentary on die issues and bronze coinage (via the Wikipedia ref).
  10. Auction listings: Heritage Auctions catalogue entries, e.g., Great Britain: Victoria Farthing 1895 MS64 Red & Brown NGC. https://coins.ha.com/itm/great-britain-great-britain-victoria-farthing-1895-ms64-red-and-brown-ngc-/a/271830-39170.s (Heritage Auctions)

Imperial Hoard accepts no responsibility for the content of this article. All information is provided for educational and discussion purposes only and should not be regarded as financial or investment advice.

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