This coin was issued in 1935 to commemorate the centenary of the first permanent settlement in Victoria (1834-1934) and the settling of Melbourne (1835-1935). At that time the area was officially the Port Phillip District of the Colony of New South Wales. Victoria did no become a separate colony until 1851.

The Percy Metcalf obverse design was used only on this coin which is interesting for the fact that the denticles do not completely circumnavigate the rim. They appear only in the field stopping where the King's robe continues out to the raised rim.

The coins were sold for 3/- each to help pay the costs of the centenary celebrations. With the depression still fresh in their mind the public were reticent at the idea of paying a 50% premium the first time that an Australian coin had been sold above its face value.

Of the 75,000 struck 21,000 remained unsold and were later returned to the Melbourne mint for re-melting leaving a net mintage of just 54 000 pieces.

This coin is accompanied with the rare Perth (type 2) Foy & Gibson bag. 

Perth Bag = EF (The finest Perth bag we have seen)

Coin = Lustrous CHOICE UNC