1/2 Crown - George V 3rd type, Modified Effigy

The "Modified Effigy" designation marks a subtle but deliberate revision to the Mackennal portrait, reducing the relief to ease die wear during production — a practical concession the Royal Mint made under pressure from rising striking costs in the mid-1920s. The change was minor enough that many contemporary collectors failed to notice it at all.

The .500 fine silver standard had been fixed by the Coinage Act of 1920, halving the traditional fineness as Britain struggled to stabilize public finances after the war. By 1926, that debased alloy was already two mintages deep into circulation.