1959M Proof Penny Slabbed PR65BN/GCHUNC. Pop16/5HBN.1506 Proofs Minted. PCGS have sighted 10% of total mintage. One can speculate as to why sightings are unusually low.                                                                                                                         Renniks price guide for standard 1959M GEMBN coins at $800 is absurd given a mintage of 1.617M.                                                

This was final year Melbourne minted proof coins. 

In aggregate,(BN/RB/RDPROOFS) - 7 are PCGS graded above PR65 which is an extraordinarily low number given a mintage numbering 1,506