This coin has some unsightly tarnish on it, but that indicates that it has original surfaces and hasn’t been cleaned. I would grade it Very Fine (VF30) or so.
On the reverse are three stalks of wheat tied together at the stalks with a ribbon. The legend reads “Australia * Three Pence”. The date is written on either side of the grains, across the horizontal bar formed by the ribbon. The mint mark is below that bar on the right, at approximately 6:10.
On the obverse, the 3d shows King George VI facing to the left. The boyish King is surrounded by the legend “GEORGIVS VI : D : G : BR : OMN : REX : F : D : IND : IMP”. The British love their abbreviation, right? This Latin inscription stands for George the Sixth, Dei Gratia (by the grace of god), Britanniarum Omnium Rex (King of all the Brittons), Fidei Defensor (defender of the faith), India Imperator (Emperor of India).
Identification code: Australia KM-37 (1938-1944)
Mint Mark: D (Denver)
Country of origin: United States (minted for Australia, as a wartime ally)
Composition: Sterling Silver (92.5% pure)
Weight: 1.41g (0.0419 oz ASW)
Other details: I bought this coin from a hoard at a PM dealer. They had a bin full of assorted “foreign junk” and I was happy to dig through it for diamonds in the rough.
Estimated Value: $1.50-3.00 with silver at ~$33/oz