The 1934 Shilling was struck at the Melbourne Mint to a mintage of 480,000. This was the second lowest mintage of the series after the 1933 a year earlier. Despite this low mintage the year is relatively typical for the series in terms of value. Population reports by PCGS show less than two dozen mint-state examples however auction data shows a number of these mint-state pieces selling for less than $1,000 AUD. This is surprising when compared to the 1933 which is perhaps twice as scarce but achieves prices several times higher.
The low mintage of the 1934 may have been related to the economic climate at the time. The Great Depression had devastated Australia with unemployment rates peaking at thirty-two per cent in 1932. Naturally the amount of spending that was occurring during this period of economic stagnation was low, reducing the need for circulating coins. This would explain the limited issues in both 1933 and 1934 as well as the lack of any shillings issued in 1932.