The First Australian Silver Coins
Posted on Oct 20, 2008 under australian silver coins |My initial research into mum’s little coin collection has opened up a whole new world of previously unknown facts, figures and - somewhat unexpectedly - Australian history to me. I had no idea there was so much to learn about Australian Silver Coins and that there would be so many paths. So I’ve decided to keep a record of what I learn here in the hope it will help others with a budding interest too.
The original currency for Australia arrived with the First Fleet in 1788. It was the currency of England, and Australia being a colony, there were no plans to create a separate currency. In fact, the amount of currency first brought to Australia was so small that rum and tobacco were often used as a substitute! The colony also accepted some foreign currency as legal tender as proclaimed by Govenor King in 1800. These included coins from Great Britain, Portugal, India, Spain and Netherlands. What a hotch potch!
To combat the lack of coins in the colony, in 1813 Governor Lachlan Macquarie put 40,000 Spanish dollars sent by the British Government into circulation. To discourage people from taking the new tender from the colony, Macquarie had the centres of the coins punched out forming two new coins - the Holey Dollar (fifteen shillings) and Dump (fifteen pence). The Holey Dollar was overstamped and the Dump restruck to produce the first Australian Silver Coins.
The life of the Holey Dollar and Dump was fairly short though. They were taken from circulation in 1829, after almost £100,000 of British currency was imported. The British currency was declared the official currency of the colony in 1825. The Holey Dollar and Dump were subsequently melted down. As a consequence there are very few to be found now - only approximately 350 - making them quite valuable. Many have been valued at over $10,000 with quite a few reaching substantially more.
As with any coins, the places Holey Dollars are being found now are many and varied. Some of more unusual stories I’ve read are of people finding Holey Dollars used as washers! Perhaps it’s not so unusual considering their shape, but I’m sure the people who “repurposed” these first Australian silver coins might reconsider if they knew their value today!
