Holey dollar & dump

Australia’s first distinctive currency, est. 1813

Highly Collectable

There was no specifically Australian currency until 1813, twenty-five years after the first European settlement. Most transactions were until that time carried out using promissory notes or a barter system, or whatever foreign or British coins were available.

In response to Governor Macquarie’s request for currency, the British Government sent 40,000 silver Spanish dollars, which arrived in November 1812. In order to prevent this currency leaving the Colony and to provide some small denomination coinage, Macquarie directed William Henshall, a convicted forger, to cut a piece from the centre of each Spanish dollar, making the coins unusable outside the Colony. This centre was called the ‘dump’ and was valued at 15 pence. The outer ring of the dollar—the ‘holey dollar’—was valued at 5 shillings. ‘New South Wales 1813’ was counterstamped on one side and 15 pence and 5 shillings respectively on the other. This Australian currency was established on 1 July 1813 and remained legal tender until 1829.

It is estimated that only about 300 holey dollars and 1000 dumps have survived.
Display item Holey dollar & dump

 

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