Holey dollar

A rare 1813 New South Wales holey dollar — the first currency minted in Australia. The holey dollar was created to address a shortage of coins in the new colony. Governor Lachlan Macquarie imported 40,000 Spanish reales in 1812 and had convicted forger William Henshall cut the centre out of each, to double the number of available coins. The coins were counterstamped and the outer ring became known as the holey dollar, with the centre renamed the dump. Macquarie set the value of the holey dollar at five shillings, with 15 pence for the dump. These coins went into circulation in 1814 and were replaced with sterling coinage from 1822. The National Museum’s holey dollar is one of about 300 in existence. By having the centres stamped out of these coins, Macquarie distinguished them as belonging to the colony of New South Wales and prevented them from going straight out again. In doing so, he created the first currency minted in Australia.