The names Ahbe, Jewell, Baldwin and Osborne are littered throughout Australia’s numismatic history for the high calibre coins that each collector had accumulated and owned.
The Osborne collection was liquidated by Noble Auctions in July 1993 offering an almost complete collection of Square Pennies, stunning Holey Dollar and three quality Dumps, top 1930 Penny, Adelaide Pound Type I and Type II and this coin was one of the Dumps.
The quality of this Dump, at Nearly Extremely Fine, places it in the top 5 per cent of surviving Dumps.
Given that there is a pool of approximately 800 Dumps available to collectors, this means that this coin is in the top forty known examples.
But you can start narrowing down the field again once you consider that this Dump was struck using the very rare D/2 dies. One out of every four Dumps were struck using the D/2 dies.
Which means that this coin is in the top ten out of all the known D/2 Dumps.
Over and above its supreme quality, this Dump shows considerable evidence of the design of the original Spanish Dollar from which it was created. (Referred to as the under-type.)
Historians have no doubt that heat was involved in the creation of the Dump. When the disc fell out of the centre of the Spanish Dollar, it still bore the original dollar design of a four quadrant shield, housing a lion and castle in each quadrant. And the shield's cross-bars.
High temperatures obliterated the original Spanish Dollar design from most examples. Those Dumps that retain the original dollar design elements are highly prized.
The Holey Dollar and its partner the Dump were struck in 1813 under the directions of Governor Lachlan Macquarie to create a medium of exchange in the cash-starved penal colony of New South Wales.
Macquarie enlisted the services of emancipated convict, William Henshall, to cut a hole in 40,000 Spanish Silver Dollars, creating two coins out of one: a donut shaped piece which became the Holey Dollar and a tiny central disc which became the Dump.
The Dump, the small disc that fell out of the centre of the holed silver dollar, was then over stamped with the date 1813, a crown, New South Wales and the value of fifteen pence.
The buyer that pursues a 'top-quality' Dump will find the task extremely challenging. It can be years before a premium quality example comes onto the market.
The Dump circulated widely in the colony, the extreme wear on most Dumps evidence that they saw considerable use. So, while the Dump may seem the diminutive partner of the Holey Dollar, the reality is top quality Dumps have authority.
Every circulated coin has a grading level at which serious rarity kicks in. That is the point at which the balance between acquiring a coin as a collectible - and as an investment - shifts more towards the latter. For the 1813 Colonial Dump that 'rarity' point is Good Very Fine.
The chart clearly shows that securing a Colonial Dump in a quality level of Good Very Fine or better is a difficult task.
The chart also shows that at a quality level of About Extremely Fine to Extremely Fine you are in 'rarefied air' with very few examples available.