The Holey Dollar and Dump were struck to create a medium of exchange in a colony starved of currency.
Given that a bottle of rum cost five shillings (the equivalent of a Holey Dollar), it was the Dump with a value of fifteen pence that became the workhorse of its citizenry.
The Dump circulated widely in the colony, the extreme wear on most Dumps evidence that they saw considerable use. The Holey Dollar being a higher valued piece had a narrower band of circulation, in the main stored as cash reserves in the Bank of New South Wales. (As the bank's records so indicate.)
So while the Dump may seem the diminutive partner of the Holey Dollar, the reality is top quality Dumps have authority. They are extremely rare, far rarer than their holed counterpart in the same quality level. It is a point that the market is recognising.
It is a fact that well circulated Dumps are reasonably readily available. And that’s not to decry their importance or their historical relevance.
Or their collectability for that matter for as Australia’s first silver coin the Dump is in demand at all quality levels. (As is the Holey Dollar.)
See chart below that shows their relative frequency.
Our point here is that high quality Dumps are seriously rare, infrequently sighted and in our view, undervalued. They have a long way to go to reach their full price potential.
So what is the point at which rarity cuts in for the Dump?
The chart clearly shows that securing a Colonial Dump in a quality level of good Very Fine or better is a difficult task. We would sight a good Very Fine Dump on the open market perhaps once or twice every year.
This 1813 Dump is graded Good Very Fine and was struck using the Type A/1 dies.
This die combination produced coins with a design that was classically centred and well executed.
What sets this coin apart from a well circulated example is as follows:
This is a high quality, well priced example of Australia’s first coin, the 1813 Colonial Dump.