1813 Dump


1813 NSW Dump A1 good VF rev 1 b&b February 2018
1813 NSW Dump A1 good VF obv 1 b&b February 2018
1813 Dump
COIN
1813 Dump
QUALITY
Good Very Fine
PROVENANCE
Private Collection Queensland
PRICE
$45,000
COMMENTS
In 2013, Coinworks curated an Exhibition for the Macquarie Group in celebration of the 200th anniversary of the striking of Australia’s first coins, the 1813 Holey Dollar and 1813 Dump. Thirteen elite Holey Dollars were displayed. And four Dumps. Given that the Dump is as important as its holed counterpart we ask - and answer - why the imbalance in numbers? The reason was quite simply the absolute difficulty in obtaining an equal number of top quality Dumps. High calibre Dumps are exceptionally hard to come by.
STATUS
Available now
1813 NSW Dump A1 good VF obv 1 b&b February 2018
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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:

  • The fleur de lis on the left hand side and the right hand side of the crown have definition and have not melded into the coin.
  • The pearls to the left and right of the Crown are well defined and again have not melded into the coin.
  • The legend New South Wales and the date 1813 are strong and well contained in the coin.
  • The denticles around the edge of the coin are complete, a feature that is seldom if ever seen on even the very best examples.
  • Notice the oblique milling around the edge. Strong, well defined and fully evident.
  • The reverse Fifteen Pence also is strong and three dimensional.
  • The ‘H’ for Henshall also is defined. William Henshall declared his involvement in the creation of the Dump by inserting an H into some (but not all) of the dies used during its striking. Its presence is highly prized.
  • While the Holey Dollar glaringly shows that it is one coin struck from another, in a less obvious way so too does the Dump. There is underlying detail in the coin below the word ‘Fifteen Pence’. That’s the design from the center of the original Spanish Dollar from which this Dump was created. We refer to it as the undertype and its presence is again highly prized.

This is a high quality, well priced example of Australia’s first coin, the 1813 Colonial Dump.

1813 Dump graph


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