1813 Dump


1813 Dump
1813 Dump
COIN
1813 Dump
QUALITY
about Extremely Fine
PROVENANCE
Ray Jewell, Private Collection Perth
PRICE
$85,000
COMMENTS
The 1813 Holey Dollar and its partner, the 1813 Dump, were the first coins struck in Australia. Not only are they very rare, but their fascinating history has made them two of the world’s most famous coins.We respect that the price difference between a well circulated 1813 Dump and one in the upper echelons of quality is vast. But the graph below clearly shows the reasons why.
STATUS
Available now
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You can acquire a well used 1813 Dump for $5,000 - $10,000. Of course you won’t see much of the design: it will almost be obliterated. Moving up the quality scale you will find a Fine to good Fine Dump for $15,000 to $25,000. The design will be evident, but flattened, and the coin will more than likely be knocked around. The reality is that finding examples below the $25,000 price level is a relatively easy task.

Buyers that are looking for a higher quality example might stretch their budget to $30,000 - $45,000 and so walk away with an about Very Fine to Very Fine Dump.

Which begs the question … why is this about Extremely Fine Dump so valuable and does it offer value for money? Our answer is simply that it is priced at $120,000 because it is excruciatingly rare. And yes it offers value for money.

1813 Dump Graph

The 1813 Dump is reasonably readily available up to, and including, a quality level of Very Fine. (We refer to our graph and the gold areas.)

The buyer that raises his sights to a Dump in the quality levels of good Very Fine will find the task a more difficult one. Particularly if he/she starts to set down some specifics with the Dump such as full denticles, H for Hensall visible and the presence of undertype. It will take even longer. (We refer you to the brown area of the graph.)

It is at the quality level of About Extremely Fine, and above, that the task of finding a Dump becomes more challenging, invariably involving years. And the graph clearly shows that at a quality level of about Extremely Fine to good Extremely Fine you are in “rarefied air.” Which is where this coin is placed. (We refer you to the red area of the graph.)

The Dump with a value of fifteen pence 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, at five shillings, had a narrower band of circulation. Historians have drawn evidence from Bank of New South Records to support this view. Official records show that in 1820 the bank held 16,680 Holey Dollars and only 5900 Dumps. Considering that 39,910 of each were released into circulation, the figures reflect the greater circulation of the Dump.

So while the Dump may seem to be the subservient partner of the Holey Dollar, the reality is that top quality Dumps are extremely rare, in fact far rarer than their holed counterpart, the Holey Dollar, in the same quality level.

With this particular Dump you are looking at one of the very finest and we note the following points:

  1. The former property of one of the most revered professionals in the industry, Ray Jewell
  2. “H” for Hensall’’ clearly shown on the reverse
  3. Strong edge denticles
  4. Clear evidence of the original Spanish Dollar design on the reverse
  5. Beautifully centred, struck using the Type A/1 dies
  6. Superb fields

The 1813 Holey Dollar and its partner, the 1813 Dump, were the first coins struck in Australia. Not only are they very rare, but their fascinating history has made them two of the world’s most famous coins.

When a hole was punched in the centre of 40,000 Spanish Silver Dollars Governor Lachlan Macquarie effectively created two coins, the Holey Dollar and the Dump.

This clever measure provided an immediate 25 per cent profit on the purchase of the Silver Dollars, doubled the number of new coins in circulation and drastically reduced the likelihood of their being taken out of the colony.

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