An exceptional offering, a pair of 1813 Holey Dollar and 1813 Dump. Macquarie would applaud!
The 1813 Holey Dollar and the 1813 Dump are the nation's first coins. Joined at the hip by way of the process that created them, the two coins together represent the complete narrative of Australia's first local currency.
Now, we have sold plenty of Holey Dollars in our time. And even more of the colonial Dump. But this is the second only occasion that we have had a well-matched pair of 1813 Holey Dollar and 1813 Dump to offer to collectors.
What makes this offer even more special, the set is affordable. The sale price is $85,000, including the presentation case, hand-crafted from Australian timbers by award winning artisan, Anton Gerner.
The synergy between the two coins is profound for, despite their circulation, they are matched both tonally and texturally and that's a rare occurrence. The surfaces are both smooth and highly reflective, there are no unsightly blemishes.
Even rarer, the obverse Holey Dollar counter stamps are in the optimum position so that when you look at the pair it is clear that 'New South Wales' is the issuing authority and '1813' is the issuing date.
The ultimate corporate gift? Family heirloom? Or the ultimate indulgence for the collector that is passionate about Australia's history. That both coins have circulated, has only made them more appealing by making them affordable and available to a wider collector audience.
The Holey Dollar and Dump are the nation’s first coins, minted in 1813 by order of Governor Lachlan Macquarie.
As the two coins were cut from one Spanish Silver Dollar, we know that the holed silver dollar and the circular disc that fell out of the hole were tonally and texturally, the same from the outset. But this is the point where the coins went on their separate pathways, developing their own unique identifying characteristics.
The donut-like metal piece was over stamped around the edge of the hole to become the 1813 Holey Dollar. With a value of Five Shillings, the Holey Dollar underwent minimal usage and was primarily stored in the Bank of New South Wales, as their records attest.
The metal disc that fell out of the hole was heated and also over stamped to become the 1813 Dump. With a value of Fifteen Pence, the Dump was well used and became the work horse of the colony, introducing multi-opportunities for tonal changes and damage.
Today there are approximately two hundred Holey Dollars held by private collectors, and about eight hundred Dumps. You would think that with those numbers finding a Dump that is preserved in the same style and tone as a Holey Dollar would be a simple feat.
That could not be further from the truth.
1813 Holey Dollar
1813 Holey Dollar
1813 Dump
1813 Dump
1813 Holey Dollar created from a Spanish Silver Dollar that had been struck at the Mexico Mint in 1806 (Mira/Noble reference 1806/4, Spalding reference 158). Ex A H Baldwin London, Spink Auctions March 1989, Lot 1412.
This Holey Dollar has one particular attribute that sets it apart from most others. The obverse counter stamps 'New South Wales'' and '1813' are in the same vertical vista as the date of the silver dollar, '1806'. Only a handful of Holey Dollars exhibit such alignment. And it is a very impactful feature in this presentation, mirroring the position of those details on the Dump.
The application of the counterstamps is the point at which the holed silver dollar (and the circular disc) became the 1813 Holey Dollar (and 1813 Dump), the nation's first locally made coinage. Prior to that, they were just two pieces of metal. One like a donut. And the other a small metal disc.
A study of the surviving Holey Dollars reveals that Henshall's application of the counterstamps was wildly random, that the holed dollar was not placed in a particular position between the dies. And it obviously didn't matter which side of the holed dollar was facing up. The strike lacked a definite pattern or predictability.
Specifications of the Holey Dollar
Design type: 5
Date of the silver dollar: 1806
Reigning monarch: Charles IV (1788 - 1808)
Design of the silver dollar: colonial bust type
Portrait: Charles IV
Legend: Carolus (Charles) IIII
Counter stamp dies: I/11
Quality of silver dollar: Very Good
Quality counter stamps: Fine / worn
1813 Dump struck with obverse die A and reverse die 1. Technically graded Good Fine, the design is well centred and aesthetically pleasing for this presentation.
This Dump has a design attribute that also sets it apart from most other Dumps. The design detail of the original Spanish Dollar from which it was created is clearly evident on the reverse above the word 'FIFTEEN' and below the word 'PENCE'.
While high temperatures were used to obliterate the original Spanish Dollar design from most examples, Dumps that depict their origins, by retaining their original dollar design elements, are highly prized.
The Obverse Die 1 has the following characteristics: An imaginary line drawn along the base of the Crown will cut the 'N' of 'NEW' and passes above or through the top of the 'S' of 'WALES'. The cross is symmetrical and points between the 'T' and the 'H' of 'SOUTH'. The '3' in 1813 tilts to the left. Five jewels are detailed in the band, the left-most pearl touching the base of the band. The right-most jewel touching the top of the band.
The Reverse die 1 has the following characteristics: The upright stroke of 'F' in 'FIFTEEN' is to the left of the upright stroke of 'P' in 'PENCE. The vertical stroke of 'T' is over the centre of the 'N'. 'FIFTEEN' and 'PENCE' are 4.5mm apart.
Australia's First Coinage • Macquarie's Vision
The Holey Dollar is the nation’s first coin, minted in 1813 by order of Governor Lachlan Macquarie.
The issuing of Australia’s first coinage symbolised the changing dynamics of the penal colony of New South Wales. The colony had started out in 1788 as a jail, a repository for convicts, under the governorship of Captain Arthur Phillip. It had emerged some twenty-five years later as a thriving economy requiring a formal medium of exchange to support a burgeoning commercial hub.
As Macquarie had no access to metal blanks to create his currency, he improvised and acquired 40,000 Spanish Silver Dollars as a substitute.
To make his new coinage unique to the colony, and to inhibit their export, he employed emancipated convict William Henshall to cut a hole in each silver dollar.
Each holed silver dollar was then counterstamped on both sides, around the edge of the hole. On one side, the date 1813 and the issuing authority of New South Wales. And on the other side, the value 'Five Shillings' with some decorative embellishments of a fleur de lis, a double twig of six leaves and a tiny 'H' for Henshall at the junction of the twigs.
The application of the counterstamps is the point at which the holed silver dollar became the 1813 Holey Dollar, the nation's first locally made coinage. Prior to that, it was just a Spanish coin with a hole in it!
While the original intention was to create 40,000 Holey Dollars from 40,000 silver dollars, spoilage and the despatch of samples back to Great Britain saw a slightly reduced number of Holey Dollars - 39,910 - released into circulation.
Today there are approximately two hundred Holey Dollars held by private collectors and perhaps eight hundred Dumps. Both coins are cultural and financial icons, with an appeal that extends far beyond numismatics, driven by its immense historical significance and tangible connection to a foundational moment in Australian history ... the creation of our first coinage.
Owning a set of Holey Dollar and Dump is about indulging in an experience, a fusion of history and prestige. And its about savouring the moment. It has been the inspiration and aspiration of many. Think Macquarie Bank. Museums, the world over. Historians, collectors, investors, both local and international.
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