Lachlan Macquarie created the Holey Dollar from a Spanish Silver Dollar. A coin created from another coin, no less.
A Holey Dollar is therefore inextricably linked to, and defined by, the Spanish Silver Dollar from which it was created.
What is the date of the Spanish Silver Dollar? And from which mint was the dollar issued? Mexico? Lima? Or Potosi? These are the two facts that define a Holey Dollar, the date and the mint.
In the case of this Holey Dollar the date is 1797 and the mint is the Lima Mint in Peru.
The influence of the date 1797.
The earlier the date of the silver dollar, the greater the period of circulation before it came into Macquarie's hands. So the earlier the date, the less likelihood of finding a top-quality Holey Dollar. Not so with this Holey Dollar.
Our comment ... this coin is indeed an exceptional coin. 1797 is an early date. And this is a high quality Holey Dollar.
The original silver dollar is graded in the upper echelons at Good Very Fine and has handsome toning and glossy surfaces. (The counter stamps are graded higher again at Extremely Fine.)
The influence of the Mint, Mexico, Lima or Potosi.
It is a fact that while all Holey Dollars are rare, those coins created from silver dollars struck at the Lima Mint in Peru are amongst the rarest.
Of the 200 privately owned Holey Dollars, 84 percent were created from silver dollars issued at the Mexico Mint, with only eight per cent having ties to the Lima Mint.
Our comment ... this is only the FIFTH Holey Dollar we have sold that has ties to the Lima Mint.
The Holey Dollar is perhaps Australia’s most desirable coin.
Talk to those fortunate enough to own one. Private collectors. Or institutions such as Macquarie Bank, National Museum of Australia and the Mitchell Library. And they will all tell you that the Holey Dollar is viewed as the jewel in their collection.
And that statement is made irrespective of the quality level.
A Holey Dollar can resemble a washer if the original silver dollar was well used, which most of them were.
Once you move from the well circulated Fine and Good Fine quality levels up to the Very Fine the differences in quality are marked and noticeable and clearly visible to the naked eye.
The next step up is to the Good Very Fine quality level which delivers a superior Holey Dollar that is highly detailed in its design. The coin will also show minimal circulation in the the fields. As evidenced in this coin.
The status of the Holey Dollar as Australia’s first coin ensures that it will never be forgotten and, as time passes, its historical value can only increase.
No other coin has had so many books written about it.
The Holey Dollar is a coin that is held in the utmost respect. It is history. And yet it is refreshingly current.
The ingenuity of Governor Lachlan Macquarie in creating our first coin is reflected in the naming of the Macquarie Bank and the bank’s ultimate adoption of the Holey Dollar as its logo.