Rare Australian Coins Information
In the years after European settlement in 1788 the new colony of New South
Wales had no coinage of its own Instead it relied on the currency of
other countries Rum and tobacco were sometimes used as a substitute for coins
such was the shortage of currency
The coins of several other countries were used In 1800 Governor Phillip
established the Guinea Gold Mohur Spanish dollar Ducat Rupee Dutch Guilder
English shillings and copper coins as legal tender Each of this potpourri of
coins had an official value Additionally some 1797 and 1799 one penny coins
with George III on the reverse had been officially exported to the colony
In 1812 Governor Macquarie purchased 40000 Spanish dollars for use as currency
He had a hole cut out of the middle of each to prevent them being exported They
were called Holey Dollars The piece cut out of the middle was also used as
currency and was called the Dump These coins were legal tender until 1829 after
which British currency was the official currency