Australia: New South Wales. British Colony "Holey Dollar" of 5 Shillings 1813 AU53 NGC,...

Description

Exceptionally Well-Preserved Colonial 5 Shillings

New South Wales. British Colony "Holey Dollar" of 5 Shillings 1813 AU53 NGC, KM2.9. C/S (UNC Standard). 21.22 gm. Struck over a Mexican 8 Reales of Ferdinand VII, dated 1808-Mo, assayer TH, with central plug removed. The origin of the "Holey Dollar", as it is now commonly referred to, lies in the chronic coinage shortages faced by the relatively new colony of New South Wales, Australia. As much of the foreign coinage used by the colony had been drained through the effects of trade, the ruling authorities struggled to find a new solution to maintain the viability of any sort of functioning monetary system. Various means were attempted without success, but eventually the solution that was arrived at came in the form of the colony's acquisition of a sizeable quantity of Spanish "Dollars", or 8 Reales. With these they punched the centers out, countermarking both the plug and the remained holed pieces with their own respective denominations, 15 Pence for the plugs and 5 Shillings for the larger pieces. This solution not only provided the colony with its own money, alleviating previous shortages, but assured that this unique type would no longer be exported abroad as easily as before. The 5 Shillings produced from this process remain very scarce, particularly in better states of preservation, rendering a higher-grade specimen such as this, with clear counterstamps and problem-free surfaces, a particular sight to behold. This example ranks as the very finest of the type that we have yet seen, and we don't doubt that it will elicit spirited bidding when it crosses the auction block.

Metal: Silver
Diameter: 39.5mm

More information about Australian Coins. See also: Australia World Coin Nationality.

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