Strange currencies... Holey dollar and a dump coin could bring $255,000



2015-06-26 12:20:15

Strange currencies... Holey dollar and a dump coin could bring $255,000

The unusual Australian silver pieces are going under the hammer this week at Noble Numismatics

Sydney Auctioneer Noble Numismatics is holding an Important Australian & World Coins, Tokens, Medals & Banknotes auction starting tomorrow (April 5) and continuing until the end of the working week (extended by a day since we last checked).

We've already mentioned a reason militaria collectors might be excited by the sale as the full Victoria Cross medal set of George 'Snowy' Howells is going under the hammer with a price listing of $650,000.

However, coin and currency collectors have much to be excited about too, especially with a fantastic example of a holey dollar and dump going under the hammer.

Holey dollar Worth more than a whole one...The holey dollar

The coins known by these names are so unique we devoted a piece on our newsletter to them last year.

Initially based on Spanish dollars, the holey dollar was first created in the Canadian province known as Prince Edward Island. The governor became so frustrated with the move of the coins away from his island to where they had a higher value that he had them mutilated in order to provide a currency which was accepted on the island alone.

His idea - punching the centre out of the dollar - impressed Governor Lachlan Macquarie of New South Wales, Australia, as his domain had suffered from currency shortages, and the technique allowed him to 'double his money'.

Australian dump coin Not to be thrown out... an Australian dump coin

The centres (known as 'dumps') were stamped with a crown on the obverse and the denomination of 15 pence on the reverse whilst the rims (now known as 'holey dollars') were stamped around the hole with 'New South Wales 1813' on the obverse and 'Five Shillings' on the reverse.

Now an investment-gradeholey dollar and a few dumps are going under the hammer at Noble.

The former, 1813 coin, was struck on a Charles III Mexico City Mint eight reales 1799 coin. The original coin was nearly very fine, and likewise the countermarks are nearly extremely fine. The piece is lightly toned, overall in good very fine condition and a most attractive example with particularly clear details in the countermarks.

It is very rare as such and expected to make up to A$200,000 (US$208,000).

The 'pick of the dumps' is likewise good very fine and rare, and listed at $45,000 (US$47,000).

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