The colony of New South Wales received little coinage from Britain, and the coinage that made its way here in the pockets of merchant seamen often made their way back out of the colony as payment for goods that had been on board ship. In an effort to alleviate the situation Governor Lachlan Macquarie purchased a consignment of £10,000 worth of Spanish silver dollars (40,000 coins) which arrived in November 1812 on board the sloop of war Samarang.

Had he merely released them into circulation the coins would quickly have been spent on imports and left the colony again. Instead, he had the centre of the coins punched out, creating two coins from one. 
 

The outer ‘ring’ was counter-stamped around the centre of the hole on one side with NEW SOUTH WALES and on the other side with its value of five shillings. This is known today as the Holey Dollar. 
 

The central piece was over-stamped completely. One side bore NEW SOUTH WALES with a crown, and the other side featured its value of fifteen pence. This is known today as the Dump. 
 

Although 40,000 host coins entered production, only 39,908 were eventually released into circulation, the rest presumably were spoiled in production. The coins were in use from 1813 until 1823, when they were withdrawn from circulation. Their precise fate is unknown after withdrawal; however it is believed they were melted down for their silver content and added to government revenue. 
 

That the local design was overstruck onto an existing coin, along with the fact that they were struck by hand in a colony with very few metal working tools, means their striking was quite rudimentary. This ‘rough and ready’ style is visible on almost all of the surviving coins.
 

Another interesting fact around their creation is that the person in the colony best suited to the work was a former convict William Henshall (sometimes recorded as Hersell). At any one time he was entrusted with up to £1000 of government money!

Unlike the Holey Dollar, the Dumps have not been subject to in-depth published recordings and studies, but the market frequency would suggest that only around 1,000 exist today.
 

This is a must have and desired coin for any true collector, so call one of our Senior Executives today to discuss this becoming part of your collection.