Holey dollar

There was a serious shortage of coins throughout the British Empire in the late 1700s... Read more

There was a serious shortage of coins throughout the British Empire in the late 1700s. That's why a barter system developed in the colony of New South Wales... Read more

There was a serious shortage of coins throughout the British Empire in the late 1700s. A barter system developed in the colony of New South Wales. Precious rum arrived by ship from all over the world. Highly sought-after, storable, transportable and easy to divide into small quantities, imported rum became the most common and widely accepted currency.

In 1813, the new Governor Lachlan Macquarie ordered 40,000 Spanish dollars to be perforated, making a coin that was soon nicknamed "The Dump", and a larger version called "The Holey Dollar". Both coins replaced rum as currency, and remained in circulation for the next 13 years. Read less

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