The Holey Dollar is Australia’s first official coin — a Spanish 8 reales with its center punched out, created in 1813 to solve a currency shortage. Two coins from one: the outer ring worth 5 shillings, the center “dump” worth 1s 3d. Genuine examples are museum-grade rarities.
Key facts
- Created in 1813 by Governor Lachlan Macquarie to fight a currency shortage and stop silver leaving the colony; the cutting was performed by William Henshall, a convict forger.
- Method: Spanish 8 reales were punched — the outer ring (“Holey Dollar”) was valued at 5 shillings, the punched center (“dump”) at 1 shilling 3 pence; the two pieces together were worth more than the original dollar, discouraging export.
- Considered the first distinctively Australian coin.
- Extremely rare today; examples are held by major museums and appear at major auctions.
- Authentication notes: counterfeits of Holey Dollars and dumps exist and are dangerous — any example must be bought certified from a major auction house; verify provenance.
Market check
As an eBay Partner, The Coin Wiki may earn from qualifying purchases.