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1 Dollar - Elizabeth II 3rd Portrait - The Holey Dollar
| Issuer | Royal Australian Mint |
|---|---|
| Year | 1989 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Composition | Silver (.999) |
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| Obverse description | Log in to see details |
|---|---|
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| Reverse description | Two freshwater crocodiles (Crocodylus johnstoni) are depicted in high relief, their sinuous bodies curling around the central circular aperture of the annular flan, filling the field with finely detailed scales and musculature. A beaded border frames the outer rim, and the legend ONE OUNCE · THE HOLEY DOLLAR · 999 SILVER · 1989 · is distributed around the circumference in raised Latin lettering, referencing the coin's weight, title, fineness, and date of issue. |
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| Edge | Reeded |
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| Additional information |
The original "Holey Dollar" was created in 1813 when Governor Lachlan Macquarie, facing a chronic coin shortage in the fledgling colony of New South Wales, ordered 40,000 Spanish silver dollars to be punched through the centre. The resulting ring coins — restamped and placed back into circulation at five shillings — became Australia's first distinctive colonial currency. The punched-out centres, called "dumps," circulated separately at fifteen pence, effectively turning one coin into two and doubling the usable money supply overnight.
This 1989 RAM issue commemorates that improvisation. Worth noting: the original 1813 pieces are among the most expensive Australian coins on the market, with fine examples regularly clearing six figures at auction.