1 Penny - William Morgan Adelaide, South Australia

William Morgan operated as a draper and outfitter in Adelaide, issuing these tokens in 1858 during a period when official copper coinage was chronically undersupplied in the Australian colonies. The colonial government had no local mint at the time — the Sydney Mint was striking gold sovereigns, not small change — leaving retailers to fill the gap themselves. Morgan's tokens circulated as genuine commercial currency, not novelties.

Andrews 385 is among the more precisely documented of the South Australian merchant issues, cross-referenced consistently across the Andrews, Renniks, and Gray series catalogues without significant variety disputes.