5 Shillings - Charles IIII Holey Dollar

The Prince Edward Island Holey Dollar was not minted at all — it was made by punching the center from a Spanish Colonial 8 Reales, producing two usable coins from one: the outer ring (the Holey Dollar, valued at 5 shillings) and the central plug (valued at 1 shilling). The practice was an improvised solution to the chronic coin shortage that plagued the island's economy throughout the late 18th and early 19th centuries. Spanish colonial silver was simply the most abundant foreign coinage circulating in British North America at the time.

The host coins date from the reigns of Charles III and Charles IV of Spain, struck at mints across the Americas. CCT#PE-1A specifically attributes those punched from Charles IV issues.