In what she describes as a project of national significance, Belinda Downie is preparing on online catalogue of Australia's first coins, the Holey Dollars.
Downie is head of Melbourne dealership Coinworks; she is also president of the Australasian Numismatic Dealers Association, which organises events like the recent Melbourne Money Expo.
![Lachlan Macquarie modified Spanish coins to create Holey Dollars, Australia's first coins.](/web/20160923124513im_/http://www.smh.com.au/content/dam/images/g/r/n/2/e/b/image.related.articleLeadwide.620x349.grn1fe.png/1474607277703.jpg)
Both roles have given her insight into the significance of Holey Dollars.
"It's a fascinating coin," she says. "Nothing matches it for interest from the public. Everyone admires the Holey Dollar."
The Macquarie Bank certainly does. It uses a stylised image of this coin as its corporate logo.
Exactly how many remain is a mystery. One estimate is that there are about 300 – 100 in museums, 200 in private hands. Fifty have already been photographed for the Coinworks project. Owners of unrecorded examples are encouraged to contact Downie via the coinworks.com.au website. Details of provenance, quality, weight and size will be documented on a stand-alone Holey Dollar website to be launched later this year. The owner's identity will not be revealed.
These coins date to 1813 when Governor Lachlan Macquarie, faced with a cash crisis, decided to create his own currency by modifying a selection of Spanish dollars. He did this by punching a hole in the centre with New South Wales and the date stamped around the inner circumference. The original Spanish identification is on the outside, giving these coins a unique dual personality.
Holey Dollars are valuable assets these days, with the record price of $550,000 for one sold by Coinworks in 2015. One, dated 1790, is known as the Madrid Holey Dollar, a reference to the city of its mintage. Other Holey Dollars were minted in exotic locations like Peru and Mexico. This provenance indicates its value.
Condition is another factor. The average value of a Holey Dollar is in the $100,000 to $150,000 range. Even damaged examples can be worth serious money. One was found being used as a washer in a garden tap. Even that one, well-worn, was worth about $35,000. Another has been found fitted to a Hills Hoist.
Downie featured a few on the Coinworks stand at the Melbourne Money Expo and was amazed by the response from the public. Many people said they had read about them but never seen one.
She was amazed when one visitor asked the price of a rare King Charles IV Holey Dollar on display. He was told it was worth $495,000 and, without blinking, he said he'd like to buy it. He did so a few days later. These coins, especially those in the highest category, have proven to be good investments over the past few decades.
Downie says despite the growing trend for a cashless economy, there is still a lot of interest in collecting hard currency. Numismatic dealers have reported strong demand for mint condition (uncirculated) examples of the new $5 notes.