2016-09-24 Sat

The head of Melbourne dealership Coinworks and the president of the Australasian Numismatic Dealers Association, Belinda Downie is preparing an online catalogue for Holey Dollars which are considered to be Australia's first coins. Holey Dollars have been popular since many years and numismatists all over the world have taken special interest to know more about them.

Experts believe that only 300 such coins exist, out of which 100 are in museums and 200 in private hands. The Coinworks project has photographed and recorded fifty of these lovely beauties and owners of other examples can contact Downie via the coinworks.com.au website. A stand-alone Holey Dollar website would be launched featuring details about each of these coins without revealing the identity of the owners.

In 1813, Lachlan Macquarie created his own currency by punching a hole in the centre of some Spanish dollars with New South Wales and the date stamped on them to counter the economic crisis in those days. Since the coin also bears the original Spanish identification, they are known for their unique dual personality.

One of these Holey Dollars was sold for $550,000 by Coinworks in 2015. Most of them were minted at exotic locations like Madrid, Peru and Mexico. The value of the coin ranges from $100,000 to $150,000 depending upon the condition. Even worn out or damaged examples can fetch you around $35,000. Downie featured a few of them on the Coinworks stand at the Melbourne Money Expo and one of the visitors purchased a rare King Charles IV for $495,000. Many investors eye this coin as their value keeps on appreciating over time.