Page "Lachlan Macquarie" Paragraph 13

Macquarie is credited with producing the first official currency specifically for circulation in Australia.

Foreign coins were common in the early years of the New South Wales colony but much of this coin left the colony as a result of trade with visiting merchant ships.

To secure a reliable supply of coins, in 1812 Macquarie purchased 40, 000 Spanish dollar coins and had a convicted forger named William Henshall cut the centers out of the coins and counter stamp them to distinguish them as belonging to the colony of New South Wales and prevent them being useful elsewhere.

The central plug ( known as a " dump ") was valued at 15 pence and the rim ( known as a holey dollar ) became a five-shilling piece.