N.S.W. Holey Dollar (Five Shillings) 1813

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By AG | Monday, 15 September 2003

Of the 39,910 originally produced, it is estimated that approximately 350 Holey Dollars remain, many of which cannot be identified because details are obliterated. The following table lists 276 known Holey Dollars by their host Spanish 8 Reales (dollar) coin.

1757 - Ferdinand VI - Mexico City

The date on this piece is worn beyond identification - the legend of the obverse matrix was used only for 1789 and 1790 dated coins.

Provenance:

Sir William Dixson Collection
Dixson Collection, State Library of NSW, Sydney

Caracteristics

Obverse: Charles IV
Host Legend: CAROLUS. IV. DEI. GRATIA - ???? (1789 or 1790)
Reverse: Host Legend: HISPAN. ET IND. REX. Mo. 8R. F. M.
Counterstamps: Type: I/B ; Rotation: F/2 N/7
References: Mira/Noble: 1790/2 ; Spalding: 26

1790 - Carolus IV - Mexico City

Provenance:

R W Farman Collection
R Jewell Collection
Private owner

Caracteristics

Obverse: Charles IV
Host Legend: CAROLUS. IV. DEI. GRATIA - 1790
Reverse: Host Legend: HISPAN. ET IND. REX. Mo. 8R. F. M.
Counterstamps: Type: I/A ; Rotation: F/12 N/6
References: Mira/Noble: 1790/3 ; Spalding: 27

1790 - Carolus IV - Mexico City

Provenance:

H Bowles (Spink & Son Ltd)
Bristol Art Gallery and Museum of Antiquities (1909)
Unknown - no longer in Bristol City Museum

Caracteristics

Obverse: Charles IV
Host Legend: CAROLUS. IV. DEI. GRATIA - 1790
Reverse: Host Legend: HISPAN. ET IND. REX. Mo. 8R. F. M.
Counterstamps: Type: II/B ; Rotation: N/3 F/6
References: Mira/Noble: 1790/4 ; Spalding: 28

Provenance:

P Spalding Collection

1800 - Carolus IIII - Nueva, Guatemala

The countermark T KNIGHT appears twice on the reverse.

Provenance:

L Roberts (Fairfax & Roberts - Spink Australia Sale 20, November, 1986 - lot 711)
Private owner

Caracteristics

Obverse: Charles IIII
Host Legend: CAROLUS. IIII. DEI. GRATIA - 1803
Reverse: Host Legend: HISPAN. ET IND. REX. Mo. 8R. F. T.
Counterstamps: Type: I/A ; Rotation: N/7 F/11
References: Mira/Noble: 1803/16 ; Spalding: -

1803 - Carolus IIII - Mexico City

This example exhibits a severely cracked matrix caused by the counterstamping.

Provenance:

Private owner (Queensland family)

Caracteristics

Obverse: Charles IIII
Host Legend: CAROLUS. IIII. DEI. GRATIA - 1806
Reverse: Host Legend: HISPAN. ET IND. REX. LMAE 8R. J. P.
Counterstamps: Type: III/C ; Rotation: N/8 F/6
References: Mira/Noble: 1806/13 ; Spalding: -

1807 - Carolus IIII - Mexico City

Provenance:

Sir William Dixson Collection
Dixson Collection, State Library of NSW, Sydney

Caracteristics

Obverse: Charles IIII
Host Legend: CAROLUS. IIII. DEI. GRATIA - 1807
Reverse: Host Legend: HISPAN. ET IND. REX. Mo. 8R. T. H.
Counterstamps: Type: II/B ; Rotation: N/12 F/9
References: Mira/Noble: 1807/2 ; Spalding: 167

Provenance:

S Lipscombe Collection
Dr Knox Collection
Private owner

Caracteristics

Obverse: Charles IIII
Host Legend: CAROLUS. IIII. DEI. GRATIA - 1808
Reverse: Host Legend: HISPAN. ET IND. REX. Mo. 8R. T. H.
Counterstamps: Type: I/B ; Rotation: F/2 N/6
References: Mira/Noble: 1808/8 ; Spalding: 177

1808 - Carolus IIII - Mexico City

Provenance:

Private owner (M R Roberts' Sale, February, 1986)

This piece can be identified as a forgery by the white metal used in the casting.

Provenance:

P Spalding Collection (G K Gray Sale, 10 March, 1972 - lot 171)

Caracteristics

Obverse: Ferdinand VII
Host Legend: FERDIN. VII. DEI. GRATIA - 1809
Reverse: Host Legend: HISPAN. ET IND. REX. Mo. 8R. T. H.
Counterstamps: Type: II/B ; Rotation: F/12 N/9
References: Mira/Noble: Cast 1809/1 ; Spalding: fig. 91

Hong Kong Forgeries

These Holey Dollar forgeries are so named because the first recorded example was found to have come from Hong Kong in 1983. Several specimens have since been sighted. All have been produced by the use of forged counterstamp dies being applied to genuine, holed Spanish American silver dollars.

Because a die was used, all matrix dates and counterstamp clock face relationships are possible. All examples to date exhibit an obverse die type I countermark and can be identified as a forgery by a full stop which appears after the date 1813. The reverse countermark is die type B.

Manila Forgeries

These Holey Dollar forgeries are so named because the first recorded example was offered at an auction in Manila in 1986. Several specimens have since been sighted. All have been produced by the use of forged counterstamp dies being applied to genuine, holed Spanish American silver dollars.

Because a die was used, all matrix dates and counterstamp clock face relationships are possible. All examples to date exhibit imitations of obverse die type I and reverse die type A countermarks.

Reproductions

Reproductions of the Holey Dollar and Dump pair were advertised for sale at $7 per set in 1965/66. The coins, by Becker of California, U.S.A. were imported and sold by P. Varne, Western Australia. They were sold as reproductions but can be a hazard for the unwary as the coins themselves bear nothing to indicate that they are copies. Several attempts to sell them as genuine have been documented. In one case a reproduced holey dollar, purporting to be genuine, was shown as an illustration on the cover of a book on Australian antiques. In another, a reproduced dump was used as an illustration in early editions of a well-known coin catalogue. For security, some museums have been known to put them on display without any indication of their true origin.

The reproductions are cast in a lead alloy base metal which has a distinctive silvery-grey surface with detectable irregularities and pitting normally found on items produced by this method. When struck on a hard surface, they issue a distinctly dead sound when compared to the ring of silver coins. Six different holey dollar reproduction designs are known, none of which correspond to any known surviving Holey Dollars.

The counterstamps are based on the type I/A die combination. The crossbar at the top of the right vertical stroke of the U in SOUTH is missing in the reproduction and there is a weakness in the ES of WALES. The reproductions, varying in weight from 264 to 321 grains, are lighter than the 333 grain average for genuine holey dollars.

The valuation of a Holey Dollar is a complex task because of the variety of factors which combine to make each piece unique. Factors which must be taken into consideration include:

The condition of the obverse and reverse matrix (the original or host coin);
The condition of the obverse and reverse counterstamps;
The amount of buckling (or curvature) imparted on the piece by the method of production;
The number of other known pieces with similar matrix (host) coin features -
- Year (date),
- Spanish Ruler
- Mintmark, and/or
- Assayer's mark;
The number of other known pieces with similar counterstamp die combinations;
The positioning and rotation of the counterstamp dies;
Prevailing market conditions and the number of pieces available for purchase.

Over one third of surviving specimens are housed in institutional collections. It is extremely rare for these pieces to reach the marketplace. The following table is indicative only, of holey dollar valuations.

A simple coding system has been developed to record the positioning of the counterstamps. The positions of the N of NEW SOUTH WALES and the F of FIVE SHILLINGS are shown as numbers corresponding to locations on a clockface when the matrix (the original coin) is held upright. The first mentioned is the counterstamp on the obverse of the matrix, the second is that on the reverse.

The rarity of the Holey dollar ensures that whenever a new specimen is discovered, even if it is in relatively poor condition, it can be extremely valuable. The following are stories of the discovery of some holey dollars:

The Most Famous of Them All

In 1881, a bushranger's hoard was found in Tasmania and brought to the then governor of the State, J. H. Lefroy. He kept some of the more interesting specimens in the collection, and today one of those coins is the most valuable Holey Dollar known. This specimen is of the particular type known as the Hannibal Head. The eight reale coin from which it was struck was made in Lima, Peru, during the reign of Ferdinand the seventh. The sculptor did not know what the king looked like, so he took a guess as to the reigning monarch's likeness. King Ferdinand could not have been very popular, because the portrait the sculptor produced was less than flattering.

Rare Tap Washer

In around 1970, a doctor by the name of Warren Smith was treating a patient in a country town in New South Wales. When he had finished, he went to the tank stand to wash his hands. While he was busy rinsing off he happened to glance at the rather unusual tap washer. Being a coin collector, he instantly recognised it as a Holey Dollar. He bought the coin from his patient, and later sold it at auction.

Gardener's Bonanza

Another of these valuable coins was discovered in 1979 when a householder and his son were doing some routine gardening. The boy was given the job of raking the gravel driveway, and as he did the chore he raked up a fortune - a Holey Dollar worth $15,000. His father rewarded him with the object of his heart's desire - a BMX bicycle.

Washday Wonder

Because of their shape - with a hole in the middle - Holey Dollars have been used in many different ways. One was once used as a washer on a clothes hoist. One coin expert remarked that every rotation of the hoist probably rubbed about a thousand dollars off the value of the coin. But worn as it was, its rarity still made it a comparatively valuable piece.

Strange But True

A Holey Dollar has been found as recently as 1985, washed up on a river bank south of Sydney. It was found along with an eight reale coin. This particular Holey Dollar was worth in excess of $10,000.

Holey dollars have been found in a ploughed field, in a fire gutted home in Liverpool, New South Wales, and around the neck of a Malaysian fisherman, who was wearing it as a keepsake. All these coins are now worth tens of thousands of dollars.

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