Australasian Tokens and Coins
The South Australian Ingots and One Pound Tokens
On 9th January, 1852, a Memorial was presented to the Lieutenant Governor (Sir H. E. F. Young) of South Australia, from the mercantile community of the colony, containing the following clauses :
That the recent discovery of gold in the neighbouring colonies has produced a serious and alarming depression in this Province, not only by attracting a large proportion of the population, but by the drain upon the current coin of the Colony to purchase that gold.
That in consequence of the limited supply of gold coin the gold dust which finds its way into the Colony cannot, by your memorialists, be converted into a circulating value and be used as a means of purchasing the commodities of life. That your memorialists believe—unless this value can be made convertible by the interference of Government, and by the Govern hen receiving, assaying and coining (i.e., stamping) the gold, accepting the gold thus coined, in payment for land and taxes - the most serious results, involving the ruin of many, must immediately ensue, particularly to the mercantile and trading community.
That such a measure on the part of Government would give a con- vertible value to the gold which is brought into the Colony, would create a demand for the land and give stability and create order through all classes of the community. Your memorialists invite your Excellency to take his decided step-a step suited to the extreme emergency of the times, and thus save the Colony.
Some discussion followed, but not much delay, as on the 28th of January, a special meeting of the Legislative Council passed a short Act to provide for the Assaying of Uncoined Gold and to make Bank Notes under certain conditions a legal tender. The cperation of the Act was limited to twelve months. Within thirteen days an Assay Office was opened for the receipt, assaying, melting into ingots, and stamping the value on any parcel of gold over twenty ounces in weight.
This Act, known as The Bullion Act, has a unique record in Australia, as, from the time that the Parliament met only two hours passed before it having passed three readings and been signed by the Governor, the latter ended the special sitting of the House by a message of thanks for the promptitude with which the House had complied with his request in the emergency.
The Act remained in force till the following February, and during this period no less than 412,088 oz. of gold was received, valued at £1,507,262.
The Bullion Act was partly repealed in November, 1852, by an amending Act being passed by which persons were no longer entitled to demand bank notes in exchange for bullion, and the issue of coins of the value of £5, £2, £1, and ios. authorised. Dies were prepared for the £5 and f1 pieces, but none of the former were struck for currency, and it is believed that only six patterns were made, the whereabouts of these being now unknown.
It is now impossible to obtain reliable information regarding the stamps or dies used for impressing the ingots that were stamped in accordance with the Act, and at the present time but two ingots are known to be in existence. Both are small, one weighing 5 dwt. ii grs., and the other 5 dwt. I gr. It is known that the Assay Office melted the gold received into ingots of suitable sizes, and that all were not made as small as these, and we can only surmise that these two have been preserved as curiosities, while the rest went as intended, into the melting-pot.
When the Assay Office was closed there remained in the hands of the officials a quantity of gold unclaimed, and an Act was passed late in 1853, authorising its sale, the proceeds to be paid into the General Revenue, and accounts kept, so that any person proving a title to any portion at any time could be recouped to the extent of the amount realised by the sale.
The dies for stamping the coins were made by Mr. Joshua Payne, who was still working as a jeweller and engraver near the end of last century. About 1894 the writer interviewed him, and inquired about the dies. He had quite forgotten that he had made two different ones for the £1 pieces until his memory was refreshed by his being shown the two varieties known to numismatists. The second die was required on account of a flaw developing in the first after very few pieces had been struck.
The ingots were marked by a circular stamp showing the weight and its equivalent in standard gold. The actual figures of weight were afterwards added by punches in spaces left for the purpose. Beside the usual stamp they bear a shield with a crown and S.A. under, and other figures denoting the fineness either above or below the word CARATS, also affixed by a lozenge-shaped punch. No regularity in the position of the stamp appears to have been considered needful. See Nos. 720 and 721, Pl. 55.
Of the One-Pound pieces, 24,648 in all were issued. As a test of their value, four were sent to the London Mint for assay and report. They were found to be intrinsically worth $1 is. iod. each, a fact which soon resulted in a very large percentage being exported for the profit to be made on them as metal. The first issue was made on 26th November, 1852, and the last were coined on 13th February, 1853. They are now rare, especially those made with the first die. See Nos. 724 and 725, Pl. 57.
There is little doubt that Governor Young exceeded his powers, though supported by the local Parliament, when he signed an Act not only making bank notes legal tender under certain circumstances, but also authorised the opening of what was really a Mint, in South Australia, without authority from the Home Government. Some discussion took place regarding the Royal Prerogative in the matter of the issue of coins, and it is said that for that reason no suggestion was made to extend the life of the Act or continue the coinage after the period originally fixed.
Gold Ingots and Pound Pieces
720
ADELAIDE TREASURY. South Australia.
Gold ingot (n.d.). Upright oblong, 44 mm. by 27 mm. Very rare. Pl. 55.
A single line circle containing WEIGHT OF INGOT curved at the top. On the left below, a shield bearing a crown over S.A. at right angles to the legend on the stamp, under the shield 8 23 / CARATS on two labels parallel with the bottom of the shield. Near the top left corner SAWTELL incuse, probably the name of the maker of the electro from which the illustration is taken. Electro in gold in Mitchell Collection.
721
Ingot (n.d.). Upright oblong, 42 mm. by 26 mm. Very rare.
As No. 720 with 4 dwt. 19 gr. in place of 5 dwt. 5 gr. in the third line and 5 under DWT. and I under GR. at the bottom. No indication for the ounce weight. The stamp is placed obliquely. The shield has a smaller crown and below it CARATS. All these are placed above the stamp.
723
Five Pound Piece. 1852. 32 mm.
- Obverse. In the centre a crown over 1852 with J. PAYNE in very minute letters under. The inner circle crenellated inside and beaded outside. Round between it and the beaded rim, GOVERNMENT ASSAY OFFICE above ::: ADELAIDE ::: below.
- Reverse. Within a similar inner circle, VALUE / FIVE / POUNDS in three lines with a short pointed and slightly curved bar between the first and second and the second and third. Round within the beaded rim, WEIGHT. 1 OZ : 8 DWT: 4 GRS :::: 22 CARATS :::
The June, 1894, issue of NUMISMATOLOGY, (Spink & Son, London), has the following note by the late G. G. Shaw of Adelaide, a well known and successful collector of Australian Tokens and Coins, in reference to this piece :
There were only a few of these struck, not more than six. None are known to be in existence now. None were issued as legal tender. Only electrotype copies can be obtained; these also are very scarce. These electrotypes were cast from wax impression taken of one of the originals.
724
Pound Piece. 1852. 23 mm. Pl. 57.
- Obverse. As No. 723, without the maker's name.
- Reverse. A double line inner circle with a circle of dots between the lines. VALUE / ONE / POUND in three lines without bars in centre. Round within the beaded rim, WEIGHT 5 DWT:15 GRS : ::: 22 CARATS :: There is visible a flaw from the inner circle to the outer edge against the vertical stroke of the D.
725
Pound Piece. 1852. 23 mm. Pl. 57.
- Obverse. As No. 724.
- Reverse. The second die. Has in the centre VALUE / ONE / POUND in three lines without bars, the inner circle is crenellated internally and beaded externally. The legend in the outer circle as No. 724. Pl. 57
