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In the early years of the Colony of New South Wales, the term "currency" was used to refer to any money other than pound sterling, which was the only legal tender.Owing to a shortage of sterling, "currency" circulated freely, but was not always accepted – the term carried implications of illegality, inferior quality, and subordination. [3]
A New South Wales "holey dollar", the first distinct currency of Australia. Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island (now part of Canada) and New South Wales (now part of Australia).
The New South Wales Corps was recalled soon after. Otherwise, the shortage of coinage persisted. For example, between 1811 and 1816 Governor Lachlan Macquarie paid the contractors who built the Sydney Hospital with 200,000 litres (54,000 US gal) of rum, later increased to 270,000 litres (72,000 US gal).
Examples of private issue paper currency in New South Wales, denominated in sterling, exist from 1814 (and may date back to the 1790s). [15] Denominated in sterling (and in some cases Spanish dollars ), these private banker and merchant scrip notes were used in Sydney and Hobart through 1829. [ 16 ]
Just after the start of the Great Depression in 1933, Australian currency ceased to be redeemable for gold at the previously maintained rate of one gold sovereign for one pound currency. Subsequently, a new series of legal tender notes were designed, once again bearing the portrait of King George V, in denominations of 10s, £1, £5 and £10. [25]
For many years after the first Australian colony, New South Wales (NSW), was founded in 1788, it did not have its own currency and had to rely on the coins of other countries. During the early days of the colony, commodities such as wheat were sometimes used as a currency because of the shortage of coins.
The act which regulated currency in New South Wales came into force on 18 July 1855 and stipulated that the gold coins were to be called sovereigns and half sovereigns. They were also to be the same weight, fineness and value as other sovereigns. [65] Sovereign, 1855, from original gold coin, Sydney Mint, State Library of New South Wales, SAFE ...
While this measure was remarkably unsuccessful in the British North American colonies and initially in some of the British West Indies, the situation in New South Wales was different due to the absence of any already fully entrenched monetary system. As such, the British sterling currency was adopted in New South Wales with relative ease, and ...