Australian auction highlights Proclamation coins as basis for domestic currency system

A prized complete set of proclamation coins – inextricably linked to the development of Australia’s domestic currency system– is a major feature and first time offering of Melbourne-based Abacus Auctions forthcoming four-day sale of stamps, coins, banknotes, postal history and sporting memorabilia from 10am Tuesday March 25 to Friday March 28 at 29 Hardner Road, Mount Waverley.

When New South Wales was established in 1788 as a British penal colony, it wasn’t long before the starving population ran into money problems as currency was drained from the fledgling establishment.

With Europe in turmoil as the result of the Napoleonic Wars and Britain’s Treasury facing enormous strain, the British Government virtually ignored its faraway convict dumping ground.

In desperation only 12 years after its establishment, the colony’s third governor, Captain Philip Gidley King, issued a currency proclamation to combat what had until then been the use of rum and a mix of foreign coins to supplement a barter system and often worthless promissory notes.

Foreign coins used in the early days of the NSW colony were from a variety of countries including Spain, Portugal, the Netherlands, India and Britain.

The main difficulty was determining their relative worth so, in 1800, shortly after the arrival of four tonnes of Britain’s 1797 Cartwheel Penny, deemed Australia’s first official coin, Governor King issued his currency proclamation – ascribing a definitive denomination to 11 different overseas currencies.

Values were based on the Cartwheel Penny issued at a rate of two pence for each copper.

The most valuable was the Portuguese Johanna, given a value of four British pounds, followed by the half Johanna at two pounds.

A gold Indian Mohur was ascribed a value of one pound 17 shillings and sixpence while an Indian Pagoda determined at eight shillings.

The most famous of these, and still very collectable, is the Spanish dollar, or reales of eight, which was valued at five shillings. In 1813, the government created the five-shilling Holey Dollar and Dump (valued at 15 pence) by cutting out the middle of Spanish eight reales and using both as currency.

The Abacus Auctions set includes a 1731 Portuguese Johana and 1784 half Johana from Brazil (lots 3045 and 3046) with respective catalogue estimates of $7500 and $2000.

Other coins to feature are the George III Cartwheel Penny (lot 3047), the 1793 Mohur and 1790 Pagoda (lots 3052 and 3051) and 1793 Indian Rupee (lot 3050).

Dutch coins are highlighted with a 1759 trade Ducat (lot 3054) and 1792 Gilder (lot 3053).

Max Williamson, Abacus Auctions sporting memorabilia guru, claims the auction contains the best collection of cricket and Australian Rules football cards, many from the late 1800s and early 1900s, the company has ever handled.

A prime example is two rare 1887-89 Old Judge Cigarettes ‘Celebrities’ football cards (lots 3603 and 3604) featuring South Melbourne Football Club player Peter Burns Port Melbourne Football club captain Bill Hannysee, each estimated at $2000. Only 11 players have been recorded across the two series.

Another is the 1912-13 Sniders & Abrahams Victorian League Footballers (Pennants) (lot 3625) and 1925 J.J. Schuh Magpie Cigarettes (lot 3636).

Other lots of note include a 1955 Collingwood Football Club membership badge (lot 3571), and Essendon original WEG cartoonist poster featuring the 1962 Essendon premiership team win (lot 3575).