What Is the Value of Some Old Australian Coins?

Until 1966, Australia's monetary system was based on the British system of pounds, shillings and pence. A pound consisted of 20 shillings, each of which contained 12 pence. Old Australian coins are rich and varied in their history and imagery. Some are prized by collectors for their unusual form, while others hold special cultural significance. Australia's mints used gold, silver and base metals. Coins vary in worth according to the value of metallic content and collector demand.

Australia's First Coins

Among Australia's rarest and most unusual old coins are the nation's first two. The Holey Dollar and Colonial Dump were born in 1813 from a single Spanish silver dollar. Seeking to prevent the exportation of valuable coinage from the colony, the governor of New South Wales ordered the centers of the Spanish silver dollars punched out. The ring was restamped as a 5-shilling coin--the Holey Dollar, while the center became a crown, or Colonial Dump. Of great historical value, the crown, in fine condition, is worth $12,500 today. The extremely rare 5-shilling piece commands up to $100,000.

Adelaide Pounds

Further monetary woes spurred the creation of Australia's first gold coin. The Bullion Act of 1852 gave assayed gold the full value of currency by weight. This meant that prospectors from the local gold rush could have their finds measured out and turned into legal tender. Originally equivalent in value to 1-pound, 1-shilling and 10 1/2 pence--or slightly more than a British guinea--the Adelaide pound circulated briefly as Australia's first gold sovereign. Depending on condition, Adelaide pounds are worth from $5,000 in fine condition to $43,000 uncirculated. The rare ones made with a cracked die can bring upwards of $165,000.

Gold Coins from the Kangaroo Office

Australia's mid-19th century gold rush spawned additional schemes for solving the colonies' shortage of hard cash. Three entrepreneurs established a private mint called the "Kangaroo Office." Using dies made in England, the group created a variety of gold coin designs under the provisions of the Bullion Act. Few coins however, were produced. A sudden jump in gold prices made the venture too expensive. An 1853 1/4 ounce Kangaroo Office pound sold recently for $267,456.

First Commonwealth Coins

Australia's various colonies united as a commonwealth in 1901. The government drew up plans for a currency similar to that of Great Britain to be produced of gold, silver and base metal at three domestic mints. Delays followed. Technical problems resulted in independent Australia's first coins being minted in London in 1910. The silver coins came in denominations of 1 and 2 shillings, and 3 and 6 pence. Bearing an image of Edward VII on the obverse, or heads side, 1910 1-shilling pieces are worth from $10 in very good condition to $550 in brilliant uncirculated, and $20,000 for specimens.

Warning

Buyers and sellers of old Australian coins should follow auctions and private sales closely. Coins vary considerably in value according to condition and rarity. Coins are graded on a scale that runs from poor and fair, through various ranks of good and fine, all the way up to the exquisite fleur de coin--French for "flower of coin." Prices for the early commonwealth silver coins can start as low as $1 at online auction and sales sites. The 1-shilling pieces contain slightly more than 1/6 ounce of sterling silver. One dollar is well below current prices for that amount of silver.

References

• Holey Dollars and Colonial Dumps
• Kangaroo Office Coins
• Values of 1910 1-Shilling Coins