The 1989 Holey Dollar & Dump, Commemorative Silver BU Issue. Minted in .999 Silver, the Holey contains 1oz of fine silver, the Dump contains 1/4oz Silver, as Issued by The Australia's Mint. NOTES: The story of THE ORIGINAL 'HOLEY DOLLAR AND DUMP' From the earliest days of European settlement in Australia Cash had been in short supply in the colony since the arrival of the First Fleet, when the ships brought only £300 in currency to Australia’s shores. The authorities did not foresee any need for money when the only European inhabitants would be prisoners and their guards - all provided for from government stores. So the resourceful Governor came up with a solution, he bought 40,000 spanish silver eight reales coins - known as 'pieces of eight; which were then in common use as an international trading dollar. To distinguish them as Australian, the centres were punched out of the coin, creating two new coins from each original. The outer ring was given a value of five shillings and came to be known as the 'Holey Dollar'. The centre piece, called the 'Dump', had a face value of 15 pence. Problem solved. The Holey Dollar and Dump solved the colony's immediate coin shortage problem. The Dump was widely circulated, but the Holey Dollars were too valuable to be used as common coinage and most ended up in England, where they were melted down. Today, only 280 are know to exist in the world and are very valuable.
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