What do you do with a convicted counterfeiter in 1812 colonial New South Wales? If you're Governor Lachlan Macquarie, you put him in charge of making Australia's first official coins.
That extraordinary chapter in Australian history is being celebrated by the Royal Australian Mint with the release of the Origins of Australian Coin: 2026 $1 Holey Dollar Uncirculated Coin, marking 60 years of diplomatic relations between Australia and Mexico.
The release also follows the Mint's recent acquisition of an original 1813 Holey Dollar for the National Coin Collection. Believed to be one of only around 300 surviving examples, this historic coin inspired this latest commemorative release and will help preserve one of Australia's greatest currency stories for future generations.
While the Holey Dollar has long been recognised as one of Australia's most important historical coins, few know the remarkable tale behind its creation.
The man responsible was William Henshall, a skilled metalworker transported to New South Wales after being convicted of counterfeiting. In one of history's great ironies, the man punished for counterfeit coins became the craftsman entrusted with producing Australia's first legal tender.
Working from a modest Sydney government workshop known as ‘The Factory’, Henshall spent more than a year developing the tools and techniques needed to transform thousands of Spanish silver dollars into Holey Dollars and Dumps. His work laid the foundations of Australia's first minting operation and helped solve one of the colony's greatest challenges.
Royal Australian Mint Chief Executive Officer Emily Martin said the new coin celebrated an incredible piece of Australian history with an international twist.
“The Holey Dollar is one of Australia's most recognisable historical coins, yet many people don't realise its story begins with silver dollars, many struck in colonial Mexico.
“This release celebrates 60 years of diplomatic relations between Australia and Mexico while sharing the fascinating story of how our nations became connected more than 200 years earlier. It is a wonderful reminder that history can bring people together in the most unexpected ways,” Ms Martin said.
The story stretches back more than 200 years, when the young colony of New South Wales was facing a severe shortage of currency. To keep money circulating locally, Governor Macquarie imported 40,000 Spanish eight-reales coins – commonly known as pieces of eight – many minted at the Real Casa de Moneda de México.
Each silver dollar was carefully transformed into two coins. The outer ring became the Holey Dollar, valued at five shillings, while the centre became the Dump, worth fifteen pence. The clever solution doubled the number of coins in circulation and discouraged the valuable silver from leaving the colony.
The original Holey Dollar now held in the National Coin Collection can be traced to a Spanish silver dollar struck at the Casa de Moneda de México in 1804, creating a direct link between Australia's earliest currency and Mexico's world-renowned minting heritage.
Ambassador of Mexico to Australia, His Excellency Ernesto Céspedes Oropeza, said the commemorative coin highlighted a remarkable chapter in the shared history of both nations.
“This coin is a symbol of the longstanding connection between Mexico and Australia.
“More than two centuries ago, Mexican silver, struck into ‘Reales de a 8’, also known as ‘Spanish Dollars’, at the royal mint in Mexico City, travelled along the historic Manila Galleon trade route from Acapulco to the Philippines, then to Madras in India and ultimately to Australia, where these coins were transformed into the Holey Dollar, Australia's first minted currency.
“As we celebrate 60 years of diplomatic relations, this shared heritage reminds us that the ties between our nations were forged through history and trade long before our formal partnership began.
“We are proud, and thankful of course, to see this story recognised through the Royal Australian Mint's commemorative release. It reflects not only our shared past but also the enduring friendship and cooperation that continue to strengthen the relationship between Mexico and Australia today,” Ambassador Céspedes Oropeza said.
Faithfully reproducing the design of the original 1813 Holey Dollar, the Origins of Australian Coin: 2026 $1 Holey Dollar Uncirculated Coin celebrates one of Australia's most ingenious currency innovations, the unlikely redemption of William Henshall and a friendship between Australia and Mexico that began long before formal diplomatic relations.
For further information, visit the Royal Australian Mint website at www.ramint.gov.au.
EQL Ballot
Friday, 4 September – 8.30am
Registration for the EQL ballot opens at 8.30am on Friday, 4 September and closes at 8.30am on Monday, 7 September. The draw will take place immediately after the ballot and successful entrants will be notified by email. To register for the ballot, visit the Mint at www.ramint.gov.au.
Tuesday, 7 September – 8.30am
- Mint Shop (Royal Australian Mint, Deakin)
- Participating Authorised Distributors
- Mint Contact Centre (1300 652 020)
About the Royal Australian Mint
Australia is a nation of collectors, and coins are among its most collected items. The Royal Australian Mint sits at the centre of this national passion as an award-winning, world-class organisation and a global leader in the minting industry.
The Mint produces circulating coins for Australia and other countries, collectible and investment coins for domestic and international customers, and custom-made medals, medallions and tokens for individual or corporate clients.
It is also a national cultural attraction that educates millions of Australians and international visitors about the history of Australia’s decimal currency, and the significance and value of coins.
