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Dictionary of Sydney

The Dictionary of Sydney
Multimedia
Holey dollar, silver 1813

The Dictionary of Sydney was archived in 2021.

Holey dollar, silver 1813

From the collections of the

State Library of New South Wales

[a128577 / R 277a-b]

(Mitchell Library)

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Economy Macquarie, Lachlan Shopping Spanish (holey) dollar

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Currency

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Spanish (holey) dollar

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State Library of New South Wales

Economy

With the arrival of Europeans, the traditional economy of Aboriginal clans was disrupted, and gave way to the convict economy of the Commissariat and government stores. But this closed economy was soon opened by free settlement, whaling and sealing, shipping and farming success, making Sydney the port for a vast hinterland. Depressions and booms alternated, bringing poverty and prosperity to the city. Sydney's growth and diversity mean that regional economies now exist within the Sydney region.

Macquarie, Lachlan

Governor of New South Wales from 1810 to 1821, Macquarie shaped Sydney's built environment, social structure, financial development and public morals.

Shopping

The early colony's closed economy, with limited currency and reliance on government rations, did not foster a retail culture, but it soon developed as the city moved beyond its prison status. At first dealing in necessities of life, Sydney's shops became more elaborate and diverse over time, and as elsewhere, department stores and shopping malls developed new kinds of shopping and consumption.

Spanish (holey) dollar

Devised in 1810 to prevent the colony's currency from disappearing offshore, the holey dollar was Sydney's first really local coinage, remaining legal tender until 1829.

Currency

Spanish (holey) dollar

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Coin made by punching out the middle of a Spanish silver dollar, which helped stabilise the early colonial economy.