The Hannibal Head Holey Dollar is a one of a kind

Holey Dollar Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island (now part of Canada) and New South Wales (now part of Australia). The middle was punched out of Spanish dollars, creating two pa ...

coin made from a Spanish eight Reale coin that bore the image of

Joseph Bonaparte it, Giuseppe-Napoleone Buonaparte es, José Napoleón Bonaparte , house = Bonaparte , father = Carlo Buonaparte , mother = Letizia Ramolino , birth_date = 7 January 1768 , birth_place = Corte, Corsica, Republic of ...

. The coin was sold by Coinworks to a private collector in July 2018, fetching $500,000.

History

The original Spanish eight reale coin that the Hannibal Head Holey was made from was struck in 1810 in

Lima, Peru Lima ( ; ), originally founded as Ciudad de Los Reyes (City of The Kings) is the capital and the largest city of Peru. It is located in the valleys of the Chillón River, Chillón, Rímac River, Rímac and Lurín Rivers, in the desert zone of t ...

. At the time the

monarch A monarch is a head of stateWebster's II New College DictionarMonarch Houghton Mifflin. Boston. 2001. p. 707. Life tenure, for life or until abdication, and therefore the head of state of a monarchy. A monarch may exercise the highest authority ...

Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , i ...

was King

Joseph I of Spain Joseph-Napoléon Bonaparte (born Giuseppe di Buonaparte, ; co, Ghjuseppe Nabulione Bonaparte; es, José Napoleón Bonaparte; 7 January 176828 July 1844) was a French statesman, lawyer, diplomat and older brother of Napoleon Bonaparte. During the ...

Napoleon Bonaparte Napoleon Bonaparte ; it, Napoleone Bonaparte, ; co, Napulione Buonaparte. (born Napoleone Buonaparte; 15 August 1769 – 5 May 1821), later known by his regnal name Napoleon I, was a French military commander and political leader who ...

’s elder brother. The Spanish people

revolted In political science, a revolution (Latin: ''revolutio'', "a turn around") is a fundamental and relatively sudden change in political power and political organization which occurs when the population revolts against the government, typically due ...

against French rule in both Spain and its

colonies In modern parlance, a colony is a territory subject to a form of foreign rule. Though dominated by the foreign colonizers, colonies remain separate from the administration of the original country of the colonizers, the '' metropolitan state'' ...

and as a result a Peruvian mint created coins featuring an unflattering portrait of Joseph I. This gives the coin its name “Hannibal head.” In 1812, much of the currency in

New South Wales ) , nickname = , image_map = New South Wales in Australia.svg , map_caption = Location of New South Wales in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , es ...

was being funneled out by trade with merchants which resulted in a shortage of coin. Governor

Lachlan Macquarie Major-general (United Kingdom), Major General Lachlan Macquarie, Companion of the Order of the Bath, CB (; gd, Lachann MacGuaire; 31 January 1762 – 1 July 1824) was a British Army officer and colonial administrator from Scotland. Macquarie se ...

wanted to fix this issue by creating a supply of coins for the colony that would be unusable outside of it. He shipped 40,000 Spanish silver 8 reale coins to New South Wales and began the process of transforming them into the Holey dollar. To do this Macquarie employed convicted forger William Henshall and gave him the task of stamping out the centers of each coin and counterstamping them so they would be useless outside of the colony. The outer ring was valued at five

shilling The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence o ...

s while the central plug, known as the “Dump” was valued at fifteen

pence A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is th ...

. Around 300 of these coins are known to remain, most of which are in private collections. In 1881 the Hannibal Head Holey dollar was found in

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in what was believed to be a

Bushranger Bushrangers were originally escaped convicts in the early years of the British settlement of Australia who used the bush as a refuge to hide from the authorities. By the 1820s, the term had evolved to refer to those who took up "robbery under ...

hoard A hoard or "wealth deposit" is an archaeological term for a collection of valuable objects or artifacts, sometimes purposely buried in the ground, in which case it is sometimes also known as a cache. This would usually be with the intention of ...

. It is the only known holey dollar to bear the Hannibal Head

portrait A portrait is a portrait painting, painting, portrait photography, photograph, sculpture, or other artistic representation of a person, in which the face and its expressions are predominant. The intent is to display the likeness, Personality type ...

and is rated “ nearly extremely fine” quality. It went to auction in 2018 at the Eminent colonial auctions through Coinworks, valued at an estimated $450,000 and sold to a private collector for $500,000.

References

{{reflist Coins of Australia History of New South Wales