The Proclamation Coins

[ozjohn]

Number 3

Edited August 1, 2018 by ozjohn

[ozjohn]

Number 4

[ozjohn]

Number 5

[Madness]

A Brief Book Review 

Andrew Crellin. The Coinage of Colonial Australia: Governor King's Proclamation of 1800. Sydney: Monetarium, 2004

There's no question that this book is immediately pleasing to the eye and to the hand: Generously illustrated with images representing the times, places, people and coins discussed within its hard-cover binding.  The introduction of ten pages serves to provide some context, including a socio-economic overview of the penal colony.  A chapter is then dedicated to each of the eleven coins, which are described, their usage discussed and some tips provided for the novice collector. 

This is not a work of great depth or scholarship, nor was it intended to be as the primary audience is obviously not the serious numismatist.  Rather, it is a welcome diversion that can be comfortably read in a couple of evenings.  

What qualifies me to make these comments?  Well, frankly nothing.  This is the first book I've read with a numismatic focus.  That said, over the course of the past couple of weeks I've read a number of articles from the British Numismatic Journal on related topics which serve as a point of reference.  These have been far more interesting and useful.  Perhaps I'll summarise their contents in upcoming posts.  

The Coinage of Colonial Australia can be purchased here for $50 AUD.  I bought my new copy recently from an eBay seller for $10, but they have no more copies left.  This is unsurprising given that only 750 were printed.   

 

Edited August 3, 2018 by Madness

[Mr T]

Need to get myself a copy.

Have you read Coins, Coinages and Currencies of Australasia by Coleman P Hyman?

[Madness]

In my reading I've started tracking the ant trail back to the nest.  What were the causes of the currency crisis that required King's 1800 proclamation?  It's all too easy to say that, as a dumping ground for criminals at the faeces-feeding end of the earth, the coinage deficiency came about by the neglect of British officials and politicians.  Yes, there's truth in this, but it's necessary to consider the turmoil both within and outside of the empire.  

This article by GP Dyer from the British Numismatic Journal of 2002 is helpful:  The Currency Crisis of 1797.  Here's my TLDR summary, but the article is worth reading in full.

1. In February 1797 a gold shortage led to the Bank of England suspending cash payments.  Prior to this there was the assurance that whenever you handed your paper money into the bank you would be able to get the equivalent value in coinage. 

2. The prime minister, William Pitt, responded with on-the-fly decisions intended to perpetuate normal commerce and trade, maintain faith in paper currency and ensure the operating of the banking system.  

3. In the absence of gold, it was necessary that some form of currency take the place of guineas and half guineas.  Within a week legislation had been passed allowing banks to issue notes under five pounds in value and within a few days one and two pound notes were circulating.  

4. A greater supply of silver specie would support the lack of gold.  In order to overcome the shortage of trusted silver coinage, a high volume of Spanish 8-reale dollars were counter-marked with a stamp of the king's bust.  The un-marked coins had been circulating previously in lower volumes due to a long-standing shortage of shillings and other silver coins, but the mark gave them a fixed value of 4s9d.   This response was similarly swift, implemented by early March 1797. 

5. In the same way as a greater volume of silver coinage would support the gold shortage, so a greater volume of copper coins would support the silver.  Late March saw the recommendation minting of pence and twopence pieces with a face value equal to the sum of the copper-value and cost of production.  The implementation of this was planned more carefully with Boulton's Soho mint contracted to the task later that year.  

6. The crisis had been on the horizon for a considerable time and forced the government to confront issues that had long been swept under the carpet.  

This provides us with the context for the inclusion of two of the Proclamation Coins: The "copper coin of 1 oz" ("cartwheel" penny) and the spanish dollar.  It also reminds us that, while the colony of New South Wales may have been of little importance, Britain was facing her own problems and prioritising economic health at home.  

[Peckris 2]

Yes indeed - most of the reign of GEorge III (until 1797 and 1816) had seen a crisis in the money supply. The last proper silver issue (excluding very limited Northumberland shillings) was 1758, and coppers after 1754 only struck between 1770 and 1775, supplemented by a huge and varied production of trade tokens. The variation in size and weight of regnal copper coins from 1797 to 1807 (they had to have their intrinsic value of metal) shows how the price of copper was fluctuating, and I'm sure that applied to silver too (see the early 19th C official tokens). It was only the abandonment of the need for coins to have their intrinsic metal value - i.e. "a token coinage" - that allowed the much needed Great Recoinage of 1816 to proceed, and it's telling that the size and weight of gold and silver coins thereafter was a constant from 1816 to 1971.

[ozjohn]

On ‎8‎/‎3‎/‎2018 at 10:39 AM, Madness said:

A Brief Book Review 

Andrew Crellin. The Coinage of Colonial Australia: Governor King's Proclamation of 1800. Sydney: Monetarium, 2004

There's no question that this book is immediately pleasing to the eye and to the hand: Generously illustrated with images representing the times, places, people and coins discussed within its hard-cover binding.  The introduction of ten pages serves to provide some context, including a socio-economic overview of the penal colony.  A chapter is then dedicated to each of the eleven coins, which are described, their usage discussed and some tips provided for the novice collector. 

This is not a work of great depth or scholarship, nor was it intended to be as the primary audience is obviously not the serious numismatist.  Rather, it is a welcome diversion that can be comfortably read in a couple of evenings.  

What qualifies me to make these comments?  Well, frankly nothing.  This is the first book I've read with a numismatic focus.  That said, over the course of the past couple of weeks I've read a number of articles from the British Numismatic Journal on related topics which serve as a point of reference.  These have been far more interesting and useful.  Perhaps I'll summarise their contents in upcoming posts.  

The Coinage of Colonial Australia can be purchased here for $50 AUD.  I bought my new copy recently from an eBay seller for $10, but they have no more copies left.  This is unsurprising given that only 750 were printed.   

 

I have met Andrew who is very knowledgeable about Australian and English coins. He works in a coin shop called Sterling & Currency of Fremantle, WA. A business I can recommend  https://www.sterlingcurrency.com.au/proclamation-and-colonial-coins

Edited August 7, 2018 by ozjohn
typo