Welcome to yet another issue of Australian Coin Internet Magazine. It has now been 12 months since the first issue. From feedback I received, readers are happy with how it has gone. I hope that people are inspired to learn more by the information provided in this magazine. The only thing that disappoints me is the fact that have have had few offers from other collectors to publish articles in this magazine. Let's hope for the benefit of all readers this will soon change.
During the last 12 months another project I have started is the Australian Coin Internet Magazine Forum. Part of this forum is the lost and stolen item page. Although I hope that this service is not used too regularly for obvious reasons, it is a handy resource for those who are in the unfortunate position of loosing a coin in the hope of getting their prized possessions back. There are currently three listing there. The page can be found at Lost and Stolen.
Since 1966 Australia has used the dollar as the staple unit of currency. The dollar however goes back some time and forms an important part of not only Australia's currency, but is the currency of many other countries of the world.
The name is related to the historic currencies like the Tolar in medieval Bohemia, the Thaler in Germany and the Daler in Sweden. The Spanish were probably the first to have a wide adoption of the dollar in the 18th century. The Spanish peso, a large Spanish silver coin, was termed the Spanish Dollar and was widely circulated in Spanish colonies of the New World. The use of the Spanish dollar as legal tender for the early United States is the reason for the name of that nation's currency. The USA (as it was to become) adopted the dollar as its' currency purely for the reason that the Spanish Dollar was in circulation in the 13 colonies that became the United States. In fact, the Spanish Dollar was already legal tender in Virginia prior to the union.
The
dollar first appeared in our British heritage in Scotland during the 17th
century. The Scottish Dollar was short lived and disappeared by the the end of
the 17th century. St Andrews University lays the claim of being the inventor of the $
symbol. However, according to US Bureau of engraving and printing, the $ symbol
is a adaptation of the P used to symbolize Peso, where an S was written over the
P.
The English adopted the dollar in the form of trade tokens at the end of the 19th and early 20th century. These coins were used primarily in English colonies in Asia as a standard for trade. These coins were fazed out as the economies in Asia developed and these British colonies became self governed.
Australia first adopted the dollar in 1813. This dollar was in the form of "mutilated" Spanish coinage that was manufactured into a 15 pence "dump" and a 5 shilling "wholly dollar". These coins were used to solve a coin shortage and were in use for over 10 years and were finally made not legal tender in 1829. (see August's 2003 Magazine).
It took over 130 years for the dollar to resurface in
Australia. In 1966 Australia adopted a decimal system of currency and the dollar
reemerged, ahead of a number of contenders including the Koala and the Royal.
It however was in the form of a paper note. The paper one dollar note
survived till 1984 when the first one dollar coin was produced in aluminum
bronze (Al/Br). Four years later the two dollar coin was introduced to replace
the two dollar note, again produced in Al/Br.
The two dollar coin, as such, has not made huge waves in the numismatic circles. This is because the design has not changed since issue. The series is an easy series to get in uncirculated condition at a very reasonable price.
In contrast to the two dollar coin, the Al/Br dollar coin is by far the most popular decimal coin collected. This is probably because of the number of commemoratives the mint has released at extremely reason initial issue prices. 1986 saw the first commemorative dollar coin being produced to celebrate the year of peace. Not only has the mint released commemorative serie, in 1993 they added to the dollar series the mint marked coin, which has only fueled more interest in the series. Overall, the Al/Br one dollar series is a great series to collect as new coins released each year are generally around the $2.50 to $3.00 mark and offer a wide variety of themes for the collector. Nearly all have increased in value with most mint marked coins doubling in value in two to three years. To add to this each year the mint has released a silver proof coin which is also great value.
Another innovation to the dollar coin has been kangaroo
dollar coins. Starting in 1993, these silver uncirculated coins have proven to
be a winner. Now these coins are also released as a proof and more recently a
selective gold plated proof. To add to the kangaroo series, the mint has also
minted one dollar subscription coins since 1996.
The mint has also added other denominations to its regular release schedule. These include $5, $10, $100, $150 and $200 coins. Overall this gives the collector plenty to choose from each year.
The dollar has become an interesting currency for Australia, particularly given the value in the standard $1 series and the variety offered in Non Circulating Legal Tender series of varying denominations. I for one have a good set of uncirculated $1 coins and would recommend collectors at all ends of the wealth scale to collect this series for its value for money and growth potential.
References
Cruzi's Coins http://www.users.bigpond.com/cruzi/Coins/index.htm
McDonald G, Collecting and Investing in Australian Coins and Banknotes, 2nd Ed. (Sydney: 1991).
Myatt B & Hanley T, Australian Coins, Notes and Medals, Castle Books (Melbourne: 1982).
Wikipedia http://www.wikipedia.org
The 2004 fine silver proof set will prove to be one of the most sort after set of coins released this year. This year will be the second set of this type the mint will issue, after the huge success on the 2003 issue. The 2003 set currently retails at about the $320 mark which is not a bad return on the $185 issue price. This set, as rumor has it, will be released on the 18th of May. Speaking to dealers, pre orders are already being taken. Given the expected low mintage of around the 6500 mark, there is no doubt this item will be hot on the secondary market. The biggest problem however will be getting a set at issue price. If this set is anything like the Ghan railway coin released earlier this year, dealers will only receive small allocations of this set, somewhat less than what they will have ordered. Time will tell what the success of this coin set will be. My feeling is that it will be an extremely popular set and well worth the addition to your collection, even if you need to get it on the secondary market.