AUSTRALIAN CURRENCIES, 595 



forms, number and date them, copy the signature of some 

 reputable merchant, and place them in circulation. Perhaps 

 it would be many months before they were presented to the 

 supposed issuer for cash payment, and by that time they 

 would have passed through so many hands that any attempt 

 to trace their origin would have proved futile. 



To the issuers of such notes the system was doubtless of 

 immense benefit, so long as the currency remained anywhere 

 near the sterling rates, for great numbers were destroyed by 

 intoxicated persons, lost, or worn out. 



When the local silver currency, to be hereafter described, 

 was issued, notes for any less sum than two shillings and six- 

 pence were made illegal. Although this regulation was 

 made in 1813, when Tasmania was still a dependency of 

 New South Wales, it did not in fact extend to this colony, as 

 I have many notes dated about 1823, from 3d. to Is. in value. 



The sterling denomination was variously expressed to be 

 copper coin, Spanish dollars, rupees, or pounds. 



After twenty-six years of use and abuse, the system of 

 issuing promissory notes for small sums was rendered illegal 

 by the Act 7 George IV. No. 3, 22nd September, 1826, 

 which Act has only recently been repealed in Tasmania, at 

 least. 



During the first 40 years of existence of these colonies 

 the Spanish dollar was the standard coin. This coin was 

 also in general circulation in England in the early years of 

 the present century, a large quantity having been struck to 

 order of the Bank of England, which v^as paying and 

 receiving them at the rate of five shillings and sixpence each. 



In 1812 H. M. S. Samarang arrived at Sydney from India 

 with a large quantity of dollars, and on the 3rd of July, 

 1813, a Proclamation was published in the Sydneij Gazette 

 statirsg that it had been thought proper by His Excellency 

 Lachlan Macquarie to direct that a small circular piece of 

 silver should be struck out of the centre of every such dollar 

 on one side of which was the figure of a crown and the date 

 " 1813 " beneath, and on the reverse side the words " Fifteen 

 pence," and that this piece should pass current as and be a 

 legal tender for the sum of fifteen pence sterling. That the 

 remaining part of every such dollar, on the upper part of 

 one side of which was impressed at its inner rim the words 

 " Five Shillings," and at the lower part of the rim the 

 figure of a branch of laurel, and on the reverse side of which, 

 also around the inner rim, was impressed the words " New 



