AUSTRALIAN CURRENCIES. 597 



1852) was passed, authorising- the "Assaying of niicoiiied 

 gold, and to make bank notes, under ceitain conditions, a 

 legal tender," This act was to remain in operation for 12 

 months only, and authorised the preparation of dies for coin- 

 ing gold pieces of the value of lOs., £\, £2, and £5. Dies 

 were cut for £1 and £5 pieces, illustrations of which appear 

 in the collection exhibited, but the £1 piece only was actually 

 circulated. After a limited number had been struck, a flaw 

 was discovered in the reverse, which was re-cut in a diiferent 

 type. 24,648 of the £ I pieces were issued. Three pattern 

 pieces from the £5 die were struck, but were not put into 

 circulation. No dies were cut for the lO^. or £2 pieces. 



The £1 piece weighs 12^ grains more than the English 

 sovereign, and is of equal fineness. Being v/orth £1 Is. Dd. 

 it was largely bought up by English sjieculators, and 

 specimens are now rare. 



An interesting gold ingot is known, which is oblong in 

 shape, about 1| inch by 1 inch in size, stamped in the upper 

 half with a circle containing the inscription " weight of ingot 

 oz. 5 dwt, 15 gr. Equivalent v»^eight of 22 carats oz, 9 dwt. 

 llgr." and below "(crown) S,A, 23 carats." It is stated 

 that this ingot was stamped at the assay office jjending the 

 issue of the authorised pieces. Two copies are known to 

 exist. 



Four gold pieces are in the British Museum, the obverse 

 of which contain the figure of a kangaroo, with date 1853 

 beneath, and surrounded with the inscription " Port Phillip, 

 Australia," the reverse contains the figures 2, 1, ^, and ^, 

 respectively, surrounded with inscription " Pure Australian 

 Gold," "Two (one), (one-half), (one-quarter) ounces." 

 These are believed to be patterns only. 



About 1850 a sudden impetus was given to trade by the 

 gold discoveries, and a marked want of cOpper coin began to 

 make itself lelt. At the lime the cliic^f copper coiiis current 

 were the large penny and halfj)enny of Queen Victoria, 

 coined shortly after her accession ; next to which in order of 

 frec[uency came the penny a,nd halfpenny of George IV., and, 

 in a less degree of frequency, the coins of George III. and 



William iy,\ ..... ..:.....', . :-: •• 



Notwithstanding the large variety in circulation, the 

 quantity was quite inadequate to meet the requirements of the 

 rapidly increasing trade. The immediate I'esult was the issue 

 of a large number of tradesmen's tokens througiioiit the 

 colonies. 



