1156

PEI Holey Dollar

Currency:CAD Category:Coins & Paper Money Start Price:1,250.00 CAD Estimated At:2,500.00 - 4,000.00 CAD
PEI Holey Dollar
SOLD
5,100.00CAD+ (1,020.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2009 Jul 24 @ 19:55UTC-3 : ADT
The Michigan specimen, 1808 Charles IV Mexico, 22.02 grams, Ex Nadin-Davis lists of 1984, purchased for $2449.00. PEI, like other British colonies in the early 1800's, had difficulty keeping circulating coin available to the local populace. The reason for this was the hoarding by merchants so they could use it to buy goods in Halifax, Saint John, Boston, etc. This allowed merchants to barter with local residents taking great advantage of them in the process. Lieutenant Governor Smith came up with a rather ingeneous and bold idea of cutting the center out of eight reales coins using the ring to represent 5 shillings and the dump one shilling. Hence a 5 shilling piece really became 6 shillings. This kept the 1000 specimens on the Island because no one outside PEI would accept them at the 6 shilling rate.