Holey dollar and dump
Henshall had worked as a metal plater and cutler in England, and arrived in the colony after being sentenced in 1805 to seven years’ transportation for his involvement in counterfeiting. Henshall was emancipated shortly before he began his work, which took an entire year to complete. The holey dollars and dumps remained in circulation until 1829.
The introduction of a new currency was only one part of Macquarie’s plan. He also took steps to lessen the attractiveness of rum as a trade item by imposing a substantial duty of three shillings per gallon on imported spirits. At the same time he granted an importation monopoly to the men who had contracted to build a new hospital for the colony, causing rum to become less valuable as it became more freely available.
