225^th anniversary of Australian Proclamation coins 

Although it remains a topic of considerable numismatic debate, a Proclamation coin is usually defined by its inclusion in Governor Philip Gidley King’s famous edict of 19 November 1800, which attempted to solve the currency crisis afflicting the colony of New South Wales.

In response to the ongoing shortages, 40,000 Spanish reales were brought into the colony by Governor Lachlan Macquarie in 1812. A decision was made to increase the number of available coins by cutting out the centre of each coin. The coins then underwent a counter stamping process, designating the outer ring as the 'holey dollar', and the centre as the 'dump'. This operation prevented the coins from being exported and led to the creation of the first currency minted in Australia.

Spanish Pillar Dollar tribute design

The coin’s reverse design pays homage to the Spanish Pillar Dollar, also known as a peso, or a ‘piece of eight’. Under the inscription ‘VTRAQUE’ (meaning 'both are one'), the coin portrays the Spanish Crown and two hemispheres representing the Old World and the New World.