Spirit Trade

Abstract

The Royal Australian Mint and commercial banks such as Macquarie Bank delight in trumpeting their origins to the genius of Governor Macquarie's introduction of the 'holey dollar', a defaced Spanish silver coin that became the first localised coinage to circulate in the region now known as Sydney. It is hardly surprising that commercial banks highlight Macquarie's importation of 40,000 Spanish dollars in 1812 as 'innovation', since today the remaining two hundred or so of these coins fetch between $20,000 to $600,000 at auction. However, to understand the impact of this transformation of the fundamental systems of exchange in our ancient island continent, it must be seen within the broader perspective of the ruthless and exploitative tactics of the British imperial project. It is also important to appreciate Aboriginal experiences in responding and opposing the violent colonial and monetising practice.