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‘Holey’ war over rare coin

April 16, 2013 in Antique Coins, Australian Coins, Coins, Collecting, Rare Coins, World Coins

By: PETER MICKELBUROUGH Herald Sun April 15, 2013 (http://www.news.com.au)

A COLLECTOR’S agent has launched a legal battle to recoup almost $200,000 spent on a stolen rare coin.

The Supreme Court battle centres on the provenance of a rare 1813 five shilling Australian “Holey Dollar” — the first coin struck in Australia.

The coins were restamped from Spanish silver dollars and the centres punched out: those plugs, or dumps, were then used as coins worth 15 pence.

Coinworks Pty Ltd is suing Noble Numismatics Pty Ltd for refusing a refund once the theft of the coin was revealed.

Coinworks says it bid $186,000, on behalf of an unnamed customer, at an auction conducted by Noble at Dallas Brooks Hall in July 2007.

It says a 15 per cent buyers’ premium, GST and a 4 per cent commission for Coinworks took the total cost of the coin to $225,375.60.

Coinworks says that in January last year an employee discovered the coin had been stolen from the Money Museum of the American Numismatic Association in early 2007.

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