The Holey Dollar Story

Established in 1969 Hill Samuel Australia Limited opened its doors in Sydney with a staff of three executives. Aspiring to offer a range of financial services and products of the highest quality in terms of service, knowledge and skill, Hill Samuel Australia soon began to win significant mandates.

Fifteen years later, directors at Hill Samuel Australia decided that the time was right to restructure the business as a new Australian trading bank. Following a successful proposal to the Australian Federal Government, Macquarie Bank Limited was established in February 1985.

The Bank looked to Australia's most successful early governor, Governor Lachlan Macquarie, for inspiration in its name and the creation of its logo. Governor Lachlan Macquarie (1761 - 1824) was instrumental in the establishment of Australia's first bank and was also responsible for introducing Australia's first coinage, the Holey Dollar.

In 1813 Governor Lachlan Macquarie overcame an acute currency shortage by purchasing Spanish silver dollars (then worth five shillings), punching out the centres and creating two new coins - the 'Holey Dollar' (valued at five shillings) and the Dump (valued at one shilling and three pence). This single move not only doubled the number of coins in circulation but increased their total worth by 25 per cent and prevented the coins from leaving the colony.

Governor Macquarie's creation of the Holey Dollar was an inspired solution to a difficult problem and for this reason it was chosen as the symbol of the Macquarie Group.

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