The holey dollar: a symbol of innovation

The global symbol of Macquarie Group, the holey dollar was Australia’s first official currency and earliest example of financial innovation.

In 1813, Australia’s most successful early leader, Governor Lachlan Macquarie, addressed a severe currency shortage by importing 40,000 Spanish silver dollars and punching a hole through the centre of them to create two unique coins.

The currency stimulated the economy while retaining its intrinsic value, with the two new coins – the holey dollar and the dump – worth 25 per cent more than the original. Two centuries later, Australia has evolved into one of the world’s major financial centres.

Adopting the holey dollar as its symbol, along with the name of its creator, Macquarie Group embodies its pursuit of practical approaches with profitable outcomes.

More than two hundred years since its creation, the holey dollar remains a relevant symbol of financial innovation and, within the Macquarie business, inspires our best efforts to deliver new ideas and products for our clients.

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