Melbourne (1862) penny token KM-Tn189

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from Steve Album sale 33, lot 2573

This specimen was lot 2573 in Stephen Album sale 33 (Santa Rosa, CA, January 2019), where it sold for $50. The catalog description[1] noted, "AUSTRALIA: AE penny token, [1862], legend on both sides, 67 LITTLE COLLINS STREET EAST / ESTATE AGENT / & MONEY / LENDER / HUGH PECK / HOTEL BROKER / & VALUATOR / ESTABLISHED / 1853 / MELBOURNE, VF. Copper one penny token minted by Thomas Stokes in Melbourne. Issued by Hugh Peck, an Estate Agent & Money Lender in Melbourne. Hugh Peck arrived in Victoria in 1852 and established a wholesale hay and corn store in Fitzroy. In 1853 he opened a business as 'speculator, auctioneer, and house and land agent' in the city. In 1859 he was listed as a Provision Merchant in Collingwood, then as a 'House and estate agent' in 1861. He issued his tokens in 1862." Filling a shortage of coinage in the expanding economy, private tokens flourished until finally being banned in the 1870's. The SCWC lists nearly three hundred varieties. Today most are very scarce.

Recorded mintage: unknown.

Specification: copper.

Catalog reference: KM-Tn189.

Source:

  • Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1801-1900, 9th ed., Iola, WI: Krause Publications, 2019.
  • McDonald, Greg, The Pocket Guide to Australian Coins and Banknotes, 23rd ed., Lavington, Australia, 2017.
  • [1]Album, Stephen, Joseph Lang, Paul Montz, Michael Barry and Norman Douglas Nicol, Auction 33, Santa Rosa, CA: Stephen Album Rare Coins, Inc., 2018.

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