Prince Edward Island
Around the end of the 18th century, the Spanish dollar was in constant circulation in Eastern Canada and the United States. The value of the coin varied in different centers but was highest in Halifax. Therefore, whenever the merchants of Prince Edward Island (PEI) secured them, they sent them to Halifax to take advantage of the higher rate. The resulting shortage of money in PEI prompted the governor to gather in all the Spanish dollars he could and have their centers punched out. Both the central plug and rims were stamped with a sunburst. The punched centers passed as shillings and the outer rims as five-shilling pieces. The combined value of the mutilated coins was thereafter 20 percent greater in PEI than outside the island (and the individual components less valuable), so as a consequence, the coins became the official currency in PEI.
Read more about this topic: Holey Dollar
Famous quotes containing the words prince, edward and/or island:
“For that rage, that bitterness, those blows,
That hatred of the slain, what could it be
But indirectly or directly a commentary
On the Crucifixion?”
—Frank Templeton Prince (b. 1912)
“The night was thick and hazy
When the “Piccadilly Daisy”
Carried down the crew and captain in the sea;
And I think the water downed ‘em;
For they never, never found ‘em,
And I know they didn’t come ashore with me.”
—Charles Edward Carryl (1841–1920)
“The very best place to be in all the world is St. Mary’s parish, Jamaica. And the best spot in St. Mary’s is Port Maria, though all of St. Mary’s is fine. Old Maker put himself to a lot of trouble to make that part of the island of Jamaica, for everything there is perfect.”
—Zora Neale Hurston (1891–1960)