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 and/or island:
“I know I have the body of a weak, feeble woman; but I have the heart and stomach of a king—and of a King of England too, and think foul scorn that Parma or Spain, or any prince of Europe, should dare to invade the borders of my realm; to which, rather than any dishonour should grow by me, I myself will take up arms—I myself will be your general, judge, and rewarder of every one of your virtues in the field.”
—Elizabeth I (1533–1603)
“The island dreams under the dawn
And great boughs drop tranquillity;
The peahens dance on a smooth lawn,
A parrot sways upon a tree,
Raging at his own image in the enamelled sea.”
—William Butler Yeats (1865–1939)