Governor Lachlan Macquarie set out to secure a reliable supply of coins for the colony. King fixed the Spanish dollar at a value of five shillings but many still left the colony as payment for goods arriving on ships from the Americas, Asia and the Cape of Good Hope. This helped to ensure a ready supply of coinage for local trading and stabilised the value of each coin used in the colony. In 1800 Governor Philip Gidley King issued a proclamation giving fixed values to the most common coins in circulation in New South Wales. Much of this coin left the colony as a result of trade with visiting merchant ships. Foreign coins were common in the early years of the New South Wales colony. British coins circulated with Dutch guilders and ducats, Indian mohurs and rupees and Portuguese johannas.
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