A Counterfeit 1928 Australian Shilling – Gary Oddie

This note will describe a very successful counterfeiting operation that took place in Australia in the early 1930s. The counterfeit shillings, dated 1928, were of such high quality that they could be deposited directly into banks, from where they made it into circulation. The quantities involved were so large that the banks noticed the accumulation in their vaults and an investigation began. The counterfeits were being manufactured in China from good silver and imported to Australia by a Sydney businessman, where they were exchanged for notes. The silver bullion prices at the time meant there would be a profit, not counting production and shipping costs, of about 9½d per shilling. Following the trial, three Chinese men and their families were asked to leave Australia and not to return.

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