Posted with permission from the Royal Australian Mint, part 3 from the publication "Coins, Currency & Canberra": "Gold was discovered in Victoria in January 1849, and by 1851 life was disrupted by the gold rush that developed. Within a few years there was pressure to convert this gold into coins or tokens, and there were some interesting ventures before an official mint was opened in the colonies. The first of these ventures took place in South Australia. When gold was discovered at Mount Alexander in Victoria, most of South Australia's workers left for the goldfields, taking the short supply of currency with them. The colony was nearly bankrupt, and Adelaide businessmen approached Lieutenant Governor Sir Henry Young to start a mint to convert the raw gold into coin." More ...
