As written in "Australian Early Currency"
When Captain Arthur Phillip, Governor of the new settlement,
arrived in Sydney Cove in 1788 with eleven ships and 1,487 people, including
759 convicts, the small colony was virtually penniless. Apart from 300 pounds
in currency held by the Governor, the only coins available were those carried
in the pockets and purses of the passengers. It was not forseen that the small
colony would almost starve to death because of drought, poor soil and various
other problems which made it impossible for the settlement to become
self-sufficient.
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