Historical information

This coin is a Warrnambool Bateman penny. It is an example of an Australian token – a coin that had the value of a penny and was produced by businessmen in the 1850s to be used only in the business of the person named on the coin. There were two firms in Warrnambool that produced tokens in the 1850s – William Jamieson, a general storekeeper and William Bateman. The latter had a general store in Banyan Street and became in the early 1850s one of the largest merchant firms in the Warrnambool district. But the firm’s liabilities were financed by overdrafts and insolvency resulted. A disastrous and suspicious fire in 1856 destroyed the Bateman store and caused a great number of insolvencies in the district as so many businessmen and farmers were financed by Bateman who eventually left the district.

Significance

This token is of supreme importance. It is significant for three reasons:
1. It is an example of an 1850s Australian token, demonstrating an early business practice in our history.
2. It is an example of a Warrnambool token produced by an important Warrnambool business (only two firms in Warrnambool produced tokens)
3. It is a Bateman token and these are comparatively rare because many Bateman tokens were destroyed in the 1856 fire.

Physical description

This is an 1855 metal token with, on one side, an image of a woman holding scales in one hand and a cornucopia in the other (Dea Pecunia?). The obverse side has the name of William Bateman Junior of Warrnambool. It is a business token which could be used only in the Bateman store in Warrnambool in place of a penny.

Inscriptions & markings

One side: Woman image and the word ‘Australia’
Obverse side: ‘William Bateman Junr. & Co., Importers and General Merchants, Warnambool (sic), Victoria, 1855’