Newfoundland 2 dollar coin minted in London. Newfoundland's two dollar coin was broadly used not only in Newfoundland, but also in Eastern Canada in general. The supply of the coins "virtually disappeared" in 1894, when Newfoundland's banks and monetary system collapsed. With paper banknotes being distrusted, the gold coins were hoarded, as well as two next-highest Newfoundland denominations, the silver 50-cent and 20-cent pieces. With its two-dollar coin, Newfoundland became the only British colony to issue circulating gold coinage apart from Sydney Mint which issued Australian sovereigns from 1855 onwards. Gold coinage was used in Canada and other British domains. For example, in the
Gold dollar coin. In January 1849, McKay introduced a bill for a gold dollar, which was referred to his committee. There was much discussion in the press about the proposed coin; one newspaper published a proposal for an annular gold dollar; that is, with a hole in the middle to increase its small diameter. McKay amended his legislation to provide for a double eagle ($20 gold coin) and wrote to Patterson, who replied stating that the annular gold dollar would not work, and neither would another proposal to have dollar piece consisting of a gold plug in a silver coin. Nevertheless, Gobrecht's