During the 1840's the main currency circulating in Australia was British , but the gold rushes of 1851 , and the increase in population and volume of trade , there was a shortage of currency . The NSW Legislative Council petitioned the home government for a branch of the Royal Mint to be established in the colony , which was granted in August 1853 . The Mint was built in Sydney and from the year 1855 it began producing sovereigns at a rate of about 瞿1 000 000 worth a year . Seen here 6a and 6b Adelaide Pound Token 1852 ; 7 Sovereign struck at the Melbourne Mint in 1872 ; 8 Perth Sovereign 1899 ; 9 Sydney Sovereign 1857 , showing Queen Victoria wearing a wreath of waratah and 10 Sydney Sovereign 1853