In July 2026, Roxbury’s Auction House will present one of the most significant Australian numismatic events seen in decades: Part One of the John McCullagh Collection.
Assembled over more than forty years, this collection represents a lifetime of acquisitions across dealers, auctions, and private sources both locally and internationally.
The result – one of the most important private collections of Australian colonial currency, tokenage and ancient coins ever brought to market.
A Collection That Defines an Era
The McCullagh Collection spans the full breadth of Australia’s early monetary history, alongside incredible Ancient coins in remarkable condition.
It includes:
- The most comprehensive group of Australian trade tokens ever catalogued
- Rare proof and specimen strikes
- Unique pattern pieces never released into circulation
- Colonial paper currency, including promissory notes, store notes, and early banking instruments
- A significant selection of ancient coins, including Greek, Roman, and Hellenistic issues of exceptional quality and rarity
Taken together, the collection functions as a “museum in private hands,” documenting the evolution of money in colonial Australia – from improvised systems to more structured economic instruments.
The Tale of Trade Tokens
Trade tokens are privately issued coins, typically produced by merchants during periods when official government coinage was scarce.
In early colonial Australia, this shortage was constant. Before a stable currency system existed, commerce relied on:
- Barter (including rum)
- Handwritten promissory notes
- Privately issued paper money
- Eventually, metal tokens struck by businesses
By the 1850s, particularly during the gold rush, these tokens became essential for everyday transactions. Though unofficial, they circulated widely and were often accepted as de facto currency.
Their importance today is twofold:
1. Economic history
They represent how commerce functioned in the absence of formal monetary systems.
2. Social and cultural insight
Each token reflects a specific business, location, and moment in time – capturing everything from local enterprise to broader colonial identity.
Many were struck in England and shipped to Australia, and their designs often carry stories of failed ventures, ambitious merchants, or broader political influences.
The July Signature Sale: What to Expect in Auction No. 159
Part One of the McCullagh Collection will headline Roxbury’s July Signature Sale, with a focus on trade tokens and ancients.
Key points:
- 400+ token lots
- Structured into:
- Business strikes
- Specimen strikes
- Proof strikings
- Pattern strikings
- Many pieces are unique or unseen in the modern market
- Most have remained in private hands for decades
This level of depth, both in quality and classification, is rarely achieved in a single sale.
A Generational Opportunity
Material of this calibre does not surface often. Many items in the McCullagh Collection have been tightly held for decades. Their release represents a genuine market reset point for collectors of Australian colonial material and ancient currency.
Beyond rarity, the defining characteristics of the collection are:
- Exceptional condition
- Strong, traceable provenance
- Clear historical narratives tied to each piece
For collectors of tokens, colonial currency, or ancient coins, this is not just another auction cycle – it is a defining event.
Final Note
Catalogues for the July 2026 sale will be released shortly – CLICK HERE TO GET NOTIFIED.
As the live auction draws near, check back for detailed looks at highlight lots and the stories behind them.
