Sterling and Currency - Why the Name?

I occasionally get asked why I named our business Sterling & Currency by folks that have been doing business with us for a while and can't work out what the word salad means.

I go back to late 2005 / early 2006 when I was planning in earnest to set up my own business. I wanted a name that signalled the type of products we deal in and one that also expressed a little bit of character, with a little regard for history as well.

I flirted with the idea of Janus Numismatics - Janus was an important deity in ancient Rome - he was the god of beginnings, transitions and endings (among other things). I liked the idea of looking to the past to get a better sense of the future and also using old objects to plan for the future, but in the end thought it was a touch too aloof for our market.

We are known for dealing in rare coins and notes, so I wanted a name that captured both of the main product areas we have a footprint in. The two different forms of money that were used in colonial Australia came to mind immediately - sterling and currency.

Sterling - Solid Value

At the time, Sterling referred to solid gold, silver and copper coins that were minted in London and officially back by the British government. The quality and purity of solid British coins were beyond reproach and they were always received as payment without question. In an era when capital was pre-requisite for business success, anyone that had ready access to gold or silver was in a commanding position. As soon as someone received a coin in payment, they considered themselves paid in full.

While sterling was the preferred form of payment, there were always more opportunities than there were coins to facilitate them. Before 1825, there simply weren't enough coins to go around, which left an opportunity for enterprising merchants to step into the breach.

Currency - Promises Kept

Privately-issued currency notes were the answer, paper money backed by the people that printed and issued them. Currency notes; promissory notes; sight notes and bills of exchange all circulated in colonial Australia - they performed a vital role in the economy, but weren't without fault. The value of any currency note is only as good as the person or merchant that issued it, so colonial prices reflected the risk in accepting the typical currency note. Prices in currency were significantly higher than they were for payments in sterling.

The delightful consequence of these different forms of money is they were used as a metaphor for the differences between colonists that were born on Australian soil and those that were born in Britain.

The first generation of colonists born in Australia were often referred to as "currency lads" and "currency lasses", not always kindly. Sterling people were those born in Britain.

These names directly reflected a perceived difference in status and breeding - just as paper currency was seen as less valuable than sterling, Australian-born colonists were often viewed as socially inferior to British immigrants. Our currency forebears identified themselves with different speech patterns, mannerisms, and cultural practices that diverged from British norms.

Currency Lads and Lasses

It wasn't all noses in the air for the currency lads and lasses though, they were felt to have adapted better to the Australian environment and climate, they were also said to have more practical skills that were suited to colonial life rather than a formal British education.

Over the decades, what began as a derogatory term was gradually reclaimed with pride by Australian-born colonists. Currency lads and lasses embraced their distinct identity, viewing themselves as genuine and suited to Australian conditions. These characteristics became an early foundation for emerging Australian our national identity.

When it came to the world of commerce and exchange, currency families invariably existed in local economic networks that were based on mutual trust. Their word needed to be as good as their bond if they were to survive. Make no mistake, that trust was abused by some from time to time, but deeper connections were required to survive than was required when someone could just hand over a fistful of shillings.

Currency merchants typically had fewer connections to the established sourcves of capital and were more likely to engage in frontier economic activities such as trade, and agriculture.

Coming back to my own situation early in 2006, I didn't collect coins as a child and didn't grow up with vast resources of material wealth, so as an initial outsider to the numismatic market, I delighted in the nuances of the differences between sterling and currency, both monetary and culturally.

I'm clear in the power that having ready access to tangible capital allows, and would rather be paid cleared funds today than progressive instalment payments over a period of time. 

That said, I've also learned the value that comes from making a promise and backing myself to deliver on it. I have survived and thrived many times in my business life by the grace of those I've done deals with, and know that grace isn't granted a second time if it's not honoured the first time.

So there you have it, the back story to our business name - solid value and promises kept.