A coin-shaped ingot guaranteed to be worth a pound. The Colony of South Australia backed their valuation by giving exact details of the purity (22 carats) and weight (5 pennyweight and 15 grains) of the piece. It was made from gold brought to South Australia from the Victorian goldfields in 1852.
The One Pound ingots were made by the South Australian government to solve a major problem in the local economy caused by people leaving for the gold fields and taking most of the colony's money with them. The ingots were made illegally, without approval from Britain. By the time the written request for authority to make the pieces had arrived in England and the British Government's refusal had returned to Adelaide, the Assay Office had already opened, solved the problem by issuing the tokens and closed.
Since the gold value of an Adelaide pound was slightly more than its face value, shortly after their mintage most coins had already been melted. Those that survive tend to be in EF-AU condition.