First off as you are likely aware, revenue usages are often the only way to fill the spaces for high value stamps. The average worker in the USA around 1910 with a decent job earned between $1.00 to $2.00 a day and a British pound was worth at least $5.00 in US currency.
So a pound was really between two and three days pay. In the distant colonies I would bet the days pay for many workers was less than that. So to preserve revenue punching a hole, star or circle, might have seemed a reasonable thing to do lest some clever devil manage to wash out the scribbled signature.
As to current value, I'd not even guess, but it is a really attractive stamp, well centered and a nice clear printing. Someone with Revenue catalog should be able to look up the listed value. Of course, the usual caution when dealing with the numbers in a catalog need to be considered.

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The punch hole both ties it to the document to which it was affixed, and cancels it.

Roy

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