The most common and most likely answer to this crossword clue is the 3 plus 6 letter word NEW GUINEA
I've seen this crossword clue in The Sunday Telegraph
N
E
W
G
U
I
N
E
A
More clues leading to the result NEW GUINEA
- Island city raised with old money
- Island resort a genuine source of wonderment
- Island society of new and old money
- Old coin buried below recently discovered island
- Unused weapon had one extra advantage, for starters, in island
- Island is staggering — in genuine awe without end
- Large island freshly minted old coin?
Buddy explains!

The straight part
We know that "Large island" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case large island = new guinea.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.