On Valentine’s Day 1966 Australians woke to a brand-new currency. The decision to change from the Australian pound (with its awkward shillings and pence) to a decimal currency – the Australian dollar – had been a pragmatic, economic one.
What was the Australian currency before 1966?
Before 1966, Australia had a money system that was based on the imperial (British) pounds, shillings and pence. With 12 pennies in a shilling and 20 shillings in a pound, there was a lot of difficult maths involved in using our money.
When did Australia stop using British pounds?
The Australian pound (symbol £) was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. As with other £sd currencies, it was subdivided into 20 shillings (symbol s), each of 12 pence (symbol d).
Why did Australia change from pounds to dollars?
For most of the 20th century until February 1966, Australia had used its own version of the former British currency, with 12 pence (pennies) = 1 shilling, 20 shillings = 1 pound. The old currency was cumbersome to use, and by about 1960, it was decided that we need to convert to a decimal currency.
When did Australia remove one and two dollar notes?
The $1 banknote ceased to be issued following the introduction of a $1 coin on 14 May 1984. Similarly, the issuance of a $2 banknote ceased following the introduction of a $2 coin on 20 June 1988.
What year did the currency change?
The new halfpenny, penny, and twopence coins were introduced on 15 February 1971. Within two weeks of Decimal Day, the old penny (1d) and old threepenny (3d) coins had left circulation, and old sixpences had become somewhat rare.
When did Australia stop the gold standard?
Australian currency was backed by gold until 1932. Monetary policy from 1932 through to the 1970s had the currency pegged to the Great British Pound Sterling, which at the time also stopped being backed by gold in 1931.
When did Australia coin change $1 note?
Introduced in 1966 with the the Australian dollar and decimal currency, the $1 and $2 paper notes had an incredibly short circulation life, thought to be only 3–6 months. As a result the one dollar note was replaced by a coin in 1984, quickly followed by the $2.
What year did money change to decimal?
Today marks 50 years since the new decimal currency system was formally adopted on 15 February 1971 – known as Decimal Day. Evolving from the centuries-old tradition of pounds, shillings and pence, introducing the new system was a mammoth feat of public relations and communication.
When did New Zealand change from pounds to dollars?
Pounds, shillings and pence became dollars and cents fifty years ago, when New Zealand switched to decimal currency. The Decimal Currency Act 1964 came into effect on 10 July 1967. It was a big shift for New Zealanders who were used to dealing with the fractional system of pounds, shillings and pence.
What was an Australian pound worth in 1966?
In 1966, the official currency was changed to the Australian dollar (with 100 cents), at a conversion rate of one Australian pound to two Australian dollars.
When did Australia Stop 1 and 2 cent coins?
1c and 2c coins will continue to be legal tender: they can still be used to purchase goods and can be deposited with financial institutions in the normal manner.” Both coins were withdrawn from circulation commencing in February 1992.
Did Australia have a farthing coin?
Proclamation coin, Australia, NSW. Farthing, 1799.
When was the $50 note introduced in Australia?
Date of first issue
The $50 polymer banknote was issued on 4 October 1995.
When was the $100 note introduced in Australia?
Date of First Issue. The $100 polymer banknote was first issued on 15 May 1996.
What year did the $2 coin come out?
The two dollar coin was first introduced on 20 June 1988. Planning for a two dollar coin commenced around the same time as that for the one dollar coin. Like the one dollar, the two dollar coin replaced the note of the same denomination which had a short service life through high use.