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The Australian dollar (sign: $; code: AUD; also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies; [2] [3] and also referred to as the dollar or Aussie dollar) is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu.
On 7 April 1963 the government announced that a system of decimal currency was to be introduced into Australia at the earliest practicable date, and gave February 1966, as the tentative change-over date. [15] On 14 February 1966, the Australian pound was replaced by the Australian dollar [16] with the conversion rate of A£1 = A$2.
After the introduction of Australia's decimal currency on 14 February 1966, the shilling became the equivalent of 10 cents in the new Australian dollar system. To assist in the transition to decimal currency in Australia, the Federal Government launched an advertising campaign to explain to the Australian community how the transition would be ...
The notes of the Australian dollar were first issued by the Reserve Bank of Australia on 14 February 1966, when Australia changed to decimal currency and replaced the pound with the dollar. [1] This currency was a lot easier for calculating compared to the previous Australian pound worth 20 shillings or 240 pence.
The Deakin government's Coinage Act 1909 [3] distinguished between "British coin" and "Australian coin", giving both status as legal tender of equal value. The Act gave the Treasurer the power to issue silver, bronze and nickel coins, with the dimensions, size, denominations, weight and fineness to be determined by proclamation of the Governor-General.
A commonly used currency in the Americas is the United States dollar. [1] It is the world's largest reserve currency, [2] the resulting economic value of which benefits the U.S. at over $100 billion annually. [3] However, its position as a reserve currency damages American exporters because this increases the value of the United States dollar.
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A year later Australian pennies and half-pennies entered circulation. Unlike in New Zealand, there was no half-crown. In 1931 gold sovereigns stopped being minted in Australia. A crown or five-shilling coin was minted in 1937 and 1938. Coinage of the Australian pound was replaced by decimalised coins of the Australian dollar on 14 February 1966 ...