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At the outbreak of the Second World War in 1939, the sterling area was set up as an exchange control area for the purposes of protecting the external value of the pound sterling, principally against the US dollar. Fiji immediately joined the sterling area. When the pound sterling was devalued on 20 November 1967, Fiji immediately followed suit.
A variety of pegs to sterling applied until December 1931, when the government devalued the local unit by 20%, making one Australian pound equal to 16 shillings sterling and one pound sterling equal to 25 Australian shillings. Coins of the Australian pound also circulated freely in New Zealand, although they were never legal tender.
When Australia was part of the fixed-exchange sterling area, the exchange rate of the Australian dollar was fixed to the pound sterling at a rate of A$1 = 8 U.K. shillings (A$2.50 = UK£1). In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow.
Sterling silver (92.5% silver, 7.5% copper) Portrait of King Edward VII. Designed by George W. De Saulles. At centre, 1908 Australian coat of arms. Motto in the ribbon "ADVANCE AUSTRALIA", "ONE SHILLING" above and date under the crest below. Designed by W. H. Blackmore. 1910 1910 Portrait of King George V. Designed by Sir E. B. Mackennal. 1911
Gold ingot from the Perth Mint. The Perth Mint is Australia's official bullion mint and wholly owned by the Government of Western Australia. [3] Established on 20 June 1899, [4] two years before Australia's Federation in 1901, the Perth Mint was the last of three Australian colonial branches of the United Kingdom's Royal Mint (after the now-defunct Sydney Mint and Melbourne Mint) intended to ...
During the early days of the colonies that formed Australia, foreign as well as British currency was used, but in 1910, a decade after federation, Australian coins were introduced. Australia used pounds, shillings and pence until 1966, when it adopted the decimal system with the Australian dollar divided into 100 cents.
Just after the start of the Great Depression in 1933, Australian currency ceased to be redeemable for gold at the previously maintained rate of one gold sovereign for one pound currency. Subsequently, a new series of legal tender notes were designed, once again bearing the portrait of King George V, in denominations of 10s, £1, £5 and £10 ...
The Australian shilling was derived from the British pre-decimal sterling pound system (the British shilling) and was first issued following the passing of the Australian Coinage Act 1909, [1] which established Australia's first formal currency system.