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However, after the Second World War, the rising price of silver meant that the silver content of Australian coins was close to meeting the face value of the coin itself and therefore Australia decided to change the silver content of its coins. [12] After 1946 until 1963, shillings were composed of 50% silver, 40% copper, 5% zinc and 5% nickel.
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 ...
Five shilling notes were first proposed in 1916, when the value of silver was estimated to become too expensive to use for making coins due to a possible decrease in Australia's supply of silver. The proposed note was designed to have a portrait of George VI , the King of the United Kingdom and Emperor of India , displayed on its front side.
Explore More: These 11 Rare Coins Sold for Over $1 Million. For You: 3 Things You Must Do When Your Savings Reach $50,000. Australian currency was originally based on British pounds, shillings and ...
The Australian florin was a coin used in the Commonwealth of Australia before decimalisation in 1966. The florin was worth two shillings (24 pence , or one-tenth of a pound ). The denomination was first minted in 1910 to the same size and weight as the British florin .
These included florins, shillings, sixpences and threepences. They had a portrait of King Edward VII on one side. Australian pennies and half-pennies were introduced into circulation the following year. In 1931 gold sovereigns stopped being minted in Australia. A crown or five-shilling coin was minted in 1937 and 1938.
Widespread circulation of the Australian silver coinage in New Zealand began in 1930, when Australia devalued the Australian pound relative to the pound sterling. Large amounts of the devalued Australian currency began to flood into New Zealand, eventually making up 30–40% of all coinage in circulation by early 1933.
In 1946, the fineness of Australian silver sixpences, shillings, and florins was reduced to .500, a quarter of a century after the same change had been made in Britain. In New Zealand and the United Kingdom, silver was soon abandoned completely in everyday coinage, but Australian .500 silver coins continued to be minted until after decimalisation.
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