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The pound (sign: £, £A [1] for distinction) was the currency of Australia from 1910 until 14 February 1966, when it was replaced by the Australian dollar. Like other £sd currencies, it was subdivided into 20 shillings (denoted by the symbol s or /– ), each of 12 pence (denoted by the symbol d ).
Currency quotations use the abbreviations for currencies that are prescribed by the International Organization for Standardization (ISO) in standard ISO 4217.The major currencies and their designation in the foreign exchange market are the US dollar (USD), Euro (EUR), Japanese yen (JPY), British pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and the Swiss franc (CHF).
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.
In 2016, the Australian dollar was the fifth most traded currency in world foreign exchange markets, accounting for 6.9% of the world's daily share (down from 8.6% in 2013) [64] behind the United States dollar, the euro, the Japanese yen and the pound sterling. The Australian dollar is popular with currency traders, because of the comparatively ...
Example of GNP-weighted nominal exchange rate history of a basket of 6 important currencies (US Dollar, Euro, Japanese Yen, Chinese Renminbi, Swiss Franks, Pound Sterling. Bilateral exchange rate involves a currency pair, while an effective exchange rate is a weighted average of a basket of foreign currencies, and it can be viewed as an overall ...
The Australian dollar replaced the Australian pound on 14 February 1966 as part of the decimalisation process. [6] At this time, 1, 2, 5, 10, 20, and 50 cent coins were issued. [ 6 ] $1 coins were first issued in 1984, [ 7 ] and $2 coins soon followed in 1988.
Metrication in Australia effectively began in 1966 with the conversion to decimal currency under the auspices of the Decimal Currency Board. [1] The conversion of measurements—metrication—commenced subsequently in 1971, under the direction of the Metric Conversion Board and actively proceeded until the Board was disbanded in 1981.
The British pound sterling and Irish pound were among the last to be decimalised, on 15 February 1971. In places where £sd was used, there were several approaches to decimalisation: The pound remained the base unit (in Malta, using the Maltese name "lira"), but was subdivided into new fractional units of 1 ⁄ 100 of a pound.