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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 ).
Coinage of the Australian pound was replaced by decimalised coins of the Australian dollar on 14 February 1966. The conversion rate was A$2 = A£1. The conversion rate was A$2 = A£1. Australian £sd
A convention frequently used in retail pricing was to list prices over one pound all in shillings, rather than in pounds and shillings; for example, £4-18-0 would be written as 98/– (£4.90 in decimal currency). This is still seen in shilling categories of Scottish beer, such as 90/– beer.
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.
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).
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 ...
In the late 1950s and early 1960s, Australia prepared for the conversion of its currency to the decimal system that would be described as “C-Day” on Monday 14 February 1966. [3] In preparation for “C-Day” the Australian government concluded that no sixpence, one shilling or two-shilling were to be issued after 1963 and from “C-Day ...
As the pound sterling went from US$4.03 to US$2.80, the Australian pound went from US$3.224 to US$2.24. [20] Relative to the pound sterling, the Australian pound remained the same at A£1 5s = £1 sterling. With the breakdown of the Bretton Woods system in 1971, Australia converted the traditional peg to a fluctuating rate against the US dollar.