The Australian pound was Australia's currency from 1910 to 1966. 1910 (MCMX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Sunday of the 13-day slower Julian calendar. ... 1966 (MCMLXVI) was a common year starting on Saturday (the link is to a full 1966 calendar). ...

History

In the early years of the Australian Federation, the British pound sterling was used as the national unit of account. Sterling circulated in conjunction with banknotes and bills of credit issued by private banks. Acceptance of Private Bank notes was not made compulsory by legal tender laws, but they were widely used and accepted. Queensland treasury notes were also in circulation and these were legal tender in Queensland. ISO 4217 Code GBP User(s) United Kingdom Inflation 2. ... A unit of account is a standard numerical unit of measurement for the market value of goods, services, and other transactions. ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ... Emblems: Faunal - Koala (Phascolarctos cinereus); Floral - Cooktown orchid (Dendrobium bigibbum); Bird - Brolga (Grus rubicunda); Aquatic - Barrier Reef Anemonefish (Amphiprion akindynos); Gem - Sapphire; Colour - Maroon Motto: Audax at Fidelis (Bold but Faithful) Slogan or Nickname: Sunshine State, Smart State Other Australian states and territories Capital Brisbane Government Const. ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ...

In 1910 the federal government passed the "Australian Notes Act" which prohibited the circulation of State notes. Also passed in that year was the "Bank Notes Tax Act" which imposed a tax of 10% per annum on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed". Both these acts remain on the statute books and perpetuate the prohibition of private currencies in Australia. 1910 (MCMX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Sunday of the 13-day slower Julian calendar. ... An act of Australian federal parliament outlawing the circulation of State government issued currency. ... The Bank Notes Tax Act of 1910 effectively ended the era of private currency in Australia. ...

Also in 1910 a national currency was introduced by the Labor Government of Prime Minister Andrew Fisher. The new national currency was called the Australian pound, consisting of 20 shillings, each consisting of 12 pence. Monetary policy ensured that the Australian pound was fixed in value to the pound sterling. As such Australia was on the Gold Standard so long as Britain was. 1910 (MCMX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Sunday of the 13-day slower Julian calendar. ... Andrew Fisher at the naming of Canberra ceremony, 1913 Andrew Fisher (29 August 1862 - 22 October 1928), Australian politician and fifth Prime Minister of Australia, was born in Crosshouse, a mining village near Kilmarnock, East Ayrshire, Scotland. ... The shilling (or informally: bob) was an English coin first issued in 1548 for Henry VIII, although arguably the testoon issued about 1487 for Henry VII was the first English shilling. ... British penny from 1967. ... This article is on the monetary principle. ...

In 1919, the pound sterling was removed from the gold standard. When it was returned to the gold standard in 1926 the sudden increase in its value (imposed by the nominated gold price) unleashed crushing deflationary pressures. Both the initial 1919 inflation and the subsequent 1926 deflation had far-reaching economic effects throughout the remnants of the British Empire, Australia and the world. 1919 (MCMXIX) was a common year starting on Wednesday (see link for calendar). ... 1926 (MCMXXVI) was a common year starting on Friday (link will take you to calendar). ... Deflation (economics) Deflation (data compression) Deflation is the removal of loose soil by eolian (wind) processes This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... The British Empire in 1897, marked in pink, the traditional colour for Imperial British dominions on maps. ...

In January 1931, the Labor Government of Prime Minister James Scullin devalued the Australian pound by 25% against pound sterling as an emergency measure during the Great Depression. £1 sterling became worth £1 5s. Australian (A$2.50). While this devaluation no doubt removed some of the deflationary pressures introduced five years earlier it would still have been disruptive. 1931 (MCMXXXI) was a common year starting on Thursday (link is to a full 1931 calendar). ... James Henry Scullin (September 18, 1876–January 28, 1953), Australian politician and ninth Prime Minister of Australia, was born in the small town of Trawalla, in western Victoria, the son of a railway worker of Irish Catholic descent. ... Devaluation is a reduction in the value of a currency. ... The Great Depression redirects here. ...

In 1949, when the United Kingdom devalued the pound sterling against the US dollar, Australian Prime Minister and Treasurer Ben Chifley followed suit so the Australian pound would not become over-valued in sterling zone countries with which Australia did most of its external trade at the time. As one pound sterling went from US$4.03 to US$2.8, one Australian pound went from US$3.224 to US$2.24^[1]. 1949 (MCMXLIX) was a common year starting on Saturday (the link is to a full 1949 calendar). ... Chicken nuggets are sold at McDonalds (September 22, 1885–June 13, 1951), Australian politician and 16th Prime Minister of Australia, was one of Australias most influential Prime Ministers. ... The Sterling Zone refers to the dominions and colonies of the former British Empire (and Commonwealth) that pegs their respective currencies to the Pound Sterling. ...

Issuance

In the lead-up to Federation, the currency used in the Australian colonies was the pound sterling, divided into 20 shillings, each of which was divided into 12 pence. English silver and copper coins circulated alongside Australian minted gold sovereigns (worth one pound) and half sovereigns, as well as locally minted copper trade tokens. Banknotes were issued by private banks as well as certain colonial governments such as that of Queensland. Paper denominations ranged from 1 to 100 pounds.

After Federation in 1901, the Australian government assumed the power to issue currency and began superscribing the private issues that were in circulation, in preparation for the issue of a domestic currency. 1901 (MCMI) was a common year starting on Tuesday (see link for calendar) of the Gregorian calendar (or a common year starting on Wednesday of the 13-day-slower Julian calendar). ...

Coins

Main article: Australian coins

In 1910 the first truly national Australian silver coinage was introduced in denominations of threepence, sixpence, one shilling, and two shillings (one florin). Copper pennies and halfpennies followed in 1911. In 1937 a five shilling piece was issued to commemorate the coronation of King George VI. This coin proved unpopular and was discontinued shortly after being reissued in 1938. Australian coins refers to the coins which are or were in use as Australian currency. ... 1910 (MCMX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Sunday of the 13-day slower Julian calendar. ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Atomic mass 107. ... A currency is a unit of exchange, facilitating the transfer of goods and services. ... A currency is a unit of exchange, facilitating the transfer of goods and services. ... The shilling (or informally: bob) was an English coin first issued in 1548 for Henry VIII, although arguably the testoon issued about 1487 for Henry VII was the first English shilling. ... Florin may refer to this modern currency: Aruban florin. ... A variety of coins considered to be lower-value, including an Irish 2p piece and many US pennies. ... 1911 (MCMXI) was a common year starting on Sunday (click on link for calendar). ... 1937 (MCMXXXVII) was a common year starting on Friday (link will take you to calendar). ... The coronation of Empress Farah, of Iran in 1967. ... George VI (Albert Frederick Arthur George Windsor) (14 December 1895 – 6 February 1952) was the third British monarch using the name Windsor. ... 1938 (MCMXXXVIII) was a common year starting on Saturday (link will take you to calendar). ...

Another coin highly sought after by collectors is the penny dated 1930. Its rarity is so well-known amongst Australians, that demand for what is akin to a blue chip investment has pushed prices to approximately 35,000 Australian dollars for an average standard example. A proof example of the same coin recently changed hands for over 620,000 Australian dollars, making it the most expensive copper coin in the world. A coin is usually a piece of hard material, generally metal and usually in the shape of a disc, which is issued by a government to be used as a form of money. ... 1930 (MCMXXX) was a common year starting on Wednesday (link is to a full 1930 calendar). ... A beautiful example of a proof coin. ... General Name, Symbol, Number copper, Cu, 29 Chemical series transition metals Group, Period, Block 11, 4, d Appearance metallic pinkish red Atomic mass 63. ...

Banknotes

In 1913 the first national banknotes were introduced in denominations of 10 shillings, and 1, 5, and 10 pounds. 1914 saw the introduction of 20, 50, 100, and 1000 pound notes. The 1000 pound note only saw limited circulation and was later confined to inter-bank use. There are no uncancelled examples of this note known to exist in private hands. There was also a never-issued 5 shilling note around this time frame. 1913 (MCMXIII) was a common year starting on Wednesday. ... A £20 Ulster Bank banknote. ... 1914 (MCMXIV) was a common year starting on Thursday. ...

In the mid-1920s a modified 10 shilling (worded as "Half Sovereign"), and reduced-size 1, 5 and 10 pound notes were issued with the side profile of King George V on the face. These notes still referred to the currency's convertibility to gold on demand. A newer 1000 pound note with the profile of George V was also prepared but never issued. An unissued printer's trial of this note was discovered in London in 1996 and subsequently sold for a sum in excess of 200,000 Australian dollars. Nonetheless, this note is not recognised as a legitimate Australian banknote issue. ... George V (George Frederick Ernest Albert; 3 June 1865 - 20 January 1936) was the first British monarch belonging to the House of Windsor, as a result of his creating it from the British branch of the House of Saxe-Coburg-Gotha. ... London (pronounced ) is the capital city of England and of the United Kingdom. ... 1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ...

During the Great Depression 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 10 shillings and 1, 5 and 10 pounds. These denominations and designs were maintained and modified to accommodate the portrait of King George VI in 1938. The Great Depression redirects here. ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ... George VI (Albert Frederick Arthur George Windsor) (14 December 1895 – 6 February 1952) was the third British monarch using the name Windsor. ... 1938 (MCMXXXVIII) was a common year starting on Saturday (link will take you to calendar). ...

The never-circulated fifty-pound note

The coronation of Queen Elizabeth II in 1953 saw the issue of a new portrait series of prominent persons in Australia's history. File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... The coronation of Empress Farah, of Iran in 1967. ... Elizabeth II (Elizabeth Alexandra Mary Windsor; born 21 April 1926) is Queen of 16 sovereign states, collectively known as the Commonwealth Realms. ... 1953 (MCMLIII) was a common year starting on Thursday (link is to a full 1953 calendar). ...

• 10s – Matthew Flinders
• £1 – Queen Elizabeth II
• £5 – John Franklin
• £10 – Arthur Phillip
• £50 - Henry Parkes (This note was never issued. A few specimens exist in private hands and are worth a great deal to collectors.)

The English naval captain Matthew Flinders (16 March 1774 – 19 July 1814) was one of the most accomplished navigators and chartmakers of his age. ... Elizabeth II (Elizabeth Alexandra Mary Windsor; born 21 April 1926) is Queen of 16 sovereign states, collectively known as the Commonwealth Realms. ... Sir John Franklin FRGS (April 15, 1786 – June 11, 1847) was an English sea captain and Arctic explorer whose expedition disappeared while attempting to chart and navigate the Northwest Passage in the Canadian Arctic. ... Admiral Arthur Phillip (1786 portrait by Francis Wheatley, National Portrait Gallery, London) Admiral Arthur Phillip, RN (11 October 1738 – 31 August 1814) was a British naval officer and colonial administrator. ... Sir Henry Parkes Sir Henry Parkes (27 May 1815 – 27 April 1896), Australian politician, is sometimes called the Father of Federation and is at least considered the most prominent among the Australian Founding Fathers. ...

On to Australian dollar

On February 14, 1966, a decimal currency known as the Australian dollar was introduced after years of planning. (February 2, 1963 had been initially planned as the date the new currency would be introduced, but this date passed with no fanfare as no progress on developing the new currency had been made at that time.) £1 became $2, ten shillings became $1, and one shilling became ten cents. Amounts less than a shilling were converted thus: February 14 is the 45th day of the year in the Gregorian calendar. ... 1966 (MCMLXVI) was a common year starting on Saturday (the link is to a full 1966 calendar). ... The Australian dollar (currency code AUD) has been, since 1966, the currency of the Commonwealth of Australia, including the Australian Antarctic Territory, Christmas Island, Cocos (Keeling) Islands, Heard Island and McDonald Islands and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. ... February 2 is the 33rd day of the year in the Gregorian Calendar. ... 1963 (MCMLXIII) was a common year starting on Tuesday (the link is to a full 1963 calendar). ...

In 1967 the Australian dollar effectively left the sterling area for the first time. When sterling devalued in 1967 against the US dollar, the new Australian dollar did not follow. It maintained its peg to the US dollar at the same rate.

See also

• Australian dollar

The Australian dollar (currency code AUD) has been, since 1966, the currency of the Commonwealth of Australia, including the Australian Antarctic Territory, Christmas Island, Cocos (Keeling) Islands, Heard Island and McDonald Islands and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. ...

References

• ↑  Historical rates derived from Tables of modern monetary history: Australia, Tables of modern monetary history: Asia (India's section), and Foreign Currency Units per 1 U.S. dollar, 1948-2005, PACIFIC Exchange Rate Service. Each source may contradict one another. The rates above is the "most plausible fact" derived from these web pages.

External link

• Cruzi's Coins