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The notes of the Australian dollar were first issued by the Reserve Bank of Australia on 14 February 1966, when Australia changed to decimal currency and replaced the pound with the dollar. [1] This currency was a lot easier for calculating compared to the previous Australian pound worth 20 shillings or 240 pence.
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.
The Australian dollar (sign: $; code: AUD; also abbreviated A$ or sometimes AU$ to distinguish it from other dollar-denominated currencies; [2] [3] and also referred to as the dollar or Aussie dollar) is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu.
Pound notes were replaced by two-dollar bills, ten-shilling notes by one-dollar notes, and the shilling itself (12 pence) exchanged for a ten-cent piece. The sixpence and the new five cent piece were interchangeable. The nation's banks, which had been closed since February 9, began the exchange of monies upon opening Monday morning. [51] [52]
On 12 December 1983, Australia floated the Australian dollar, with the exchange rate reflecting the balance of payments and other market drivers. Immediately after 1945 Australia continued to be governed by the ALP, which adopted a policy of reconstruction based on the principles of "nationalisation and rationalisation". [ 22 ]
The Australian ten-dollar note was one of the four original decimal banknotes (excluding the Australian five-dollar note) that were issued when the currency was changed from the Australian pound to the Australian dollar on 14 February 1966. It replaced the Australian five-pound note, which included the same blue colouration. There have been ...
The Australian five-dollar note was first issued on 29 May 1967, fifteen months after the currency was changed from the pound to the dollar on 14 February 1966. It was a new denomination with mauve colouration – the pre-decimal system had no denomination with a value of £2 1 ⁄ 2 .
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. The one- and two-cent coins were discontinued in 1990 and withdrawn from circulation in ...