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In May 2015, the National Library of Australia announced that it had discovered the first £A 1 banknote printed by the Commonwealth of Australia, among a collection of specimen banknotes. This uncirculated Australian pound note, with the serial number (red-ink) P000001, was the first piece of currency to carry the coat of arms of Australia. [8]
Just after the start of the Great Depression in 1933, 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 10s, £1, £5 and £10 ...
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 one-pound note was the most prevalent banknote in circulation with the pound series, with the last series of 1953–66 having 1,066 million banknotes printed. [2] The first banknotes issued were superscribed notes purchased from 15 banks across Australia and printed with Australian Note and were payable in gold.
Australian currency was originally based on British pounds, shillings and pence. That changed in 1966, when the country converted to Australian dollars and cents, similar to the U.S. system.
The Australian pound was restored, always in use in the atolls not occupied by Japan, as the official currency after the war ended. A call to issue coinage for an independent Kiribati in 1979 was made to legitimise its new political status, and although Australian banknotes would be used, the decision to issue domestic coins was widely favoured ...
The Australian ten-pound note was a denomination of the Australian pound that was equivalent to twenty dollars on 14 February, 1966. This denomination along with all other pound denomination is still legal tender = twenty dollar note. It was first issued in 1911 on overprinted banknotes issued by the various commercial and state banks of the time.
The Australian dollar was introduced as a decimal currency on 14 February 1966 to replace the non-decimal Australian pound, with the conversion rate of two dollars to the pound (A£1 = A$2). It is subdivided into 100 cents. The $ symbol precedes the amount.