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In the early years of the Colony of New South Wales, the term "currency" was used to refer to any money other than pound sterling, which was the only legal tender.Owing to a shortage of sterling, "currency" circulated freely, but was not always accepted – the term carried implications of illegality, inferior quality, and subordination. [3]
However, the dollars slowly left the colony as they were used to pay for goods brought in by visiting ships. [5] The colony of New South Wales barely survived its first years and was largely neglected for much of the following quarter-century while the British government was preoccupied until 1815 with the Napoleonic Wars.
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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.
Spanish dollars were sometimes cut into "pieces of eight", quarters, and then into 2/3 and 1/3 segments, with the 2/3 segments (1/6 of original coin) being "shillings" and the 1/3 segments (1/12 of original coin) "sixpences" [1] In 1791 Governor Phillip of New South Wales fixed the value of the Spanish dollar to equal five shillings.
Examples of private issue paper currency in New South Wales, denominated in sterling, exist from 1814 (and may date back to the 1790s). [15] Denominated in sterling (and in some cases Spanish dollars), these private banker and merchant scrip notes were used in Sydney and Hobart through 1829. [16]
Holey dollar is the name given to coins used in the early history of two British settlements: Prince Edward Island (now part of Canada) and New South Wales (now part of Australia). The middle was punched out of Spanish dollars , creating two parts: a small coin, known as a "dump" in Australia, and a "holey dollar".
The quotation EUR/USD 1.2500 means that one euro is exchanged for 1.2500 US dollars. Here, EUR is the base currency and USD is the quote currency (counter currency). This means that 1 Euro can be exchangeable to 1.25 US Dollars. The most traded currency pairs in the world are called the Majors.