Australian pound

Fifty pound note

The Australian pound was Australia's currency from 1910 to 1966. It was first introduced by the Labor Government of Prime Minister Andrew Fisher, consisting of twenty shillings which consisted of twelve pence each. The Australian pound was on the Gold Standard and was equal in value to pound sterling. Prior to this, pound sterling was used in conjunction with banknotes and bills of credit issued by private banks. Coins were first introduced in 1910; Commonwealth Bank notes followed soon after.

In January 1931 the Labor Government of Prime Minister James Scullin devalued the Australian pound by 25 per cent against pound sterling as an emergency measure during the Great Depression. £1 sterling became worth £1 5s. 0d. Australian (AUD$2.50).

In 1948 when the United Kingdom Government 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 the most trade at the time. One Australian pound went from US$2.80 to US$2.24.

On February 14, 1966, a decimal currency, known as the Australian dollar, was introduced after years of planning. £1 became $2, ten shillings became $1, and one shilling became ten cents. Amounts less than a shilling were converted thus:

See also

• Money
• Australian dollar