What was Australia's currency before the Australian Dollar?

Answer 1

Before 1966:

After Federation in 1901, when Australia became an independent nation, the Australian Federal Government became responsible for the currency. The Australian Notes Act was passed in 1910. In 1910 and 1911, the full range of coins was issued. In 1913 and 1914, the first series of Australian bank notes was issued. The currency was based on the old British system of 12 Pence to a Shilling, 20 Shillings to a Pound. The Australian Pound was at parity with the British Pound.

Before 1901:

Around 1855, the Sydney Mint was established as an antipodean branch of the Royal Mint. Due to the many gold rushes around the Australian Colonies at the time, the Sydney Mint, and later the Melbourne Mint were able to produce gold coins for Britain and a range of coins for the Colonies as well. Many businesses also produced their own "Tokens" for use by customers within the business.

Before 1850:

Initially, the First Fleet in 1788 brought British currency with them, but the British Government considered the Australian Colonies as little more than an outdoor prison, and currency was not a major priority. Adding to the problem, Britain had major problems producing sufficient coins for its own use due to the ravages of years of war.

Coins from other countries such as the Netherlands, Spain and it's Colonies, Portugal and India were used and ascribed values in keeping with the British currency. These were known as Proclamation Coins.

The "Holey Dollar" came from this period when Lachlan Macquarie arrived in Sydney Cove with Spanish Dollars. These had the centre punched out. The "Holey Dollar" was worth 5 Shillings and the "Dump" (the centre) was worth 15 Pence.

In the rough early conditions barter was necessary, and payment in commodities like rum sometimes replaced money in transactions. Some of the first official notes used in Australia were Police Fund Notes, issued by the Bank of New South Wales in 1816.

Answer 2

The old Australian currency was based in the British currency, Pounds, Shillings and Pence. 12 Pennies in a Shilling, 20 Shillings in a Pound. The weekly shopping bill might look like this - £1/2/4½ One Pound, two Shillings and four pence halfpenny. Coins consisted of - Halfpenny, Penny, Threepence, Sixpence, Shilling (or 12 pence), 2 shillings (or a Florin). In earlier times there was a Farthing (quarter of a penny), half Crown (2 shillings and 6 pence) and a Crown (5 Shillings). Paper money consisted of - Ten Shillings, One Pound, Five Pounds and Ten Pounds.

Answer 3

Prior to the introduction of decimal currency on the 14th of February, 1966, Australia used Pounds, Shillings and Pence, based on the old British Imperial currency system, as did many other Commonwealth countries. The coins consisted of a Halfpenny, Penny, Threepence, Sixpence, Shilling and a Florin (or Two Shillings). In 1937 and 1938 a Crown (Five Shillings) was minted. The paper money consisted of Ten Shilling, One Pound, Five Pound and Ten Pound notes. There was a Twenty Pound note from 1914 to 1938, a Fifty Pound note from 1914 to 1945, and a One Hundred Pound note from 1914 to 1945, but not many people would have seen these or had one in their pocket. There was also a One Thousand Pound note from 1914 to 1924, but these were used to settle accounts between banks and for internal transactions within the Reserve Bank.

Answer 4

Australia's decimal currency was introduced on the 14th of February, 1966. 100 cents equals One Dollar. Prior to that, Australia introduced its own currency, based on the British system of Pounds, Shillings and Pence, in 1910. 12 Penny's in a Shilling and 20 Shillings in a Pound. Coin denominations included Halfpenny, Penny, Threepence, Sixpence, Shilling and Florin (Two Shillings). The Farthing and the Half Crown were never a part of the Australian currency and the Crown (Five Shillings) was only ever issued in 1937 and 1938. Various gold coins such as the Sovereign, Half-Sovereign, Two and Five Pound coins were produced in the Melbourne, Perth and Sydney mints from 1855 until 1928, but they were not identified as Australian Coins. Paper money was introduced from 1913 and included Ten Shillings, One Pound, Five Pounds, Ten Pounds, Twenty Pounds, Fifty Pounds, One Hundred Pounds and even a One Thousand Pound note. The One Thousand Pound note only lasted a couple of years and was mostly used for settlements between banks. The Twenty Pound, Fifty Pound and One Hundred Pound notes finished up around the WW2 years. From the landing of the First Fleet in 1788, to 1910, Australia used the British currency. During this period, there were a number of currency problems due to the Napoleonic wars and a few other problems which necessitated Australia using various foreign currencies modified for the purpose.

Answer 5

In Australia, on the 14th of February, 1966, the old British based Pounds, Shillings and Pence currency, was replaced with a decimal currency based on the Australian Dollar.

There were 12 Pennies in a Shilling and 20 Shillings in a Pound.

Answer 6

Yes.

All Australian "silver" coins were made from sterling silver (92.5% silver) from 1910 to 1945.

All Australian "silver" coins were made from 50% silver from 1946 to 1964.

The only Australian decimal coin to ever contain a precious metal was the 1966 round 50 cent coin. It had a silver content of 80%, and was withdrawn from circulation very quickly when the price of silver soared.