The Australian dollar was introduced on 14 February 1966 to replace the pre-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.
A rare 1813 New South Wales holey dollar – the first currency minted in Australia – is held in the Museum's collection. The holey dollar was created to address a shortage of coins in the new colony.
At federation in 1901 and for a period afterwards, the currency used in the Australian colonies which became states consisted of British silver and copper coins, Australian minted gold sovereigns (worth £1) and half sovereigns, locally minted copper trade tokens (suppressed in 1881, some state earlier) and private bank ...
On 14 February 1966, Australians woke to a brand-new currency. The decision to change from the Australian pound (with its awkward shillings and pence) to a decimal currency – the Australian dollar – was a pragmatic, economic one.
The Australian currency was decimalised on 14 February 1966. Prior to decimalisation, currency was in the form of pounds, shillings and pence. One pound was equal to 20 shillings, one shilling was equal to 12 pence, and so one pound was equal to 240 pence. Also, one guinea was equivalent to 21 shillings.
Dollar floats
By lunchtime the decision was made to float the Australian dollar when foreign currency exchange markets opened on the Monday morning. On Monday 12 December 1983 there was real fear among investors and some in government about what would happen to the dollar.
Spanish dollars were converted into two Australian coins known as the 'dump' and the 'holey dollar' in 1813. In 1825, the British government made the English Pound the only form of legal currency in Australian colonies. Great fortune was found in Australian soil during the gold rush in the 1800s.
The $1 banknote ceased to be issued following the introduction of a $1 coin on 14 May 1984. Similarly, the issuance of a $2 banknote ceased following the introduction of a $2 coin on 20 June 1988.
Historically, the Australian Dollar reached an all time high of 1.49 in December of 1973. Australian Dollar - data, forecasts, historical chart - was last updated on July of 2023.
A farthing is a quarter penny. This coin was current in Australia but this denomination was not included among those chosen for the coinage of the Commonwealth of Australia.
The British pound is the world's oldest currency still in use at around 1,200 years old. Dating back to Anglo-Saxon times, the pound has gone through many changes before evolving into the currency we recognise today.
The one dollar coin was first introduced on 14 May 1984. Planning for a one dollar coin commenced as early as the mid-1970s.
The two dollar coin was first introduced on 20 June 1988. Planning for a two dollar coin commenced around the same time as that for the one dollar coin. Like the one dollar, the two dollar coin replaced the note of the same denomination which had a short service life through high use.
"The 1930 penny is considered a numismatic superstar, with its value only rising and its significance deeply established in Australian history, a once by-product of economic depression is now a symbol of prosperity, the ultimate cherry on top for any coin collector," Mr Hames said.
The Reserve Bank currently has no plans to release fourth series notes in denominations higher than $100, despite the amount of inflation that has occurred since the $100 note was introduced in 1984.
Australian $1 notes were issued from 1966 up until they were replaced by the one dollar coin struck by the Royal Australian Mint in 1984. They defintely are not the highest denomination note in Australia, they are among the most popular old Australian notes to collect.
The Aussie dollar can continue its strong run so far in 2023, says Westpac senior currency market strategist Sean Callow, lifted by the prospect of more RBA interest rate hikes and an improving growth outlook in top trade partner China.
The decision was made on 8 December 1983 and announced on 9 December 1983. In the two decades that followed, its highest value relative to the US dollar was $0.881 in December 1988. The lowest ever value of the dollar after it was floated was 47.75 US cents in April 2001.
Australian $2 notes were issued from 1966 right up until they were replaced by Australian 2 dollar coins in 1988. Some Australian 2 dollar notes can be particularly valuable with certain serial numbers or if they are in mint condition. Values can reach up to $5,000 for the rarest old Australian two dollar bill.
If the $2 bill was minted and printed before 1976, it will likely be worth more than its face value on the collectibles market. In some cases, it might be worth only $2.25. The highest value is $4,500 or more for uncirculated notes from 1890, although most of those bills range in value from $550 to $2,500.
2-dollar bills can range in value from two dollars to $1000 or more. If you have a pre-1913 2-dollar bill in uncirculated condition, it is worth at least $500. Even in circulated condition, these very old 2-dollar bills are worth $100 and up.
The new world order is the reason why TD Securities' economist Prashant Newnaha is predicting the Australian dollar to reach parity against the US dollar by 2024. “We are a politically stable nation and a credible supplier of the commodities the world needs,” he said.
The Australian dollar eventually floated in 1983, for a number of reasons. First, the fixed exchange rate regime made it difficult to control the money supply. Like many other countries at that time, Australia targeted growth in the money supply, under a policy known as 'monetary targeting'.
In 1932, Australia departed from the gold standard, which fixed the value of the nation's currency to that of gold. As a result, the Bank was not required to retain gold reserves, and the Commonwealth Bank Act of 1932 made its banknotes no longer convertible into gold.