Australian dollar

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Australian dollar
A$, AU$
Australian 100 dollar note Obverse Fourth Series.jpeg Australian $1 Coin.png
$100 banknote (2020, obverse)$1 coin (reverse)
ISO 4217
CodeAUD (numeric:036)
Subunit 0.01
Unit
UnitDollar
Symbol $ ‎
Denominations
Subunit
 1⁄100 cent
Symbol
  cent c
Banknotes
 Freq. used $5, $10, $20, $50, $100
 Rarely used $1, $2 (no longer in production)
Coins
 Freq. used 5c, 10c, 20c, 50c, $1, $2
 Rarely used 1c, 2c (no longer in production)
Demographics
Date of introduction14 February 1966;58 years ago (1966-02-14) [1]
Replaced Australian pound
User(s)Flag of Australia (converted).svg  Australia
3 other countries
Issuance
Central bank Reserve Bank of Australia
 Website rba.gov.au
Printer Note Printing Australia
 Website noteprinting.com
Mint Royal Australian Mint
 Website ramint.gov.au
Valuation
Inflation 2.8% (Australia only)
 Source Reserve Bank of Australia, September quarter 2024.
Pegged by Tuvaluan dollar and Kiribati dollar at par

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. [4] [5] [6] [7] InApril 2022, it was the sixth most-traded currency in the foreign exchange market [8] and as of Q42023 the seventh most-held reserve currency in global reserves. [9]

Contents

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. On the introduction of the currency, the $ symbol was intended to have two strokes, but the version with one stroke has also always been acceptable. [10] [11]

In2023, there were A$4.4 billion in coins [12] and A$101.3 billion in notes [13] of Australian currency in circulation, or around A$6,700 per person in Australia, [14] which includes cash reserves held by the banking system and cash in circulation in other countries or held as a foreign exchange reserve.

Constitutional basis

Section 51(xii) of the Constitution of Australia gives the Commonwealth (federal) Parliament the power to legislate with respect to "currency, coinage, and legal tender". [15] The states are not allowed to coin money, in accordance with section 115 which provides that "[a] State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts". [16] Australian coins are now produced at the Royal Australian Mint in Canberra.

History

Background

Before Federation in 1901, the six colonies that comprised Australia had separate currencies, all of which closely replicated the British currency system, and were usually exchangeable with each other on a one-to-one basis. Hence Federation was not seen as urgently requiring a single, unified currency. For another 10 years, colonial banknotes and coins continued to be the main circulating currencies.

In 1902, a select committee of the House of Representatives, chaired by George Edwards, had recommended that Australia adopt a single, national decimal currency, with a pound divided into ten florins and each florin comprising 100 cents. [17] However, the recommendation was not acted upon.

The Australian pound (A£) was introduced in 1910, at par with the pound sterling (A£1 = UK£1). Like the UK pound, it was divided into 240 pence, or 20 shillings (each comprising 12 pence). In December 1931, the Australian currency was devalued by 25%, so that one pound five shillings Australian was equivalent to one pound sterling. [18]

In 1937, a banking royal commission, appointed by the Lyons government, recommended that Australia adopt "a system of decimal coinage ... based upon the division of the Australian pound into 1000 parts". [19] [20] This recommendation was not accepted either.

Adoption of the dollar

In February 1959, treasurer Harold Holt appointed a Decimal Currency Committee, chaired by Walter D. Scott, to examine the merits of decimalisation. The committee reported in August 1960 in favour of decimalisation and proposed that a new currency be introduced (from February 1963), to be modelled on South Africa's replacement of the South African pound with the rand (worth 10 shillings or 1⁄2 pound). The Menzies government announced its support for decimalisation in July 1961, but delayed the process in order to give further consideration to the implementation process. [21] In April 1963, Holt announced that a decimal currency was scheduled to be introduced in February 1966, with a base unit equal to 10 shillings, and that a Decimal Currency Board would be established to oversee the transition process. [19]

A public consultation process was held in which over 1,000 names were suggested for the new currency. This was reduced to a shortlist of seven names: austral, crown, dollar, pound, regal, tasman and royal. [22] In June 1963, Holt announced that the new currency would be called the "royal". This met with widespread public disapproval, and three months later it was announced that it would instead be named the "dollar". [23]

The pound was replaced by the dollar on 14 February 1966 [24] with the conversion rate of A$2 = A£1. For example, a pre-decimal amount of nine pounds, sixteen shillings and sixpence (£9 16s 6d) became $19.65 in terms of dollars and cents. Since Australia was still part of the fixed-exchange sterling area, the exchange rate was fixed to the pound sterling at a rate of A$1 = 8s sterling (or £1 stg = A$2.50, and in turn £1 stg = US$2.80). In 1967, Australia effectively left the sterling area when the pound sterling was devalued against the US dollar from US$2.80 to US$2.40, but the Australian dollar chose to retain its peg to the US dollar at A$1 = US$1.12 (hence appreciating in value versus sterling).

The Australian dollar is legal tender in its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island; and is also official currency in Kiribati, Nauru, and Tuvalu. It was legal tender in Papua New Guinea until 31 December 1975 when it was replaced by the kina, and in Solomon Islands until 1977 when it was replaced by the Solomon Islands dollar.

Coins

In 1966, coins were introduced in denominations of 1 and 2 cents (bronze); 5, 10, and 20 cents (cupronickel; 75% copper, 25% nickel); and 50 cents (silver, then cupronickel). The 50-cent coins in 80% silver were no longer minted after March 1968 due to the intrinsic value of the silver content rising to exceed the face value of the coins. [25] Aluminium bronze (92% copper, 6% aluminium, 2% nickel) 1 dollar coins were introduced in 1984, followed by aluminium bronze 2 dollar coins in 1988, to replace the banknotes of that value. In everyday Australian parlance, these coins collectively are referred to as "gold coins". 1 and 2 cent coins were discontinued in 1991 and withdrawn from circulation in 1992; since then cash transactions have been rounded to the nearest 5 cents.

Australian coins
ImageValueTechnical parametersDescriptionDate of first minting
ObverseReverseDiameterThicknessWeightCompositionEdgeObverseReverse
Australian 1c Coin.png 1c
17.65 mm>1.4 mm2.60 g97% copper
2.5% zinc
0.5% tin 		Plain Queen Elizabeth II Feathertail glider 1966–1991 (no longer issued)
Australian 2c Coin.png 2c
21.59 mm<1.9 mm5.20 g Frill-necked lizard
Australian Five Cents Rev.png 5c 19.41 mm1.3 mm2.83 g Cupronickel
75% copper
25% nickel 		Reeded Queen
Elizabeth II,
King Charles III (since 2024)		 Echidna 1966
Australian 10c Coin.png 10c 23.60 mm1.5 mm5.65 g Superb lyrebird
Australian 20c Coin.png 20c 28.65 mm2.0 mm11.3 g Platypus
Australian 50c Coin.png 50c Dodecagon 31.65 mm (across flats)2.0 mm15.55 gPlain Coat of arms 1969
Australian $1 Coin.png $1 25.00 mm2.8 mm9.00 g92% copper
6% aluminium
2% nickel 		Interrupted
milled		 Queen
Elizabeth II,
King Charles III (since 2023) [26] 		Five kangaroos 1984
Australian $2 Coin.png $2 20.50 mm3.0 mm6.60 g Queen
Elizabeth II,
King Charles III (since 2024)		 Aboriginal elder and Southern Cross 1988
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.Source: Royal Australian Mint. [27]

Australia's coins are produced by the Royal Australian Mint, which is located in the nation's capital, Canberra. Since opening in 1965, the Mint has produced more than 14 billion circulating coins, and has the capacity to produce more than two million coins per day, or more than 600 million coins per year.

Current Australian 5, 10 and 20 cent coins are identical in size to the former Australian, New Zealand, and British sixpence, shilling, and two shilling (florin) coins. Pre-decimal Australian coins remain legal tender for 10 cents per shilling. Before 2006 the old New Zealand 5, 10 and 20 cent coins were often mistaken for Australian coins of the same value, and vice versa, and therefore circulated in both countries. The UK replaced these coins with smaller versions from 1990 to 1993, as did New Zealand in 2006. Still, some confusion occurs with the larger-denomination coins in the two countries; Australia's $1 coin is similar in size to New Zealand's $2 coin, and the New Zealand $1 coin is similar in size to Australia's $2 coin.

With a mass of 15.55 grams (0.549 oz) and a diameter of 31.51 millimetres (1+1⁄4 in), the Australian 50-cent coin is one of the largest coins used in the world today.

Commemorative coins

The Royal Australian Mint also has an international reputation for producing quality numismatic coins. It has first issued commemorative 50-cent coins in 1970, commemorating James Cook's exploration along the east coast of the Australian continent, followed in 1977 by a coin for Queen Elizabeth II's Silver Jubilee, the wedding of Charles, Prince of Wales and Lady Diana Spencer in 1981, the Brisbane Commonwealth Games in 1982, and the Australian Bicentenary in 1988. Issues expanded into greater numbers in the 1990s and the 21st century, responding to collector demand. Commemorative designs have also been featured on the circulating two dollar, one dollar, and 20 cent coins.

In commemoration of the 40th anniversary of decimal currency, the 2006 mint proof and uncirculated sets included one- and two-cent coins. In early 2013, Australia's first triangular coin was introduced to mark the 25th anniversary of the opening of Parliament House. The silver $5 coin is 99.9% silver, and depicts Parliament House as viewed from one of its courtyards. [28]

Banknotes

First series

The first paper issues of the Australian dollar were issued in 1966. The $1, $2, $10 and $20 notes had exact equivalents in the former pound notes. The $5 note was issued in 1967, the $50 was issued in 1973 and the $100 was issued in 1984. [29]

The $1 banknote was replaced by a $1 coin in 1984, while the $2 banknote was replaced by a smaller $2 coin in 1988. [30] Although no longer printed, all previous notes of the Australian dollar remain legal tender. [31]

Shortly after the changeover, substantial counterfeiting of $10 notes was detected. This provided an impetus for the Reserve Bank of Australia to develop new note technologies jointly with the Commonwealth Scientific and Industrial Research Organisation, culminating in the introduction of the first polymer banknote in 1988.

First polymer series

Australia was the first country to produce polymer banknotes, [32] more specifically made of polypropylene polymer, which were produced by Note Printing Australia. These revolutionary polymer notes are cleaner than paper notes, are more durable and easily recyclable.

The first polymer banknote was issued in 1988 as a $10 note [33] commemorating the bicentenary of European settlement in Australia. The note depicted on one side a young male Aboriginal person in body paint, with other elements of Aboriginal culture. On the reverse side was the ship Supply from the First Fleet, with a background of Sydney Cove, as well as a group of people to illustrate the diverse backgrounds from which Australia has evolved over 200 years.

The first polymer series was rolled out starting 1992 and featured the following persons:

A special centenary issue of the $5 note in 2001 featured Sir Henry Parkes and Catherine Helen Spence. In 2015–2016 there were petitions to feature Fred Hollows on the upgraded $5 note, but failed to push through when the new note was introduced on 1 September 2016. [39] [40] [41]

Australia also prints polymer banknotes for a number of other countries through Note Printing Australia, a wholly owned subsidiary of the Reserve Bank of Australia. Note Printing Australia prints polymer notes or simply supplies the polymer substrate [42] for a growing number of other countries including Bangladesh, Brunei, Chile, Kuwait, Malaysia, Mexico, Nepal, New Zealand, Papua New Guinea, Romania, Samoa, Singapore, Solomon Islands, Sri Lanka and Vietnam. Many other countries are showing a strong interest in the new technology.

Second polymer series

On 27 September 2012, the Reserve Bank of Australia stated that it had ordered work on a project to upgrade the current banknotes. The upgraded banknotes would incorporate a number of new future proof security features [43] and include tactile features like Braille dots for ease of use of the visually impaired. [44] [45] All persons featured on the first polymer series were retained on the second polymer series. However, following the death of Queen Elizabeth II, the government has announced that the $5 note will be replaced with a design reflecting Indigenous history and culture. [46]

Banknote series (since 2016)
ValueImageDesignDimensions1 (mm)Weight1 (g)Main colourWindow imageEmbossing3PrintedIssued
FrontBackFrontBack
$5 2016 Australian five dollar note obverse.jpg 2016 Australian five dollar note reverse.jpg Queen Elizabeth II Parliament House 4130 × 65unknownPurpleTop to Bottom window2Federation starCurrent1 September 2016 [41]
$10 2017 Australian ten dollar note obverse.jpg 2017 Australian ten dollar note reverse.jpg Banjo Paterson Dame Mary Gilmore 137 × 65unknownBlueTop to bottom windowPen nibCurrent20 September 2017 [47]
$20 Australian 20 dollar note Reverse Fourth Series.jpeg Australian 20 dollar note RBA Reverse Fourth Series.jpeg Mary Reibey Reverend John Flynn 144 × 650.82gRedTop to bottom windowCompassCurrent9 October 2019 [48]
$50 2018 Australian fifty dollar note obverse.jpg 2018 Australian fifty dollar note reverse.jpg David Unaipon Edith Cowan 151 × 65unknownYellowTop to bottom windowBookCurrent18 October 2018 [49]
$100 Australian 100 dollar note Obverse Fourth Series.jpeg Australian 100 dollar note Reverse Fourth Series.jpg Dame Nellie Melba Sir John Monash 158 × 65unknownGreenTop to bottom windowFanCurrent29 October 2020 [50] [51]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.Source: Reserve Bank of Australia. [52] [53]
Remarks:
  1. Thickness and weight of notes is +/-5 percent per 1000 notes
  2. A new clear polymer window that goes from the top to the bottom of the note that is all clear
  3. Embossing is inside the small window.
  4. There are two blocks of micro-text on the reverse side of the Fourth series five dollar note, which contains excerpts of the Constitution of Australia

Exchange rates

Exchange rate history

The cost of one Euro in Australian Dollar. Euro exchange rate to AUD.svg
The cost of one Euro in Australian Dollar.

Prior to 1983, Australia maintained a fixed exchange rate. The Australian pound was initially at par from 1910 with the British pound or A£1 = UK£1; from 1931 it was devalued to A£1 = 16s sterling. This reflected its historical ties as well as a view about the stability in value of the British pound.

From 1946 to 1971, Australia maintained a peg under the Bretton Woods system, a fixed exchange rate system that pegged the U.S. dollar to gold, but the Australian dollar was effectively pegged to sterling until 1967 at £1 sterling = A£1 5s = A$2.50 = US$2.80. In 1967 Australia did not follow the pound sterling devaluation and remained fixed to the U.S. dollar at A$1 = US$1.12.

With the breakdown of the Bretton Woods system in 1971, Australia converted the traditional peg to a fluctuating rate against the US dollar. In September 1974, Australia valued the dollar against a basket of currencies called the trade weighted index (TWI) in an effort to reduce the fluctuations associated with its tie to the US dollar. [54] The daily TWI valuation was changed in November 1976 to a periodically adjusted valuation.

The highest valuation of the Australian dollar relative to the U.S. dollar was during the period of the peg to the U.S. dollar. On 9 September 1973, the peg was adjusted to US$1.4875, the fluctuation limits being changed to US$1.485–US$1.490; [55] on both 7 December 1973 and 10 December 1973, the noon buying rate in New York City for cable transfers payable in foreign currencies reached its highest point of 1.4885 U.S. dollars to one dollar. [56]

1983 ABC news report on the first day of trading with a floating dollar.

In December 1983, the Australian Labor government led by Prime Minister Bob Hawke and Treasurer Paul Keating floated the dollar, with the exchange rate reflecting the balance of payments as well as supply and demand on international money markets. The decision was made on 8 December 1983 and announced on 9 December 1983. [57]

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. [58] It returned to above 96 US cents in June 2008, [59] and reached 98.49 later that year. Although the value of the dollar fell significantly from this high towards the end of 2008, it gradually recovered in 2009 to 94 US cents.

On 15 October 2010, the dollar reached parity with the US dollar for the first time since becoming a freely traded currency, trading above US$1 for a few seconds. [60] The currency then traded above parity for a sustained period of several days in November, and fluctuated around that mark into 2011. [61] On 27 July 2011, the dollar hit a record high since floating, at $1.1080 against the US dollar. [62] Some commentators speculated that its high value that year was related to Europe's sovereign debt crisis, and Australia's strong ties with material importers in Asia and in particular China. [63]

Since the end of China's large-scale purchases of Australian commodities in 2013, however, the Australian dollar's value versus the US dollar has since plunged to $0.88 as of end-2013, and to as low as $0.57 in March 2020. As of 2024, it has traded at a range of $0.63 to $0.68.

Determinants of value

In 2016, the Australian dollar was the fifth most traded currency in world foreign exchange markets, accounting for 6.9% of the world's daily share (down from 8.6% in 2013) [64] behind the United States dollar, the euro, the Japanese yen and the pound sterling.

The Australian dollar is popular with currency traders, because of the comparatively high interest rates in Australia, the relative freedom of the foreign exchange market from government intervention, the general stability of Australia's economy and political system, and the prevailing view that the Australian dollar offers diversification benefits in a portfolio containing the major world currencies, especially because of its greater exposure to Asian economies and the commodities cycle. [65]

Economists posit that commodity prices are the dominant driver of the Australian dollar, and this means changes in exchange rates of the Australian dollar occur in ways opposite to many other currencies. [66] For decades, Australia's balance of trade has depended primarily upon commodity exports such as minerals and agricultural products. This means the Australian dollar varies significantly during the business cycle, rallying during global booms as Australia exports raw materials, and falling during recessions as mineral prices slump or when domestic spending overshadows the export earnings outlook. This movement is in the opposite direction to other reserve currencies, which tend to be stronger during market slumps as traders move value from falling stocks into cash.

The Australian dollar is a reserve currency and one of the most traded currencies in the world. [65] Other factors in its popularity include a relative lack of central bank intervention, and general stability of the Australian economy and government. [67] In January 2011 at the World Economic Forum in Davos, Switzerland, Alexey Ulyukaev announced that the Central Bank of Russia would begin keeping Australian dollar reserves. [68]

Most traded currencies by value
Currency distribution of global foreign exchange market turnover [69]
Currency ISO 4217
code		 Symbol or
Abbrev. [70] 		Proportion of daily volumeChange
(2019–2022)
April 2019April 2022
U.S. dollar USD$, US$88.3%88.5%Increase2.svg 0.2pp
Euro EUR€32.3%30.5%Decrease2.svg 1.8pp
Japanese yen JPY¥, 円16.8%16.7%Decrease2.svg 0.1pp
Sterling GBP£12.8%12.9%Increase2.svg 0.1pp
Renminbi CNY¥, 元4.3%7.0%Increase2.svg 2.7pp
Australian dollar AUD$, $A6.8%6.4%Decrease2.svg 0.4pp
Canadian dollar CAD$, Can$5.0%6.2%Increase2.svg 1.2pp
Swiss franc CHFFr., fr.4.9%5.2%Increase2.svg 0.3pp
Hong Kong dollar HKD$, HK$, 元3.5%2.6%Decrease2.svg 0.9pp
Singapore dollar SGD$, S$1.8%2.4%Increase2.svg 0.6pp
Swedish krona SEKkr, Skr2.0%2.2%Increase2.svg 0.2pp
South Korean won KRW₩, 원2.0%1.9%Decrease2.svg 0.1pp
Norwegian krone NOKkr, Nkr1.8%1.7%Decrease2.svg 0.1pp
New Zealand dollar NZD$, $NZ2.1%1.7%Decrease2.svg 0.4pp
Indian rupee INR₹1.7%1.6%Decrease2.svg 0.1pp
Mexican peso MXN$, Mex$1.7%1.5%Decrease2.svg 0.2pp
New Taiwan dollar TWD$‎, NT$, 圓0.9%1.1%Increase2.svg 0.2pp
South African rand ZARR1.1%1.0%Decrease2.svg 0.1pp
Brazilian real BRLR$1.1%0.9%Decrease2.svg 0.2pp
Danish krone DKKkr., DKr0.6%0.7%Increase2.svg 0.1pp
Polish złoty PLNzł‎, Zl0.6%0.7%Increase2.svg 0.1pp
Thai baht THB฿, B0.5%0.4%Decrease2.svg 0.1pp
Israeli new shekel ILS₪, NIS0.3%0.4%Increase2.svg 0.1pp
Indonesian rupiah IDRRp0.4%0.4%Steady2.svg
Czech koruna CZKKč, CZK0.4%0.4%Steady2.svg
UAE dirham AEDد.إ, Dh(s)0.2%0.4%Increase2.svg 0.2pp
Turkish lira TRY₺, TL1.1%0.4%Decrease2.svg 0.7pp
Hungarian forint HUFFt0.4%0.3%Decrease2.svg 0.1pp
Chilean peso CLP$, Ch$0.3%0.3%Steady2.svg
Saudi riyal SAR﷼, SRl(s)0.2%0.2%Steady2.svg
Philippine peso PHP₱0.3%0.2%Decrease2.svg 0.1pp
Malaysian ringgit MYRRM0.2%0.2%Steady2.svg
Colombian peso COP$, Col$0.2%0.2%Steady2.svg
Russian ruble RUB₽, руб1.1%0.2%Decrease2.svg 0.9pp
Romanian leu RON—, leu0.1%0.1%Steady2.svg
Peruvian sol PENS/.0.1%0.1%Steady2.svg
Bahraini dinar BHD.د.ب, BD0.0%0.0%Steady2.svg
Bulgarian lev BGNлв., lv., lev0.0%0.0%Steady2.svg
Argentine peso ARS$, Arg$0.1%0.0%Decrease2.svg 0.1pp
Other currencies1.8%2.3%Increase2.svg 0.5pp
Total:200.0%200.0%



Current exchange rates

Within Australia

Australian notes are legal tender throughout Australia by virtue of section 36(1) of the Reserve Bank Act 1959 without an amount limit. [71] Section 16 of the Currency Act 1965 similarly provides that Australian coins intended for general circulation are also legal tender, but only for the following amounts: [72]

However, being legal tender does not necessarily oblige businesses to accept cash. The Reserve Bank states that businesses can set commercial terms for a transaction that requires the use of a non-cash payment. [73] However, a business may technically be required to accept cash if they are taken to court, but this is usually not a viable option for consumers. [74]

Outside Australia

Australian notes and coins are also legal tender in the independent sovereign states of Kiribati, Nauru, and Tuvalu. [5] [6] [7] Nauru never had its own currency. Tuvalu and Kiribati additionally had their respective Tuvaluan and Kiribati dollars at par with the Australian dollar. They are legal tender in their respective countries but not in Australia. However, both countries no longer produce coinage since the 1990s and have never produced their own banknotes. As a result, the Australian dollar is the dominant currency in both countries.

Tuvalu also issues non-circulating commemorative bullion coins produced by the Perth Mint. [75] [76]

See also

Explanatory notes

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    The Tuvaluan dollar is one of the currencies of Tuvalu, whose unofficial international currency code is TVD. Tuvalu has never had banknotes of its own, and has been issuing coins since 1976. However, the Tuvaluan dollar is used as a unit of account, and is pegged to the Australian dollar at parity. From 1966 to 1976, Tuvalu officially used the Australian dollar. In 1976, Tuvalu began issuing its own coins, which continue to circulate alongside Australian coins. Tuvalu continues to use Australian banknotes. Tuvaluan coins are not legal tender in Australia. Similar to the Faroese króna's relationship to the Danish krone and the Panamanian balboa's relationship to the United States dollar, the Tuvaluan dollar is not an independent currency, but a variation of the Australian dollar.

    <span class="mw-page-title-main">Australian ten-cent coin</span> Current denomination of Australian currency

    The Australian ten-cent coin is a coin of the decimal Australian dollar. When the dollar was introduced as half of an Australian pound on 14 February 1966, the coin inherited the specifications of the pre-decimal shilling; both coins were worth one twentieth of a pound and were called "bob". On introduction it was the fourth-lowest denomination coin. Since the withdrawal from circulation of the one and two cent coins in 1992, it has been the second-lowest denomination coin in circulation.

    The notes of the Australian dollar were first issued by the Reserve Bank of Australia on 14 February 1966, when Australia changed to decimal currency and replaced the pound with the dollar. This currency was a lot easier for calculating compared to the previous Australian pound worth 20 shillings or 240 pence.

    <span class="mw-page-title-main">United States dollar</span> Currency of the United States

    The United States dollar is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color.

    Prior to European colonization, early Aboriginal Australian communities traded using items such as tools, food, ochres, shells, raw materials and stories, although there is no evidence of the use of currencies.

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    Sources

    Preceded by:
    Australian pound
    Reason: decimalisation
    Ratio: 2 dollars = 1 pound    		Currency of Australia, Christmas Island, Cocos Islands, Norfolk Island, Nauru, Kiribati, Tuvalu
    14 February 1966 –    		Succeeded by:
    Current
    Preceded by:
    New Guinean pound
    Reason: decimalisation
    Ratio: 2 dollars = 1 pound    		Currency of Papua New Guinea
    14 February 1966 – 1975    		Succeeded by:
    Papua New Guinean kina
    Reason: currency independence
    Ratio: at par
    Preceded by:
    Australian pound
    Reason: decimalisation
    Ratio: 2 dollars = 1 pound    		Currency of Solomon Islands
    14 February 1966 – 1977    		Succeeded by:
    Solomon Islands dollar
    Reason: currency independence
    Ratio: at par
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