Australian pound

The pound was the currency of Australia until 1966. It was subdivided into 20 shillings, each of 12 pence. The history of currency in Australia could be said to begin in 1800, when Governor King issued a proclamation setting the value of a variety of foreign coins in New South Wales. However, because of the shortage of any sort of money, the real currency during the first twenty-five years of settlement was rum, leading to terms such as the "Rum ... more

The pound was the currency of Australia until 1966. It was subdivided into 20 shillings, each of 12 pence. The history of currency in Australia could be said to begin in 1800, when Governor King issued a proclamation setting the value of a variety of foreign coins in New South Wales. However, because of the shortage of any sort of money, the real currency during the first twenty-five years of settlement was rum, leading to terms such as the "Rum Corps" and the "Rum Rebellion". Australia's first coinage was issued in 1813 by the colony of New South Wales by punching the middle out of Spanish dollars. This process created two parts: a small coin, which was called the dump in Australia, and a ring, which was called a Holey dollar. One holey dollar was worth five shillings (a quarter of one pound Sterling), and one dump was worth one shilling and three pence (or one quarter of a Holey dollar). This was done in order to keep the coins in New South Wales, as they would be valueless... less