A brief history of modern Australian coins - Decimalisation and later.....

 

A Brief History of Modern Australian Coins

                                                                    

Australia became a federation in 1901, coinciding with the ascension of King Edward VII to the throne of the United Kingdom and Emperor of India. Following Federation, authority over "currency, coinage, and legal tender" passed to the new Commonwealth Government. Despite this, Australia continued to use British currency as the official monetary system, and currencies from other countries were also in use until much later.

In 1910, almost a decade after Federation (and coincidentally the year King Edward VII died), Australia introduced its own currency system. The first coins minted at Australian mints were pounds, shillings, and pence.

• 1 Pound = 20 Shillings
• 1 Pound = 240 Pence
• 1 Shilling = 12 Pence

However, transitioning to a decimal currency system was a daunting task. People were skeptical, and many formalities needed to be addressed. In 1959, the Decimal Currency Committee was established to study the merits and demerits of decimalisation. Based on the committee's recommendations, the Australian government introduced the Currency Act 1963. It was in this year that Australian mints stopped minting pence and shillings.

The committee nominated February 14, 1966, as Changeover Day (or C-Day). C-Day was followed by a two-year transition period during which both currencies were legal tender. To prepare for decimalisation, the Australian Government launched an exhaustive educational and awareness program for the public. This program included videos, newsprint cartoon strips, and numerous appearances by ministers on radio and television to explain the new system and its benefits.

                                    

Click on the link below to view some interesting ads which featured on Australian television :

The Dollar bill - decimal currency jingle:

https://www.google.com/search?q=decimal+bill+currency+jingle&oq=decimal+bill+currency+jingle

Decimal Currency-1966: https://www.youtube.com/watch?v=Y6JawKH2yaQ

Finally, on February 14, 1966, Australia adopted the decimal system, and the pound was replaced. The new currency was initially called the "Royal," but this name did not go down well with the public, and it was soon changed to the "Dollar." Australia was one of the last few nations to adopt the decimal system for their currency.

Interestingly, there are still two countries in the world that follow a non-decimal currency system: Mauritania and Madagascar.

With the decimalisation of Australian currency:

• 1 Dollar = 100 Cents

The first coins minted under decimalisation by the Australian mint were 1, 2, 5, 10, 20, and 50 cents, followed by 1 dollar and 2 dollar coins in 1984 and 1988, respectively.

But by 1992 , the mint stopped producing 1 and 2 cent coins in 1990 and cash transactions were rounded off to the nearest 5 cents. This decision to cease minting 1 and 2 cent coins was taken primarily due to the rising costs of production, which exceeded their face value.

Additionally, due to inflation, the purchasing power of these coins had greatly reduced, rendering them largely obsolete in everyday transactions.

After Queen Elizabeth II's death in 2022, the full suite of coins in circulation got changed.

After 60 years, on 16th May, 2024 , effigy of the new monarch King Charles III , appeared on the obverse of all Australian coins.

As per tradition, King Charles' effigy faced to the left, opposite to Queen Elizabeth's right faced eggifies through the years.

Mr Leigh Gordon, Head Chief of the Royal Australian Mint, Canberra gifted the first proof set of six Uncirculated Year set to King Charles III.

Australia realesed the first coin of 2024 celebrating space exploration and King Charles' effigy.

And that's the latest on Aussie coins mate!

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