The Australian pound (the symbol Ã, Â £ ) was the Australian currency from 1910 to 14 February 1966, when it was replaced by the Australian dollar. Like any other currency, it is divided into 20 shillings (symbol s ), each of 12 pence (symbol d ).
Video Australian pound
History
Previous Australian currency
The first European settlement in Australia occurred on January 26, 1788 in Port Jackson (modern Sydney, New South Wales). The New South Wales colony barely survived the first few years and was largely ignored during the next quarter of a century when the British government was occupied until 1815 with the Napoleonic Wars. One crucial UK supervision during this period was the provision of sufficient currency for the new colony and, due to lack of any money, the real means of exchange during the first 25 years of settlement was rum, access controlled by the officers of the New South Wales Corps, the most disadvantaged from access to land and imported goods.
Although it did not solve the problems arising from the lack of coins, but in an attempt to incorporate some orders into the economy, in 1800, Governor Philip Gidley King issued a proclamation of the regulation of the value of various foreign coins in the colony. During this period, to protect favorable access to the import rum, as well as other complaints, the officers, later known as "Rum Corps", toppled the governor in a stalemate in 1808, referred to as "Rum Rebellion". The New South Wales Corps were called soon after. Otherwise, the coin shortage continues.
The first coin issued by the colony occurred in 1813, and was done by punching the central part of the Spanish dollar. This process creates two parts: a small coin, called dump , and a ring, called holey dollar . A holey dollar is worth five shillings (one fourth of a pound sterling), and one dump is worth one shilling and three pence (or one quarter of a hole). This is done to keep the coins in New South Wales, because they are not worth anywhere else. From 1817, when the first bank, Bank of New South Wales, was founded, private banks issued pound currency in currency. Acceptance of personal bank records is not required by law auction law but is widely used and accepted.
In 1825, the Imperial order council was issued with the aim of introducing sterling currency to all British colonies. This was due to the introduction of the gold standard in England in 1816, and the decline in the supply of Spanish dollars, due to the revolutions occurring in the Southern Spanish colonies. Most of the used dollars have been printed in Lima, Mexico City, and PotosÃÆ', which have become part of a new Latin American republic, independent of Spain.
In 1852, the Government Testing Office in Adelaide issued a gold coin. It is slightly heavier than the ruler. From 1855, the Sydney Mint issued a half-ruler and ruler, with the early production of the Melbourne Mint in 1872. Many of the rulers printed in Australia were used in India as part of a plan that the golden ruler must become an imperial coin. Apparently, India is too entrenched in the rupee system, and the golden ruler acquired by the treasury in India never leaves the vault.
Thus, ahead of the Federation, the currencies used in Australian colonies consist of British silver and copper coins, Australian printed gold emperors (worth  £ 1) and half ruler, locally printed copper-printing tokens (pressed in 1881 , some mentioned before) and personal bank records. In addition, the Queensland government issued treasury notes (1866-1869) and banknotes (1893-1910) which were the legal means of payment in Queensland; and the New South Wales government issued a series of limited treasury records in 1893.
National currency
After the Federation in 1901, the Australian government took control of the currency issue and began to overestimate private issues in circulation, in preparation for domestic currency problems. In 1910, the federal government issued an "Australian Record Act" which prohibited the circulation of State records and gave control of the Australian record issue to the Commonwealth Treasury Office. Also ratified that year is the "Bank Notes Tax Law" which imposed a 10% annual tax on "all banknotes issued or reissued by any bank in the Commonwealth after the start of this Act, and not redeemed".
In September 1910, Labor Prime Minister Andrew Fisher introduced the national currency, Australian pound, with the passage of the Australian Notes Act 1910. The law controls the issue of Australian records to the Commonwealth Treasury Office and prohibits the circulation of state records and withdraws their status as valid payment instruments. Over the next three years, some of the private banknotes were previously overpriced by the Treasury as a temporary measure and circulated as Australian banknotes until a new design was ready for the first federal banknotes issued by the Australian government, which began in 1913. The blank entry forms 16 bank- banks were supplied to the Australian Government in 1911 for reprints as redeemable in gold and issued as the first Commonwealth record. The Commonwealth Bank Act 1920 notes the issuing of authority to the Commonwealth Bank. In 1960, the responsibility for printing records was forwarded to the Reserve Bank of Australia.
The new national currency is called the Australian pound, which consists of 20 shillings, each consisting of 12 cents. Monetary policy ensures that the Australian pound remains valuable to the pound sterling. Therefore, Australia has a gold standard as long as the UK is located.
In 1914, Pound Sterling was removed from the gold standard. When returned to the gold standard in 1925, a sudden increase in value (imposed by the price of nominal gold) releases a devastating deflationary pressure. Both the initial inflation of 1914 and the 1926 deflation thereafter had far-reaching economic effects across the United Kingdom, Australia and the world. In 1929, as an emergency measure during the Great Depression, Australia abandoned the gold standard, resulting in a devaluation relative to sterling. The various pegs to sterling were applied until December 1931, when the government set the tariff Ã, Â £ 1 Australia = 16 shillings sterling (Ã, Â £ 1 Ã, Â ° 5 = Australian Ã, Â £ 1 sterling).
During World War II, the Japanese Empire made paper money, partly denominated in Australian pounds, for use in Pacific countries devoted to occupation. Since Australia is never occupied, the occupation currency is not used there, but it is used in parts of Papua and New Guinea-Australia later.
In 1949, when the United Kingdom devalued pound sterling against the US dollar, Australian Prime Minister and Treasurer Ben Chifley followed him so that the Australian pound would not be too valuable in the sterling zone countries where Australia did most of its external trade on time. Since the pound moved from US $ 4.03 to US $ 2.80, the Australian pound rose from US $ 3.224 to US $ 2.24.
Historical Ã, Â £ 1 note
In May 2015, the National Library of Australia announced that it had found the first  £ 1 paper money printed by the Commonwealth of Australia, among a collection of specimen banknotes. This unpublished Australian Pound (Ã,  £ 1), with serial number (red ink) P000001, is the first currency carrying the Australian Coat
Decimation
In February 1959 the Commonwealth Government appointed the Decimal Currency Committee to investigate the advantages and disadvantages of the decimal currency, and, if the decimal currency was favored, the unit of account and denomination of the subsidiary's currency was most appropriate for Australia, the introductory method and the costs involved.
The Committee presented its report in August 1960. It recommended the introduction date of the new system to become the second Monday in February, 1963. In July 1961, the Commonwealth Government confirmed its support for the decimal currency system, but found it undesirable to make a final decision on the arrangement detail required to effect change. On April 7, 1963, the Commonwealth Government announced that the decimal currency system would be introduced to Australia at a preliminary practical date, and gave in February 1966, as a tentative tentative date of change. On February 14, 1966, the decimal currency, a hundred-cents dollar, was introduced.
Below the conversion rate of implementation, Ã, Â £ 1 is set at the equivalent of $ 2. Thus, 10 becomes $ 1 and 1 becomes 10c. The conversion rate is problematic for a pre-decimal slip since the shilling is divided into twelve pence. The $ 2.40 exchange rate: Ã, Â £ 1 would allow an accurate conversion down to the penny, with one cent to a penny; However, the Government considers it more important that the units of the new currency are more valuable than the US dollar that will not fall below the 2.4: 1 ratio.
The amount of less than one shilling is converted as follows:
Maps Australian pound
Coins
In 1855, full gold and half rulers (each worth one pound sterling and ten shillings) were first printed by the Sydney Mint. These coins were the only non-imperial denomination issued by one of the Australian candies until after the Federation (Sydney Mint attacked the Imperial gold ruler and half-ruler beginning in 1871, and the Melbourne Mint began in 1872).
In 1910, 0.925 pieces of sterling silver coins were printed in 3d, 6d, 1s and 2s denominations (the latter known as florin). Unlike in England, no half-crown (worth 2s 6d) is issued. Bronze 1 / 2 d and 1d coins followed in 1911. Half-ruler production ceased in 1916, followed by sovereignty in 1931. In 1937 a crown (or five pieces of shilling) was issued to commemorate the coronation of King George VI. This coin proved unpopular for actual use and was stopped shortly after being reissued in 1938.
In 1946, the fineness of Australian silver pigments, shillings, and florins was reduced to 0.500, a quarter of a century after the same change was made in England. In New Zealand and the United Kingdom, silver was soon abandoned completely to the everyday currency, but silver half silver coins of Australia continued to be printed until after decimation.
Banknote
Examples of private issue paper currency in New South Wales existed starting in 1814 (and probably dates back to the 1790s). Dominated in Pounds (and in some cases Spanish Dollars), private bankers and scrip notes were used in Sydney and Hobart until 1829. Private publishing bills were published between 1817 and 1910 in denominations ranging from 1 to 100 pounds. In 1910, the attached banknotes were used as the first national paper currency of the Commonwealth until the Treasury began issuing Commonwealth banknotes in 1913. The Commonwealth Bank Act of 1920 authorized a letter to the Commonwealth Bank.
See also
- Australian Dollar
- Pound sterling history in Oceania
Footnote
References
Source
- Pitt, Michael T., ed. (2013). Renniks Australian Coin and Banknote Values ​​â € <â € < (25 ed.). Rennik Publications. ISBN: 978-0-9873386-2-4.
External links
- Cruzi Coins
- Commonwealth Pre-Decimal Currency
- Australian Pre-Decimal Coins
- Online Coin/Coins/Online Club
Source of the article : Wikipedia
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