Australia at the earliest practicable date, and gave February 1966, as the tentative change-over date. On 14 February 1966, a decimal currency, the dollar of one hundred cents, was introduced. Under the implementation conversion rate, £A.1 was set as the equivalent of $2. Thus, 10/– became $1 and 1/– became 10¢. The conversion rate was problematic for the pre-decimal penny since the shilling was divided into twelve pence. Coins In 1855, gold full and half sovereigns (worth, respectively, £1 and 10/– sterling) were first minted by the Sydney Mint. These coins were the only non-Imperial denominations issued by any of the Australian mints until after Federation (the Sydney Mint struck Imperial gold sovereigns and half sovereigns starting in 1871, and the Melbourne Mint starting in 1872). In 1910, .925 fineness sterling silver coins were minted in denominations of 3d, 6d, 1/– and 2/– (the last known as a florin). Unusually no half crown (worth 2/6) was ever issued. Bronze d and 1d coins followed in 1911. Production of half sovereigns ceased in 1916, followed by that of sovereigns in 1931. In 1937 a crown (5/– piece) was issued to commemorate the coronation of King George VI. This coin proved unpopular in circulation and was discontinued shortly after being reissued in 1938. In 1946, the fineness of Australian silver sixpences, shillings, and florins was reduced to .500, a quarter of a century after the same change had been made in Britain. In New Zealand and the United Kingdom, silver was soon abandoned completely in everyday coinage, but Australian .500 silver coins continued to be minted until after decimalisation. Banknotes Examples of private issue paper currency in New South Wales, denominated in sterling, exist from 1814 (and may date back to the 1790s). Denominated in sterling (and in some cases Spanish dollars), these private banker and merchant scrip notes were used in Sydney and Hobart through 1829. Private issue banknotes were issued between 1817 and 1910 in denominations ranging from £1 to £100. In 1910, superscribed banknotes were used as the Commonwealth's first national paper currency until the Treasury began issuing Commonwealth banknotes in 1913. The Commonwealth Bank Act of 1920 gave note-issuing authority to the Commonwealth Bank. See also Australian dollar New Zealand pound British currency in Oceania Footnotes References Sources External links Cruzi's Coins Commonwealth Pre-Decimal Currency Australian Pre-Decimal Coins Coins from Australia - Online Coin Club Pound (currency) 1910