However, the overall look and feel of the notes was radically different to anything Australians had seen before. ![]() TikTok has over two billion downloads globally, compared to Minecraft, with over 200 million downloads. To make the transition easier for users, the decimal denominations matched their pound/shilling/pence counterparts – for instance, the $1 bill replaced the 10-shilling note. Besides monitoring exchange rates and allowing real-time multi-currency conversion, a currency converter app can have many functional features. When it came to the new currency's designs, it was decided that the coins should depict Australian wildlife while the notes should reflect our history and contribution to the wider world. It opened a year ahead of C-Day and, with help from the Royal Mint in London and its branches in Australia, was able to produce and stockpile about one billion coins in good time. The Royal Australian Mint in Canberra was decimalisation’s greatest single expenditure. The federal government had been printing notes since 1913 but to produce enough coins for decimalisation it was necessary to build an entirely new mint. The Royal Australian Mint soon after completion in 1965Īn important feature of the new currency was that its coins and notes would be entirely produced in Australia by Australian organisations. Research had shown that decimalisation would save the Australian economy more than £11 million a year, which would quickly offset the £30 million cost of conversion. This wasn't just a question of personal convenience but of national productivity. The Australian pound, like its British counterpart, was divided into 20 shillings of 12 pence each, making the arithmetic of financial transactions unnecessarily difficult. The argument for switching came down to a simple practical consideration. It wasn't until the late 1950s that the Menzies government finally recognised the economic importance of converting Australia's currency to a new decimalised one, in keeping with those of many of its trading partners and the overwhelming majority of the world. Various post-Federation Australian governments had considered decimalisation from as early as 1901, but they ultimately took their lead from Britain, which remained firmly against the idea. It is interesting that it took Australia so long to make the switch to decimal currency. ![]() Economic need for change to decimal currency
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |