when did australia go from pounds to dollars
Australian dollar The Australian pound, introduced in 1910 and officially distinct in value from the pound sterling since devaluation in 1931,[10] was replaced by the dollar on 14 February 1966.[11] The rate of conversion for the new decimal currency was two dollars per Australian pound, or ten Australian shillings per dollar. The exchange rate was pegged to the pound sterling at a rate of $1 = 8 shillings ($2.50 = UK Â£1). In 1967, Australia effectively left the sterling area, when the pound sterling was devalued against the US dollar and the Australian dollar did not follow. It maintained its peg to the US dollar at the rate of A$1 = US$1.12.
Coins of the Australian dollar "Gold" one-dollar and two-dollar coins were introduced in the 1980s. The one-dollar coin was introduced in 1984, to replace the banknote of the same value. The two-dollar coin, also replacing a banknote, was introduced in 1988. These have content of 2% nickel, 6% aluminium and 92% copper. Thus, all Australian coins in use currently are composed of more than half copper. The two-dollar coin is smaller in diameter than the one-dollar coin, but the two-dollar is slightly thicker.