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| Australian pound (pre-decimal) | |
|---|---|
| Name | Australian pound (pre-decimal) |
| Using countries | Australia |
| Subunit name 1 | shilling |
| Subunit name 2 | penny |
| Used banknotes | various |
| Used coins | various |
| Issuing authority | Commonwealth Bank of Australia; Australian Notes Board; Reserve Bank of Australia |
| Mint | Royal Australian Mint; Melbourne Mint; Sydney Mint |
| Date of withdrawal | 14 February 1966 (decimalisation) |
| Footnotes | Pre-decimal currency of Australia (1901–1966) |
Australian pound (pre-decimal) The Australian pound was the pre-decimal currency of Australia from Federation to decimalisation, replacing diverse colonial issues and circulating alongside British sterling, Bank of England, Pound sterling arrangements. It functioned within imperial monetary networks involving the United Kingdom, New Zealand, South Africa, and influenced by institutions like the Commonwealth of Australia and the Imperial Conference. The currency underpinned trade with partners such as United States, Japan, China, and regional links to New Guinea and Pacific territories.
The currency evolved from colonial issuances by the New South Wales colonial administration, the Victorian gold discoveries, and mints like the Melbourne Mint and Sydney Mint after the Victorian gold rush and the Australian gold rushes. Federation in 1901 led to debates in the Commonwealth Parliament and actions by the Commonwealth Bank of Australia and the Australian Notes Board to standardise issues, influenced by the Gold Standard, the Great Depression, and wartime controls during World War I and World War II. Policy responses involved figures such as Sir Robert Menzies, John Curtin, Ben Chifley, and institutions including the Treasury (Australia) and later the Reserve Bank of Australia. International events like the Washington Naval Conference, the Bretton Woods Conference, and exchange realignments after the Great Depression affected convertibility and sterling parity.
Coinage included denominations rooted in the royal and imperial system: halfpenny, penny, threepence, sixpence, shilling, florin, and halfcrown, struck at the Royal Mint, London, the Melbourne Mint, and the Perth Mint. Designs bore portraits of monarchs such as Edward VII, George V, George VI, and Elizabeth II, and featured emblems referencing Kangaroo, Coat of arms of Australia, and native fauna often used by mints like the Royal Australian Mint. Coinage changes reflected metal crises tied to events like the Second World War and the Great Depression, with legislation enacted in the Commonwealth Parliament and administered by the Treasury (Australia) and the Commonwealth Bank of Australia.
Early banknotes were issued by private banking houses such as the Bank of New South Wales, the Commercial Banking Company of Sydney, the English, Scottish & Australian Bank, and other colonial banks until national issues were established by the Commonwealth Bank of Australia under figures like Sir Denison Miller. The Australian Notes Act 1910 and subsequent instruments led to Commonwealth-issued legal tender, with denominations including £1, £5, £10, £20, and higher, produced with designs featuring statesmen like Henry Parkes and imagery referencing institutions such as the Parliament of Australia, Sydney Harbour Bridge, and industrial motifs tied to the Commonwealth Government. The Reserve Bank of Australia later assumed responsibilities for note issue amid debates involving the Australian Labor Party and the Liberal Party of Australia.
Monetary policy was shaped by imperial linkages to the Bank of England and sterling convertibility, with domestic measures administered by the Commonwealth Bank of Australia, the Treasury (Australia), and later the Reserve Bank of Australia. Exchange rate episodes included adherence to the gold standard pre-1931, sterling area arrangements during the Second World War, postwar Bretton Woods implications involving the International Monetary Fund, and adjustments tied to events like the devaluation of sterling in 1931 and 1949. Policymakers such as Ben Chifley and central bank figures navigated controls, rationing, and capital restrictions affecting trade with partners including the United States, United Kingdom, Japan, and New Zealand.
The move to decimal currency culminated in the Decimal Currency Board preparations and the legislation culminating in decimalisation on 14 February 1966, led politically by Harold Holt and administratively by institutions like the Reserve Bank of Australia and the Commonwealth Treasury. Public education campaigns involved collaborations with media organisations including the Australian Broadcasting Commission, the Age (newspaper), and the Sydney Morning Herald, while minting new coins engaged the Royal Australian Mint and the Royal Mint, London. Decimalisation replaced the pound with the dollar at a rate of two dollars per pound, aligning Australia with modernised systems used by countries such as New Zealand and contemporaneous reforms in nations like South Africa.
Collectors and scholars study pre-decimal coinage and notes through societies like the Royal Australasian Numismatic Society, auction houses such as Mossgreen, and museums including the National Museum of Australia and the Powerhouse Museum. Surviving specimens are valued for designs featuring monarchs like George V and Elizabeth II, mintmarks from the Perth Mint, and rare issues tied to events like the Great Depression or emergency wartime printing. The legacy persists in cultural references across institutions like the Australian War Memorial, historical works by scholars connected to universities such as the University of Melbourne and the Australian National University, and philatelic and numismatic exhibitions coordinated with organisations including the State Library of New South Wales and the National Library of Australia.
Category:History of Australian currency