Australian pound

1 AUD = 0.5 AUP 1 AUP = 2 AUD

The Australian pound (English Australian Pound; AUP) was from 1910 until the conversion to Australian Dollar ( AUD) in 1966, the national currency valid in Australia. As the British pound was divided into 20 shillings, each 12 pence, the Australian pound.

History

Legacy currencies

The currency of Australia's history begins in 1800, with a proclamation by the then Governor Philip Gidley King, which established the value of several foreign coins in New South Wales. Due to the general scarcity of money in the first 25 years, however, was the actual history of settlement currency rum, leading to the terms Rum Corps and led Rum Rebellion.

The first Australian coins were introduced in 1813 in the colony of New South Wales. Here it was called Spanish dollar coin ( real de a 8), from which the center was punched, whereby two coins emerged: a small coin, which was named in Australia dump; and the annular Holey Dollar. A Holey Dollar equal to the value of five shillings ( a quarter pound sterling ) and a dump corresponded to a quarter Holey dollar and thus a shilling and three pence. The aim of the hole was to keep the coins in New South Wales, as they were elsewhere worthless.

1825 an ordinance was (order -in- council) adopted to implement with the aim of sterling coins in all British colonies. This was due to the introduction of the gold standard in the United Kingdom in 1816 and a decline in the availability of Spanish dollars, as most of these dollars in Lima, Mexico City and Potosi were minted, the proportion of new Latin American republics and had thus become independent of Spain.

With the establishment of the first bank in 1817, the Bank of New South Wales, the output in pound -denominated paper money began by the private banks. In 1852 the Government Assay Office began in Adelaide with the issue of pound gold coins, which were a little heavier than the British Sovereign. Three years later, issued by the Mint in Sydney Sovereigns and Halbsovereigns and in 1872 took the coin in Melbourne on the production. Originally a part of the production for India was provided to enforce as part of a plan the Gold Sovereign as an imperial coin. However, it turned out that in India, the rupee was already rooted too deeply. The gold sovereigns delivered to India were never there in the circulation.

The pound as the national currency

Until the federation of Australia in 1901 were British silver and copper coins, embossed in gold sovereigns Australia, locally minted copper coins and banknotes as well as private notes of the state of Queensland in circulation. The Australian Notes Act of 1910, the Commonwealth Treasury was established and introduced the Australian pound as their own currency for a united Australia. It has been prohibited to private banks to continue to keep notes of Queensland in circulation, whose status has been terminated as legal tender. In the same year was awarded the Bank Notes Tax Act, a tax of 10 % pa levied on the private notes and this thus devalued economically.

The gold standard for the Australian pound was abolished at the beginning of the First World War. In 1925, attempts to return within the British Empire to the gold standard. 1929 left Australia the gold standard in the context of emergency measures during the Great Depression again, which led to a devaluation against the pound sterling. The block Sterling (Sterling Area ) was the subsequent association of states which lined up their currency on sterling. It was founded in 1931, when the pound countries their currency triggered by gold and represents one of the first currency unions

During the Second World War was in what was then the Australian territory of Papua one produced by the occupying power Japan as an Australian pound -denominated currency.

From 1 to 22 July 1944, 44 states gathered in Bretton Woods, New Hampshire, to discuss the reorganization of the weakened world economy as a result of the Second World War. It should be important monetary, trade and payments issues are presented for discussion. As a result of the meeting of the International Monetary Fund was established, which Australia joined in 1947. The U.S. dollar was established as the leading international, reserve and transaction currency and thus became the basic unit for conversion into gold ( 35 U.S. $ / oz). Furthermore, fixed exchange rates have been set to other currencies.

Replacement by the dollar

1963, the Australian government decided to replace the English coinage system by a decimal system and issue a new series of banknotes. As an introduction date of the new decimal currency February 14, 1966 has been set, and according to this plan, the currency was decimalized on February 14, 1966, replaced by the Australian dollar. The exchange rate was two dollars for a pound (1 pound = 2 dollars, 10 shillings = 1 dollar and 1 shilling = 10 cents) set. Problems arose from the translation of pence in the new decimal currency. The fact that the shilling was divided into twelve pence, only an exchange ratio of $ 2.40 per pound would have enabled the correct conversion down to the penny.

So amounts were smaller converts a shilling as follows: