Australian Decimal Coins (1966 - present)

History of Australian Decimal Coin Currency

Introduction

The transition to decimal currency in Australia marked a significant milestone in the nation’s economic and cultural history. Before 1966, Australia used a currency system inherited from the British, which included pounds, shillings, and pence. The British system was complex and cumbersome, especially for arithmetic calculations. This complexity prompted the consideration of a decimal system, which would simplify financial transactions and aligned Australia more closely with international standards. This page details the history of Australian decimal coin currency from its inception to the present day.

Transition to Decimal Currency

Planning and Implementation

The decision to adopt decimal currency was made in the early 1960s. The Decimal Currency Act 1965 was passed, and the Decimal Currency Board was established to oversee the transition. The new system was based on the Australian dollar ($), divided into 100 cents (¢).

Introduction Date: February 14, 1966

Known as "C-Day", this date marked the official changeover to decimal currency. The slogan "Decimal Currency – The Dollar and the Cent" was used to promote the new system.

Coin Designs

The designs for the new decimal coins were created by Stuart Devlin, a renowned Australian artist and metalworker. His designs featured iconic Australian fauna, making the coins instantly recognizable and uniquely Australian.

Initial Decimal Coins (1966)

Coins Introduced

The initial set of decimal coins included:

• 1 cent: Feathertail glider
• 2 cents: Frill-necked lizard
• 5 cents: Echidna
• 10 cents: Lyrebird
• 20 cents: Platypus
• 50 cents: Coat of Arms

Special Considerations

The 50-cent coin initially introduced was round and made of 80% silver. Due to its high silver content, it was withdrawn and replaced in 1969 by a dodecagonal (12-sided) coin made from a copper-nickel alloy.

Evolution and Changes

Introduction of New Denominations

1984: The 1-dollar ($1) coin was introduced, replacing the banknote of the same denomination. It features a design of five kangaroos.

1988: The 2-dollar ($2) coin was introduced, replacing the banknote of the same denomination. It features an image of an Aboriginal elder.

Withdrawal of 1 and 2 Cent Coins

1992: The 1 and 2 cent coins were withdrawn from circulation due to their low value and high cost of production. Prices were rounded to the nearest 5 cents.

Commemorative and Special Edition Coins

Australia has issued numerous commemorative coins to celebrate significant events, anniversaries, and cultural milestones. These coins often feature special designs and are popular among collectors.