The First Fleet arrived in Botany Bay from England in 1788. The new Australians hadn’t thought too much about the need for money. Currency in the colony amounted to a strange mix of Indian, Spanish, Portuguese, British and Dutch coins.
Australia's First Official Coinage The fifth Governor of New South Wales Lachlan Macquarie introduced Australia’s first ‘official’ coinage in 1813. Taking possession of 40,000 Spanish Dollars and punching the centre out of each one, he created two new coins – the ‘Holey Dollar’ and the ‘Dump’.
Gold Discovery The discovery of gold near Bathhurst in 1851 led to the opening of the Sydney Mint in 1855. Australian gold was made into sovereigns – the most important gold coin in the world – first in Sydney, and then at Mints in Melbourne and Perth.
The colonies of NSW, Tasmania, Victoria, Queensland, Western Australia and South Australia united to form one nation in 1901 and plans were laid for a new currency. The coins were based on the British system known as Pounds (£), Shillings (s) and Pence (d).
Under the system there are 12 pence in one shilling and 20 shillings in one pound. Can you work out how many pence were in a pound? (See bottom of page for Answer)*.
Six Australian coins based on this system were introduced in 1910 - 1911:
 Two shillings, also known as a Florin |
 One shilling |
 Sixpence |
 Threepence |
 Penny |
 Half Penny |
These coins were withdrawn in 1966 with the introduction of Australia’s decimal currency.
There was an argument about what the new decimal coinage should be called. The Government wanted the main coin to be called a Royal. However, many people wanted a more Australian sounding name and their suggestions included the Emu, Koala, Digger, Oz, Boomer, Roo, Kanga, Kwid and Dinkum.
Eventually, it was decided to call the new coins Dollars ($) and Cents (c).
Under the decimal system, there are 100 cents in one dollar. As well as $2, $1, 50c, 20c, 10c and 5c coins, the Government also introduced 2 cent and 1 cent coins.
But 2 cent and 1 cent coins were withdrawn from circulation in 1984. See if you can find these great coins to add to your collection. The 2 cent coin shows a Frilled Neck Lizard and the 1 cent coin shows a Feather Tailed Glider.
*Answer=240
