| Australian dollar | |||
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| ISO 4217 Code | AUD | ||
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| User(s) |  Australia
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| Inflation | 4. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established For a topic outline on this subject see List of basic Australia topics. Kiribati or ( kirr-i-bas or KEE-ree-buhss ˈkiɾibas in Gilbertese) officially the Republic of Kiribati, is an Island nation located in Nauru, officially the Republic of Nauru, is an Island nation in the Micronesian South Pacific. Tuvalu, formerly known as the Ellice Islands, is a Polynesian Island nation located in the Pacific Ocean midway between Hawaii and The Territory of Christmas Island is a small territory of Australia located in the Indian Ocean, 2600 kilometres (1600 mi northwest of Norfolk Island ( Norfuk: Norfuk Ailen) is a small inhabited island in the Pacific Ocean located between Australia, New Zealand In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time 2% (Australia only) | ||
| Source | Reserve Bank of Australia, March 2008. | ||
| Pegged by | Tuvaluan dollar and Kiribati dollar at par | ||
| Subunit | |||
| 1/100 | cent | ||
| Symbol | $ or AUD | ||
| cent | c | ||
| Coins | 5c, 10c, 20c, 50c , $1, $2 | ||
| Banknotes | $5, $10, $20, $50, $100 | ||
| Central bank | Reserve Bank of Australia | ||
| Website | www.rba.gov.au | ||
| Printer | Note Printing Australia | ||
| Website | www.noteprinting.com | ||
| Mint | Royal Australian Mint | ||
| Website | www.ramint.gov.au | ||
_Islands.svg/22px-Flag_of_the_Cocos_(Keeling)_Islands.svg.png){kind=small}
The dollar is the currency of the Commonwealth of Australia, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island, as well as the independent Pacific Island states of Kiribati, Nauru and Tuvalu. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is For a topic outline on this subject see List of basic Australia topics. The Territory of Christmas Island is a small territory of Australia located in the Indian Ocean, 2600 kilometres (1600 mi northwest of Norfolk Island ( Norfuk: Norfuk Ailen) is a small inhabited island in the Pacific Ocean located between Australia, New Zealand The Pacific Ocean contains an estimated 20000 to 30000 Islands (the exact number has yet to be precisely determined Kiribati or ( kirr-i-bas or KEE-ree-buhss ˈkiɾibas in Gilbertese) officially the Republic of Kiribati, is an Island nation located in Nauru, officially the Republic of Nauru, is an Island nation in the Micronesian South Pacific. Tuvalu, formerly known as the Ellice Islands, is a Polynesian Island nation located in the Pacific Ocean midway between Hawaii and The Australian dollar's ISO 4217 code is AUD but it is often abbreviated with the dollar sign $. ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established A$ or AU$ is often used informally to distinguish it from other dollar-denominated currencies. The dollar (often represented by the Dollar sign: "$" is the name of the official Currency in several countries dependencies and other It is subdivided into 100 cents. In many national currencies, the cent is a monetary unit that equals 1/100 of the basic monetary unit
The Australian dollar is currently the sixth-most-traded currency in world[1] foreign exchange markets (behind the euro, US dollar, the yen, the pound sterling, and the swiss franc), accounting for about 4–5% of worldwide foreign-exchange transactions. In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how Please update other articles as well to avoid contradiction within Wikipedia e The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency The franc ( German: Franken, French and Romansh: franc, Italian: franco; code: CHF The Australian dollar is popular with currency traders due to high interest rates in Australia, the relative freedom of the foreign exchange market from intervention by the Australian government, the general stability of the economy and political system, and the prevailing view that it offers diversification benefits in a portfolio containing the major world currencies (especially because of its greater exposure to Asian economies and the commodities cycle).
Contents |
History
The dollar was introduced on 14 February 1966, replacing the duodecimal Australian pound (distinct from the pound sterling since 1929) with a decimal currency. The pound was the currency of Australia until 1966 It was subdivided into 20 Shillings each of 12 pence. The Pound Sterling ( symbol £; ISO code: GBP) subdivided into 100 pence (singular penny) is the Currency In the management of currencies, decimalisation (or decimalization) is the process of converting from traditional denominations to a " Decimal "
The royal
In 1965, the Prime Minister, Robert Menzies, wished to name the currency "the royal" and other names such as "the austral", "the oz", "the boomer", "the roo", "the kanga", "the emu", "the digger", "the kwid" and, jokingly, "the ming" (the nickname of Menzies) were also proposed. This article is about the government position For other uses see Prime Minister (disambiguation. Sir Robert Gordon Menzies, KT, AK, CH, QC (20 December 1894 - 15 May 1978 Australian politician was the twelfth person to serve Due to Menzies' influence, the name "royal" was settled on, and trial designs were prepared and printed by the Reserve Bank of Australia. The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australia 's Central bank and banknote issuing authority The choice of name for the currency proved unpopular, and it was later shelved in favour of "dollar".
The dollar
On 14 February 1966 the dollar was introduced at a rate of two dollars per pound, or ten shillings per dollar. Events 842 - Charles the Bald and Louis the German swear the Oaths of Strasbourg in the French and German Year 1966 ( MCMLXVI) was a Common year starting on Saturday (link will display full calendar of the 1966 Gregorian calendar. The shilling is a unit of Currency used in current and former Commonwealth countries and was continued to be used in countries that left the commonwealth At its introduction, it was pegged to sterling at a rate of 1 dollar = 8 shillings (2. 5 dollars = 1 pound). In 1967, Australia effectively left the sterling area for the first time. When sterling devalued in 1967 against the U. S. dollar, the Australian dollar did not follow. It maintained its peg to the U. S. dollar at the same rate of 1 Australian dollar = 1. 12 U. S. dollars.
Coins
In 1966, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 cents. Coins of the Australian dollar were introduced on 14 February 1966. One-dollar coins were introduced in 1984, followed by two-dollar coins in 1988. The one- and two-cent coins were discontinued in 1991 and withdrawn from circulation. [2] Cash transactions are rounded to the nearest five cents. As with most public changes to currency systems, there has been a great amount of seignorage of the discontinued coins. Seigniorage (ˈseɪnjərɪdʒ '''''sei'''nY'Ridj'') also spelled seignorage or seigneurage, is the net Revenue derived from the issuing of All coins portray the head of state, Queen Elizabeth II on the obverse, and are produced by the Royal Australian Mint. For the ship see RMS Queen Elizabeth 2 Elizabeth II (Elizabeth Alexandra Mary Context States headed by Elizabeth II The Royal Australian Mint (RAM is situated in the Australian federal capital city of Canberra, in the suburb of Deakin.
Australia has regularly issued commemorative 50-cent coins. The first was in 1970, commemorating Captain Cook's exploration along the east coast of the Australian continent, followed in 1977 by a coin for Queen Elizabeth II's Silver Jubilee, the wedding of Charles and Diana in 1981, the Brisbane Commonwealth Games in 1982, and the Australian Bicentenary in 1988. Captain James Cook FRS RN ( – 14 February 1779) was an English Explorer, Navigator and For the ship see RMS Queen Elizabeth 2 Elizabeth II (Elizabeth Alexandra Mary Context States headed by Elizabeth II The Silver Jubilee of Elizabeth II marked the twenty-fifth anniversary of Queen Elizabeth II 's accession to the Brisbane ( is the state capital of Queensland. Brisbane is the third most populous city in Australia and the most populous city of Queensland The Commonwealth Games is a multinational Multi-sport event. Held every four years it involves the elite athletes of the Commonwealth of Nations. The bicentenary of Australia was celebrated in 1970 on the 200th anniversary of Captain James Cook landing and claiming the land and again in 1988 to celebrate 200 years Issues expanded into greater numbers in the 1990s and the 21st century, responding to collector demand. Australia has also made special issues of 20-cent and one-dollar coins.
There are many five-dollar coins, of aluminium/bronze and bi-metal, and many silver and gold bullion coins in higher denominations. WikipediaNaming Bronze is any of a broad range of Copper alloys, usually with Tin as the main additive but sometimes with other elements such as Phosphorus Bi-metal refers to an object that is composed of two separate Metals joined together Precious Metal is the eighteenth episode in the of the popular American Crime drama, which is set in Las Vegas, Nevada. These are not normally used in payment, although they are legal tender. Legal tender or forced tender is Payment that by Law, cannot be refused in settlement of a Debt ( Debtor cannot successfully be sued
Current Australian 5-, 10- and 20-cent coins are identical in size to the former Australian, New Zealand and British sixpenny, shilling and two shilling (florin) coins. In 1990. the UK replaced these coins with smaller versions, as did New Zealand in 2006 - at the same time discontinuing the five-cent coin. With a mass of 15. 55 grams and a diameter of 31. 51 mm, the Australian 50-cent coin is one of the largest coins in circulation today.
Banknotes
First series
The first paper issues of Australian dollars were issued in 1966. The banknotes of the Australian dollar, were first issued on the 14 February 1966. The one, two, ten and 20-dollars bills had exact equivalents in the former pound banknotes. The five-dollar note was issued in 1967, after the public had become familiar with decimal currency. There had not previously been an equivalent £2 10s note.
The one-dollar note was replaced by a coin in 1984, while the two-dollar note was replaced by a coin in 1988. The 50-dollar note was introduced in 1973 and the 100-dollar note in 1984.
Polymer series
In 1988, the Reserve Bank of Australia issued plastic, specifically polypropylene polymer banknotes (produced by Note Printing Australia), to commemorate the bicentenary of European settlement in Australia. Polypropylene or polypropene ( PP) is a Thermoplastic Polymer, made by the Chemical industry and used in a wide variety of applications Polymer banknotes were developed by the Reserve Bank of Australia (RBA Commonwealth Scientific and Industrial Research Organisation (CSIRO and The University Note Printing Australia (NPA, which is located in Craigieburn, Melbourne, is a wholly owned subsidiary of the Reserve Bank of Australia and was corporatised These notes contained a transparent window with an optically variable image of Captain James Cook as a security feature. Australian banknotes were the first in the world to use such features. All Australian notes are now made of polymer.
To understand how polymer banknotes are made, see: http://nz.youtube.com/watch?v=YTggA4jVPj0
Value of the Australian dollar
The highest value of the Australian dollar since it was floated was 96. 68 US cents on 18 March 1984. [3] In 2001, the value of one Australian dollar went below 50 US cents for the first time, touching 47. 75 US cents in April 2001[4]. On 21 May 2008, the Australian dollar reached a 24-year high against the US dollar, peaking at 96. 53 US cents. [5]
In 1966, when the Australian dollar was introduced, the International gold standard still operated. The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set fixed quantities of Gold The dollar was at that time worth 980 mg of gold. As of February 2008 the dollar was worth 30 mg of gold. [6]
Exchange rate policies
Australia maintained a peg to the British pound at par then at 0. A fixed exchange rate, sometimes called a pegged exchange rate, is a type of Exchange rate regime wherein a Currency 's value is matched to the value of 8 GBP (16 shillings sterling). This reflected its historical ties as well as a view about the stability in value of the British pound. From 1946 to 1971, Australia maintained a peg to the US dollar under the Bretton Woods system, but it was effectively pegged to sterling until 1967. The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states
With the breakdown of the Bretton Woods system in 1971, Australia converted the mostly fixed peg to a moving peg against the US dollar. In September 1974, Australia moved to a peg against a basket of currencies called the trade weighted index (TWI) in an effort to reduce fluctuations associated with its peg to the US dollar. The Trade Weighted Index, also known as the effective exchange rate, is a multilateral real exchange rate which is a weighted average of real exchange rates of home The peg to the TWI was changed to a moving peg in November 1976, causing the actual value of the peg to be periodically adjusted.
On 9 December 1983, the Australian Labor government led by Prime Minister Bob Hawke and Treasurer Paul Keating "floated" the Australian dollar. This article describes the federal government of Australia See Australian governments for other jurisdictions The Prime Minister of Australia is the Head of government of the Commonwealth of Australia, holding office on commission from the Governor-General. Robert James Lee (Bob Hawke, AC (born 9 December 1929 was the 23rd Prime Minister of Australia and longest serving Australian Labor Party Prime Minister The Treasurer of Australia is the minister in the Government of Australia and head of the Department of the Treasury, responsible for government expenditure Paul John Keating (born 18 January 1944 was the 24th Prime Minister of Australia, from 1991 to 1996 Floating rate may also refer to a Floating interest rate applied to a Loan or other lending product From that point, movements in the Australian dollar continued to roughly reflect the strength of its terms of trade.
For decades, Australia's reliance upon commodity (mineral and farm) exports has seen the Australian dollar rally during global booms, and fall when mineral prices slumped or when domestic spending overshadowed its export earnings outlook. The currency's high volatility, currency exposure and interest swap has made the AUD one of the most traded currencies in the world, far in excess of the economy's importance (2% of global economic activity).
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- Reserve Bank of Australia - daily value of AUD against 13 currencies, special drawing right and trade weighted index
- Reserve Bank of Australia - historical data of AUD since 1969 (various .xls files)
See also
References
- ^ The Australian Dollar. Australian coins refers to the Coins which are or were in use as Australian Currency. Note Printing Australia (NPA, which is located in Craigieburn, Melbourne, is a wholly owned subsidiary of the Reserve Bank of Australia and was corporatised Throughout this article the unqualified term "dollar" and the $ symbol refer to the Australian dollar. Retrieved on 2007-11-23. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 800 - Charlemagne arrives at Rome to investigate the alleged crimes of
- ^ In commemoration of the 40th anniversary of decimal currency, the 2006 mint proof and uncirculated sets included one- and two-cent coins. In the management of currencies, decimalisation (or decimalization) is the process of converting from traditional denominations to a " Decimal " Proof coinage means special early samples of a Coin issue historically made for checking the dies and for archival purposes but nowadays often struck in greater In Coin collecting, coin grading is the process of determining the grade or condition of a Coin, one of the key factors in its value as a Collector's
- ^ "Dollar hits 23-year high", The Age, 2007-10-12. The Age is a Broadsheet daily Newspaper, which has been published in Melbourne, Australia since 1854 Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 539 BC - The army of Cyrus the Great of Persia takes Babylon. Retrieved on 2007-10-12. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 539 BC - The army of Cyrus the Great of Persia takes Babylon.
- ^ "Global risk weighs on Howard's agenda", CNN, 2001-11-12. Cable News Network, usually referred to by its Initialism CNN, is a major English language Television network founded in 1980 by Ted Turner Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Events 764 - Tibetan troops occupy Chang'an, the capital of the Chinese Tang Dynasty, for fifteen days Retrieved on 2007-10-26. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 740 - An Earthquake strikes Constantinople, causing much damage and death
- ^ "Australian dollar breaks through US96c", News Limited, 2008-05-20. News Limited was the principal holding for the business interests of Rupert Murdoch until the formation of News Corporation in 1979 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 325 - The First Council of Nicaea &ndash the first Ecumenical Council of the Christian Church is held Retrieved on 2008-05-20. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 325 - The First Council of Nicaea &ndash the first Ecumenical Council of the Christian Church is held
- ^ Digital Gold Currency Standards Consortium. Retrieved on 2008-02-28. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 202 BC - coronation ceremony of Liu Bang as Emperor Gaozu of Han takes place initiating four centuries of the Han Dynasty 's rule
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed. The Standard Catalog of World Coins is a series of numismatic Catalogs commonly known as the Krause catalogs in the Numismatic hobby , Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. The Standard Catalog of World Paper Money is a very well-known catalogue of Banknotes that is published by Krause Publications in three volumes Bruce II and Neil Shafer (editors), 7th ed. , Krause Publications. ISBN 0-87341-207-9.
External links
- Australian Decimal Currency
- Reserve Bank of Australia: Notes in Circulation
- Don's World Coin Gallery - Australia
- Ron Wise's World Paper Money - Australia Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Australia Mirror site
- The Global History of Currencies - Australia
- Global Financial Data data series - Australia Dollar (USD per AUD)
- Global Financial Data currency histories table (
Microsoft Excel format) - The Perth Mint is Australia's precious metals mint, making non-circulating/collector coins in silver, gold, and platinum. Platinum (ˈplætɪnəm is a Chemical element with the Atomic symbol Pt and an Atomic number of 78
- Note Printing Australia is the printer of Australia's notes, and also inventor of the abovementioned polymer banknotes, and world exporter of this technology.
- Current VALUE of the Australian dollar (as measured by CPI) (source is RBA)
(Note that a higher CPI figure indicates a reduction of value for the Australian dollar. )
- The Money Tracker site allows users to track Australian banknotes as they circulate around Australia.
| Preceded by: Australian pound Reason: decimalisation Ratio: 2 dollars = 1 pound |
Currency of Australia, Christmas Island, Cocos Islands, Norfolk Island, Nauru, Kiribati, Tuvalu 1966 – |
Succeeded by: Current |
| Preceded by: New Guinea pound Reason: decimalisation Ratio: 2 dollars = 1 pound |
Currency of Papua New Guinea 1966 – 1975 |
Succeeded by: Papua New Guinean kina |
| Preceded by: Australian pound Reason: decimalisation Ratio: 2 dollars = 1 pound |
Currency of Solomon Islands 1966 – 1977 |
Succeeded by: Solomon Islands dollar |
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